Adani Green Energy, India's largest renewable energy developer, reported a 36% year-on-year rise in revenue from power supply to ₹8,299 crores for the first half of fiscal 2027, presenting its consolidated results on October 22, 2026. EBITDA from power supply climbed 41% to ₹7,957 crores, with a margin of 93%, the highest in the Indian renewable energy sector, according to Investing.com's coverage of the results presentation.
The strong numbers did not lift the share price. Adani Green's stock closed the day at $1,242, down 1.31% from the previous close of $1,258.50, as investors weighed transmission delays and a debt load that remains well above that of utility sector peers.
Capacity Expansion Drives Growth
Operational capacity rose 24% year-on-year to 20,763 MW, including 4,083 MW of greenfield additions in the half-year. Of those additions, 2,957 MW came from solar plants, most of them at Khavda in Gujarat, alongside 805 MW of wind and 321 MW of hybrid facilities. Energy sales grew 32% to 25.7 billion units, as reported by InvestyWise.
The portfolio as of September 2026 stood at 70% solar, 14% wind, and 16% hybrid. The company's plants supplied more than 4.4 million homes and avoided 17.5 million tonnes of CO2 emissions during the period.
Khavda: The Centerpiece Project
The heart of the company's strategy is the Khavda Renewable Energy Park in Gujarat, described as the world's largest single-location renewable energy site. It spans 538 square kilometers, five times the size of Paris, on arid, non-cultivable land with strong solar irradiation and average wind speeds of about 8 meters per second.
As of September 2026, 10.8 GW was operational at Khavda, with a target of 30 GW by 2029. The site holds India's largest centralized control room for real-time monitoring, using artificial intelligence and machine learning, and robotics for panel cleaning. The project received the Largest Project of the Year award at India Energy Storage Week 2026 for its battery storage implementation.
Battery Storage Becomes a Key Pillar
Adani Green operationalized 3,081 MWh of battery energy storage capacity in the second quarter alone, bringing its total installed BESS capacity to 6,632 MWh, more than half of India's operational battery storage. The company said it expects to pass 10 GWh of installed battery capacity by the end of FY27, supported by 25-year fixed power purchase agreements that shield it from merchant price swings.
Q2 FY27 showed the sharpest momentum of the period. Revenue from power supply rose 45% year-on-year to ₹4,019 crores, EBITDA surged 51% to ₹3,835 crores, and cash profit climbed 45% to ₹1,951 crores, according to the earnings call transcript reported by Investing.com.
Debt Remains the Open Question
Gross debt rose from ₹100,164 crores in March 2026 to ₹114,848 crores in September 2026, with net debt up from ₹91,252 crores to ₹102,973 crores. The company drew ₹13,949 crores in new debt during the half-year and spent ₹17,160 crores in capital expenditure, up 38% year-on-year.
The net debt-to-run-rate EBITDA ratio held steady at 5.6x, unchanged from FY26 but still elevated against utility sector peers. Management indicated leverage should normalize to between 4.5x and 5.0x by FY28-29 as more projects enter operation and debt amortization continues. The average interest cost fell to 8.9%, down from 11.1% in 2019, and 90% of long-term debt carries a repayment profile staggered through FY37.
Transmission Delays Weigh on Outlook
The presentation acknowledged the constraints behind the stock's decline. The Phase 3 transmission corridor at Khavda has been pushed back to Q4 FY27, which could hold up the evacuation of near-term output. Power curtailment in transmission-constrained areas continues to depress capacity utilization factors.
Approximately 23% of operational capacity, or 4,783 MW, is classified as