Adani Green Q1: consol PAT +19% YoY to ₹983 Cr, record EBITDA as capacity hits 20.1 GW

Adani Green Energy opened FY27 with consolidated net profit of ₹983 Cr, up 19.3% YoY (Q1FY26 ₹824 Cr) on revenue from operations of ₹4,431 Cr, up 16.6% YoY — profit growing a touch faster than the topline, so consolidated net margin nudged up to ~21% from ~20.6% a year ago. This is genuine, capacity-led growth rather than a one-off: exceptional items were immaterial on both sides (₹2 Cr prepayment charge this quarter vs a ₹17 Cr project write-off in Q1FY26), so adjusted PAT growth of ~17% tracks the reported figure. The eye-catching +91% QoQ profit jump is largely a low-base effect — Q4FY26's ₹514 Cr carried a ₹108 Cr exceptional hit and heavier tax — and should be read as supporting detail, not the headline.

The driver is scale. Operational capacity rose 27% YoY to 20,142 MW (4,327 MW of greenfield added over the year, 848 MW in the quarter), lifting energy sales 30% YoY to 13,657 mn units and power-supply revenue 29% YoY to ₹4,280 Cr. Management flags record quarterly EBITDA from power supply of ₹4,122 Cr (+33% YoY) at a 94% margin, with O&M efficiency and higher plant availability cited as margin support. The storage build-out is the strategic story: 1,972 MWh of BESS commissioned at Khavda this quarter takes installed storage to 3,551 MWh, keeping the company on the path to its >10,000 MWh FY27 target and 50 GWh-by-2030 ambition.

The stock went into the print at ₹1,501.1, down 3.1% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.

Against its own prior-call guidance (4.5–5 GW renewable plus >10 GWh BESS in FY27, ₹40–42k Cr capex, and recovery of the ₹1,300–1,500 Cr FY26 curtailment/EBITDA drag via BESS and long-term PPAs), the quarter is on-track: capacity, storage and generation are all building as promised, though the ₹40k-plus capex programme shows up as consolidated finance costs of ₹2,001 Cr (+31% YoY), the main claim on the growing EBITDA. No formal street consensus for this specific print was available at publication. One caveat for readers who see the other number: the standalone entity — effectively the EPC/equipment-trading holdco — posted a ₹51 Cr net loss on ₹6,206 Cr of (largely intra-group) revenue; that divergence from the profitable consolidated result is structural to AGEL's holding architecture, not a sign of operating weakness. The board also approved Poly Singh Arora as Chief People Officer, and the DOJ/SEC matter against certain directors (not the company) is moving toward settlement/dismissal with no financial impact recognised.