Adani Green Energy reported a 16% rise in Q2 FY27 profit to ₹747 crore, driven by a 45% increase in power supply revenue. The firm is rapidly scaling its renewable footprint at the Khavda project and building a significant battery storage business. Investors may track the company's heavy capital spending and debt levels as it continues this aggressive expansion.
Adani Green Energy has posted a net profit of ₹747 crore for the second quarter of the 2027 fiscal year, marking a 16% increase compared to the same period last year. The company’s revenue from power supply grew by 45% to reach ₹4,019 crore, a performance that reflects the ongoing scaling of its renewable energy infrastructure across India.
Scaling Operations at Khavda
A significant portion of the company’s growth is coming from the Khavda renewable energy park in Gujarat. The operational capacity at this location has expanded to 10.8 GW, a sharp increase from 7.1 GW just a year ago. Across its entire portfolio, Adani Green has reached a total operational capacity of 20.8 GW as of September 2026. This expansion includes a mix of solar, wind, and hybrid projects designed to capture growing demand for clean energy.
Strategic Bet on Battery Storage
Beyond traditional power generation, the company is positioning itself in the battery energy storage systems space. With 6,632 MWh of operational storage capacity, the firm now operates a large single-location battery installation in the world. This is a strategic move, as battery storage helps manage the intermittent nature of solar and wind power, allowing the company to supply energy more consistently. The company’s management has indicated they aim to exceed their initial fiscal year target of 10 GWh for battery storage, which could play a critical role in its future revenue streams.
Financial Context and Debt Monitoring
The company continues to invest heavily in its growth, with capital expenditure reaching ₹17,160 crore in the first half of the 2027 fiscal year. This 38% increase in spending compared to the previous year highlights the firm's aggressive expansion strategy. For investors, the company’s net debt-to-EBITDA ratio, which stood at 5.6 times, is a key metric to monitor. While this ratio reflects the use of debt to fund large-scale infrastructure projects, it also highlights the need for the company to maintain strong cash flows to service its obligations as interest costs can impact bottom-line profitability.
Risks and Outlook
The renewable energy sector is highly capital-intensive, and the company’s performance relies on its ability to execute large projects on time and within budget. Any delay in commissioning new capacity or a rise in interest rates could put pressure on the balance sheet. Furthermore, the company must navigate the challenges of grid connectivity and the evolving regulatory environment for renewable power. The next important steps for shareholders will be tracking the actual revenue generated from the new battery storage systems and observing whether the company can maintain its project execution speed while keeping a check on debt levels.