Adani Green Energy Sales Soar 37% in FY26, Khavda Project Leads Growth

The company's energy sales increased by 37 per cent Year-on Year (YoY) propelled by robust capacity additions and strong operational performance.

As per the consolidated results released by the company, the revenue from power supply rose by 21% year-on-year to Rs 2,420 crore in Q3 FY26, compared with Rs 1,993 crore in the corresponding quarter of the previous year.

For the nine-month period, revenue increased by 25% to Rs 8,508 crore, up from Rs 6,829 crore in 9M FY25.

EBITDA from power supply also recorded healthy growth. During Q3 FY26, EBITDA stood at Rs 2,269 crore, registering a 23% increase over Rs 1,848 crore in Q3 FY25. For the nine months ended FY26, EBITDA rose by 24% to Rs 7,921 crore, as against Rs 6,366 crore in the same period last year.

EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) margins remained robust, though marginally lower. In Q3 FY26, EBITDA margin from power supply was 90.6%, compared with 91.4% in Q3 FY25. For the nine-month period, margins stood at 91.5%, slightly down from 92.0% in 9M FY25.

Cash profit for the quarter declined by 18% to Rs 812 crore in Q3 FY26, from Rs 996 crore in the year-ago period. However, on a nine-month basis, cash profit improved by 7% to Rs 3,906 crore, compared with Rs 3,639 crore in 9M FY25.

"Strong revenue and EBITDA growth are primarily backed by robust greenfield capacity addition of 5.6 GW, deployment of advanced RE technologies, strong plant performance and commissioning of new capacities in resource rich sites in Khavda, Gujarat and Rajasthan," the statement read.

Ashish Khanna, CEO of Adani Green Energy, said, "In calendar year 2026, Adani Green Energy has continued its exceptional growth trajectory, adding 5.6 GW of renewable energy capacity--representing nearly 14% of all new solar and wind capacity installed across India. This achievement further cements our position as the country's leading green energy provider, with our operational capacity now reaching 17.2 GW."

"Our landmark Khavda project, the world's largest renewable energy installation, is progressing at an accelerated pace. We are on track for deployment of one of the world's largest single-location battery energy storage project in coming months. Our hydro pumped storage project on Chitravathi river in Andhra Pradesh is also on track," he said.

Khanna further added that in the first nine months of this financial year, we have generated more than 27 billion units of clean electricity--enough to power a nation the size of Azerbaijan for an entire year. Being recognised as the World's No. 1 Green Utility in the latest annual rankings by Energy Intelligence is a testament to our commitment to shaping a sustainable future, while consistently creating value for all stakeholders.

In its consolidated results, AGEL said it has consistently expanded its greenfield capacities backed by advanced resource planning, engineering, and supply chain management, with project management, execution and assurance from our partner, Adani Infra India Ltd (AIIL).

Expanded by a robust 48% YoY to 17.2 GW, putting us on track to achieve 50 GW target.

AGEL added 2,995 MW greenfield capacity in 9M FY26, which is over 90% of capacity addition in entire FY25. The greenfield additions over the last one year were 5,630 MW which included 4,187 MW of solar capacity (3,137 MW in Khavda, Gujarat, 800 MW in Rajasthan and 250 MW in Andhra Pradesh); 462 MW wind capacity in Khavda and 981 MW of solar-wind hybrid capacity in Khavda, it said.

AGEL's operations and maintenance (O&M) leverage sophisticated data analytics, enhanced by machine learning and artificial intelligence, in collaboration with our O&M partners, Adani Infra Management Services Pvt Ltd (AIMSL).

AGEL has consistently generated electricity exceeding the overall annual commitment under the power purchase agreements (PPA). In 9M FY26, AGEL's PPA based electricity generation was 79% of the annual commitment.

"AGEL's O&M is driven by advanced technology with Energy Network Operation Center enabling real time monitoring of the renewable plants across the country. This has not only enabled consistent higher plant availability in turn resulting in higher electricity generation but also led to reduction in O&M cost resulting in industry-leading EBITDA margin of 91.5%," the company statement said.

AGEL is steadily progressing in the development of the massive 30 GW renewable energy plant at Khavda in Gujarat. This is spread over an area of 538 sq km, almost 5 times the city of Paris. This project will set a global benchmark for the development of ultra large-scale renewable energy plants.

"The operational portfolio at Khavda stands at 7.7 GW 4 solar, wind and hybrid capacity. With robust manpower deployment, localized supply chain and advanced technologies like robotic solar module installation, AGEL is on track to achieve 30 GW RE capacity in Khavda by 2029 setting a global benchmark for the speed of execution at such a large scale," the company said in a statement.

- ANI