Adani Green Energy Q2 FY27 Results: Net Profit Rises 16% to ₹747 Crore, Revenue Jumps 42%

Adani Green Energy Ltd (AGEL) reported a 16% year-on-year (YoY) rise in consolidated net profit to ₹747 crore in Q2 FY27, while revenue from operations grew 41.6% to ₹4,258 crore. The growth was supported by higher renewable energy sales, capacity expansion and a 45% increase in power-supply revenue.

The Adani Green Energy Q2 FY27 Results also highlighted a major expansion in battery storage capacity to 6.63 GWh and a 24% increase in the operational renewable portfolio to 20.8 GW. However, rising finance costs, elevated leverage and transmission constraints remain important concerns for investors.

This Adani Green Q2 FY27 Results Analysis covers the company's financial performance, renewable capacity additions, battery storage expansion, debt position, and key factors investors should monitor.

Table of Contents

1. Adani Green Energy Q2 FY27 Results Highlights
2. Adani Green Q2 FY27 Financial Performance
3. What Drove Adani Green's Revenue and Profit Growth?
4. Renewable Energy Capacity Expansion
5. Battery Storage Expansion at Khavda
6. Adani Green Energy H1 FY27 Results
7. Finance Costs, Debt and Capital Expenditure
8. Adani Green Standalone vs Consolidated Results
9. Adani Green Share Price Reaction
10. What Should Investors Monitor Next?
11. Conclusion

Adani Green Energy Q2 FY27 Results Highlights

Adani Green Energy's quarterly performance for the period ended 30 September 2026 reflected strong growth in its renewable power business. Power-supply revenue and EBITDA increased faster than overall revenue, while energy sales rose substantially.

Here are the key highlights from the Adani Green Q2 FY27 Report:

• Net profit: Consolidated PAT increased 15.9% YoY to ₹747 crore.

• Revenue: Revenue from operations grew 41.6% to ₹4,258 crore.

• Power-supply revenue: Increased 45% to ₹4,019 crore.

• EBITDA: Consolidated EBITDA rose 46% to ₹3,797 crore.

• Power-supply EBITDA: Increased 51% to ₹3,835 crore.

• EBITDA margin: Improved by 220 basis points to 89.2%.

• Energy sales: Increased 33% YoY to 12,090 million units.

• Renewable capacity: Operational portfolio reached 20.8 GW.

• Battery storage: Cumulative operational capacity reached 6,632 MWh.

• Leverage: Net debt-to-run-rate EBITDA stood at 5.6x.

The main takeaway is that Adani Green's operating performance improved considerably, although consolidated profit growth remained slower than revenue and EBITDA growth.

Want to assess Adani Green's stock performance alongside its revenue growth and rising finance costs? Check the Adani Green Share Price, price charts, and valuation metrics.

Adani Green Q2 FY27 Financial Performance

The Adani Green Q2 FY27 earnings figures show strong growth across revenue and operating profitability.

Total consolidated income increased 39% YoY to ₹4,520 crore from ₹3,249 crore. Revenue from operations rose 41.6%, supported primarily by the company's power-generation business.

Adani Green Q2 FY27 vs Q2 FY26 Financial Results

Financial metric	Q2 FY27	Q2 FY26
Total consolidated income	₹4,520 cr	₹3,249 cr
Revenue from operations	₹4,258 cr	₹3,008 cr
Power-supply revenue	₹4,019 cr	₹2,776 cr
Consolidated EBITDA	₹3,797 cr	₹2,603 cr
Power-supply EBITDA	₹3,835 cr	₹2,543 cr
Reported EBITDA margin	89.2%	87.0%
Consolidated PAT	₹747 cr	₹644 cr
Energy sales	12,090 MU	Not specified

Revenue Growth Outpaced Net Profit Growth

Adani Green's consolidated revenue from operations increased by ₹1,250 crore YoY, while consolidated net profit increased by ₹103 crore.

This difference is important because stronger operating earnings do not automatically translate into equivalent growth in net profit.

One major factor is the company's increasing finance costs, which rose approximately 30% YoY during the quarter.

Adani Green Q2 FY27 Revenue Breakdown

Power supply remained the largest contributor to consolidated operating revenue.

Revenue segment	Q2 FY27
Power supply	₹4,019 cr
Sale of goods, equipment and related services	₹104 cr
Other operating revenue	₹135 cr
Total revenue from operations	₹4,258 cr
Other income	₹262 cr
Total consolidated income	₹4,520 cr

Power supply contributed approximately 94.4% of revenue from operations, making renewable electricity generation the primary driver of AGEL's consolidated business.

The remaining revenue came from goods, equipment, related services and other operating activities.

What Drove Adani Green's Revenue and Profit Growth?

Adani Green's Q2 FY27 growth was primarily supported by increased electricity generation and a larger operational renewable portfolio.

Energy sales increased 33% YoY to 12,090 million units, while power-supply revenue rose 45% to ₹4,019 crore.

Three operating factors were particularly important.

1. Higher Energy Sales

The company sold 12,090 million units of electricity during Q2 FY27, representing 33% YoY growth.

This increase reflected higher generation from solar, wind and hybrid projects, alongside additional capacity commissioned over the preceding year.

Higher electricity sales directly supported the increase in power-supply revenue.

2. Expansion of Operational Renewable Capacity

AGEL expanded its renewable portfolio to 20.8 GW as of 30 September 2026, an increase of 24% YoY.

The additional operational capacity increased the company's generation base and contributed to higher energy sales.

3. Stronger Power-Supply EBITDA

Power-supply EBITDA increased 51% YoY to ₹3,835 crore from ₹2,543 crore.

The reported EBITDA margin improved from 87.0% to 89.2%, an expansion of 220 basis points.

This indicates that the operating business generated stronger earnings relative to its reported revenue base.

However, investors should distinguish power-supply EBITDA from consolidated profit after interest, depreciation and tax. The latter grew at a slower rate.

Renewable Energy Capacity Expansion

Capacity commissioning remained a central driver of the Adani Green Q2 Results 2027.

The company's operational renewable energy portfolio reached 20.8 GW by September 2026, following additions of 4,083 MW over the previous year.

Renewable Capacity Added Year-on-Year

Renewable energy category	Capacity added
Solar	2,957 MW
Wind	805 MW
Solar-wind hybrid	321 MW
Total	4,083 MW

Solar projects accounted for approximately 72.4% of the capacity added during the year.

The capacity mix indicates that solar remained the dominant contributor to AGEL's expansion, with wind and hybrid projects providing additional diversification.

Khavda Renewable Energy Project Expansion

Khavda remained the centre of AGEL's renewable capacity development.

The site's operational capacity increased from 7.1 GW a year earlier to approximately 10.8 GW by September 2026.

The reported capacity included:

• 10,002 MW: Operational capacity attributable to AGEL.

• 750 MW: Capacity developed for other Adani Group companies.

Together, these amount to approximately 10.75 GW, rounded to 10.8 GW.

Khavda's expansion is important because it supports AGEL's generation growth and provides the location for its large-scale battery storage installations.

However, the site's future performance also depends on the availability of transmission infrastructure to evacuate generated electricity.

Battery Storage Expansion at Khavda

One of the most significant developments in the Adani Green Energy Q2 Results was the rapid expansion of battery energy storage systems (BESS).

AGEL added 3,081 MWh of operational battery storage capacity at Khavda during Q2 FY27.

This increased its cumulative operational storage capacity to 6,632 MWh, equivalent to approximately 6.63 GWh.

Why Is Battery Storage Important for Adani Green?

Solar and wind electricity generation depends on resource availability. Battery storage allows electricity generated during one period to be stored and dispatched later.

For AGEL, storage expansion offers several operational benefits:

• Greater dispatch flexibility: Stored electricity can be supplied when required rather than only when generated.

• Reduced curtailment exposure: Batteries can help absorb generation that might otherwise be restricted.

• Improved renewable integration: Storage can help manage differences between renewable generation and electricity demand.

• Better utilisation of assets: Storage can improve the ability to use electricity generated at large renewable sites.

However, battery storage does not eliminate the need for adequate transmission infrastructure.

Can Adani Green Exceed Its FY27 Battery Storage Guidance?

AGEL's stated FY27 battery storage guidance is 10 GWh.

With 6.63 GWh already operational, the company had achieved approximately 66.3% of this target by September 2026.

Management indicated that the company could exceed its FY27 guidance, given the pace of installation.

It also described Khavda as the world's largest single-location battery storage facility and stated that AGEL accounted for more than half of India's operational BESS capacity. These are management claims rather than independently verified comparisons in the supplied data.

For investors, the next milestone is whether planned storage capacity becomes operational on schedule and whether transmission infrastructure supports its utilisation.

Adani Green Energy H1 FY27 Results

Adani Green's first-half performance indicates that its operating growth extended beyond the September quarter.

For the six months ended 30 September 2026, total consolidated income increased 26.6% YoY to ₹9,183 crore, while power-supply revenue grew 36% to ₹8,299 crore.

H1 FY27 vs H1 FY26 Performance

Financial metric	H1 FY27/ H1 FY26
Total consolidated income	₹9,183 cr / ₹7,255 cr
Power-supply revenue	₹8,299 cr / ₹6,088 cr
Power-supply EBITDA	₹7,957 cr / Not specified
Cash profit	₹4,176 cr / Not specified
Energy sales	25,747 MU / Not specified
Net finance cost	₹4,120 cr / ₹3,160 cr

Power-supply EBITDA increased 41% YoY, while cash profit rose 35%. Energy sales also grew 32% during the first half.

What Do the H1 FY27 Numbers Indicate?

The first-half results highlight three important trends.

1. Sustained operating growth: Higher energy sales and capacity additions supported revenue growth across the first six months.

2. Improving operating earnings: Power-supply EBITDA growth of 41% exceeded power-supply revenue growth of 36%.

3. Increasing financing burden: Net finance costs rose 30.4% YoY, absorbing part of the benefit from higher operating earnings.

Cash profit increased to ₹4,176 crore, but this should not be treated as equivalent to operating cash flow or free cash flow.

The figures indicate improving cash profitability, while the company's substantial capital expenditure and financing requirements remain relevant to overall cash generation.

Finance Costs, Debt and Capital Expenditure

Despite strong operating growth, finance costs and leverage remain key areas of concern in the Adani Green Q2 FY27 Results Analysis.

AGEL continues to invest heavily in renewable generation and battery storage, making funding costs an important determinant of future profitability.

Finance Costs Increased 30% YoY

Consolidated net finance costs rose from ₹1,635 crore in Q2 FY26 to ₹2,119 crore in Q2 FY27.

₹ crore; Q2 FY27 increased approximately 30% YoY

The increase amounted to ₹484 crore during the quarter.

For H1 FY27, net finance costs reached ₹4,120 crore compared with ₹3,160 crore in H1 FY26, an increase of ₹960 crore.

This matters because finance costs increased considerably faster than consolidated net profit.

While EBITDA growth reflects stronger operations, interest and other financing expenses affect how much of those earnings ultimately reaches shareholders.

Net Debt-to-Run-Rate EBITDA at 5.6x

Adani Green reported a net debt-to-run-rate EBITDA ratio of 5.6x at the end of the period.

This ratio compares net debt with an annualised measure of operating earnings.

A ratio of 5.6x indicates substantial leverage relative to the company's current earnings base.

For a capital-intensive renewable energy developer, investors should assess this figure alongside:

• Growth in operating EBITDA as new capacity begins generating electricity.

• Changes in borrowing costs and refinancing terms.

• Debt repayment and maturity schedules.

• Funding requirements for future projects.

• The company's ability to generate cash after operating and financing expenses.

The supplied figures do not establish whether leverage is increasing or decreasing relative to previous periods. Future disclosures will therefore be important for assessing its trajectory.

Capital Expenditure Increased to ₹17,160 Crore

AGEL invested approximately ₹17,160 crore in capital expenditure during H1 FY27, an increase of 38% YoY.

This investment supports renewable generation capacity and energy storage expansion.

However, large capital expenditure requirements can create a gap between operating earnings growth and free cash flow.

The financial implications depend on how quickly new projects are commissioned, begin generating revenue and contribute to operating cash flows.

For investors, the important question is whether incremental earnings from new assets can support the company's financing obligations while maintaining its expansion plans.

Adani Green Standalone vs Consolidated Results

The Adani Green Q2 FY27 Report shows a substantial difference between standalone and consolidated profitability.

This distinction is important because the standalone financial statements largely reflect the parent company's own activities, including the sale of goods, equipment and related services.

Consolidated results incorporate the wider group's renewable power-generation operations.

Adani Green Standalone Q2 FY27 Financial Results

Standalone metric	Q2 FY27
Total income	₹8,181 cr
Revenue from goods, equipment and related services	₹7,841 cr
Profit before tax	₹22 cr
Profit after tax	₹33 cr

Standalone total income increased 94.9% YoY from ₹4,198 crore to ₹8,181 crore.

However, standalone PAT declined approximately 93% YoY from ₹475 crore to ₹33 crore.

Profit before tax stood at ₹22 crore, compared with a loss of ₹86 crore in Q1 FY27.

For H1 FY27, the standalone entity reported a net loss of ₹18 crore, compared with a profit of ₹509 crore in H1 FY26.

Why Are Consolidated Results More Relevant?

For evaluating AGEL's renewable power-generation business, consolidated results provide a broader picture because they include the financial performance of group companies operating the renewable assets.

The distinction is clear:

Metric	Q2 FY27
Consolidated PAT	₹747 cr
Standalone PAT	₹33 cr
Consolidated revenue from operations	₹4,258 cr
Standalone total income	₹8,181 cr

The revenue figures above use different reporting measures and should not be compared directly as equivalent revenue metrics.

The key point is that Adani Green Q2 FY27 net profit increased on a consolidated basis but declined sharply on a standalone basis.

Investors should therefore identify which reporting basis is being used when comparing earnings, growth rates and financial ratios.

Adani Green Share Price Reaction

Adani Green shares declined on the results day despite strong growth in revenue, EBITDA and energy sales.

On 21 October 2026, the stock closed at ₹1,258.50, down 2.38%.

Adani Green Share Price Performance

Indicator	Reported figure
Closing price on 21 October 2026	₹1,258.50
Results-day movement	-2.38%
Previous one-month return	-3.7%
Year-to-date return	+22.2%

The negative market reaction came alongside concerns about rising finance costs, substantial capital expenditure and elevated leverage.

Although operating performance improved, the increase in consolidated PAT was considerably smaller than the growth in EBITDA.

The share price movement is consistent with investors weighing these factors, although the supplied information does not establish a single cause for the decline.

What Should Investors Monitor Next?

The Adani Green Q2 FY27 earnings show that the company is expanding its renewable generation and storage operations rapidly.

However, future financial performance will depend on the pace of commissioning, transmission availability and the ability to convert operating growth into sustainable profitability.

The following indicators deserve attention in upcoming quarters.

• Renewable capacity commissioning: Whether AGEL maintains its solar, wind and hybrid capacity additions beyond the current 20.8 GW operational portfolio.
• Battery storage rollout: Whether cumulative operational BESS capacity crosses the 10 GWh FY27 guidance and how effectively new installations are utilised.
• Transmission infrastructure: Whether grid availability keeps pace with generation capacity, particularly at Khavda.
• Finance costs and refinancing: Whether the company can control financing expenses as its asset base expands.
• Leverage trajectory: How the 5.6x net debt-to-run-rate EBITDA ratio changes as additional capacity contributes to earnings.
• Curtailment risk: Whether storage expansion and transmission availability reduce restrictions on renewable electricity evacuation.
• Profit conversion: Whether growth in power-supply EBITDA translates into proportionate improvements in PAT and cash profit.
• Capital expenditure: Whether investments continue to support earnings growth without placing excessive pressure on financing requirements.

Together, these factors will determine how effectively AGEL translates its growing renewable energy portfolio into financial returns.

Conclusion

Adani Green Energy delivered strong operating growth in Q2 FY27, with consolidated revenue increasing 41.6% to ₹4,258 crore, EBITDA rising 46% to ₹3,797 crore and net profit growing 15.9% to ₹747 crore.

The company's operational renewable portfolio reached 20.8 GW, while battery storage capacity expanded to 6.63 GWh. Higher energy sales and continued development at Khavda supported the quarter's performance.

However, net finance costs increased approximately 30%, net debt-to-run-rate EBITDA stood at 5.6x and capital expenditure remained substantial.

For investors, the central issue is whether Adani Green can sustain capacity growth while improving profit conversion, controlling financing costs and ensuring sufficient transmission infrastructure. These factors will be as important as new project additions in assessing the company's future financial performance.

Frequently Asked Questions

1. What were Adani Green Energy Q2 FY27 results?

Adani Green Energy reported consolidated revenue from operations of ₹4,258 crore in Q2 FY27, up 41.6% YoY. Consolidated net profit increased 15.9% to ₹747 crore, while EBITDA rose 46% to ₹3,797 crore. Energy sales increased 33% to 12,090 million units.

2. What was Adani Green Q2 FY27 net profit?

Adani Green's consolidated net profit for Q2 FY27 was ₹747 crore, compared with ₹644 crore in Q2 FY26, representing approximately 16% YoY growth. Standalone net profit was ₹33 crore, down 93% from ₹475 crore in the corresponding quarter.

3. Why did Adani Green Energy's revenue increase in Q2 FY27?

Adani Green Energy's revenue increased primarily because of higher renewable electricity sales and capacity expansion. Energy sales rose 33% YoY to 12,090 million units, while the operational renewable portfolio expanded 24% to 20.8 GW. Power-supply revenue increased 45% to ₹4,019 crore.

4. What is Adani Green's battery storage capacity in FY27?

As of 30 September 2026, Adani Green had 6,632 MWh, or approximately 6.63 GWh, of operational battery storage capacity. The company added 3,081 MWh at Khavda during Q2 FY27 and has indicated that it could exceed its FY27 guidance of 10 GWh.

5. What are the major risks for Adani Green Energy after Q2 FY27 results?

The main risks include rising finance costs, elevated leverage, heavy capital expenditure, transmission infrastructure constraints and renewable generation curtailment. Net finance costs increased approximately 30% YoY to ₹2,119 crore, while the net debt-to-run-rate EBITDA ratio stood at 5.6x.