📉 The Financial Deep Dive
Adani Green Energy Limited (AGEL) has unveiled impressive unaudited financial results for the nine months ended December 31, 2025 (9M FY26), showcasing significant top-line growth and a substantial increase in operational capacity.
The Numbers:
- Revenue: Consolidated revenue from power supply surged by a robust 25% year-on-year (YoY) to ₹8,508 crore.
- EBITDA: EBITDA from power supply grew commensurately by 24% YoY to ₹7,921 crore.
- Margins: The company maintained an industry-leading EBITDA margin of 91.5%, indicating strong operational efficiency and pricing power.
- Energy Sales: Energy sales volume saw a substantial 37% YoY increase to 27,636 million units, reflecting enhanced asset utilization and demand.
- Cash Profit: Cash Profit for the period increased by 7% YoY to ₹3,906 crore. While positive, this growth is notably lower than revenue and EBITDA expansion, suggesting potential increases in other operating expenses or financing costs impacting the bottom line.
AGEL's operational prowess is highlighted by its total operational capacity expansion of 48% YoY to 17.2 GW as of December 31, 2025. Greenfield additions in calendar year 2025 (CY25) amounted to 5.6 GW, a significant contribution to India's renewable energy landscape. The development of the world's largest renewable energy plant at Khavda, Gujarat, is progressing, with 7.7 GW already operational at the site. Future plans include large-scale battery energy storage and hydro pumped storage projects, signalling a diversified renewable energy strategy.
Financially, AGEL fortified its balance sheet by completing a preferential issuance of warrants, raising ₹9,350 crore. This capital infusion is earmarked for debt repayment and further investments, bolstering financial flexibility.
🚩 Risks & Outlook
A notable disclosure in the notes pertains to an indictment by the U.S. Department of Justice and a civil complaint filed by the U.S. Securities and Exchange Commission against certain directors of AGEL's Holding Company. Crucially, AGEL itself is not named as a defendant. Management, based on independent reviews and legal advice, has concluded that there are no material consequences or non-compliances identified for AGEL and its subsidiaries. While this mitigates direct legal risk for the company, the situation warrants close observation due to potential reputational scrutiny and the broader governance context associated with the Holding Company. The company's aggressive capacity expansion and strategic project development indicate a strong outlook, contingent on smooth execution and continued market support.