Adani Green Energy Ltd (AGEL), India’s largest pure-play renewable energy company, has reported strong financial and operational performance for the period ended December 31, 2025, reflecting sustained growth driven by capacity additions and improved efficiency.
Energy sales rose 37 per cent year-on-year, supported by new capacity and solid plant performance. According to the company’s consolidated results, revenue from power supply increased by 21 per cent to Rs 2,420 crore in the third quarter of FY26, compared with Rs 1,993 crore in the same quarter a year earlier. For the nine-month period, revenue climbed 25 per cent to Rs 8,508 crore from Rs 6,829 crore in 9M FY25.
EBITDA from power supply also posted healthy growth. In Q3 FY26, EBITDA stood at Rs 2,269 crore, up 23 per cent from Rs 1,848 crore in the corresponding quarter last year. For the first nine months of FY26, EBITDA rose 24 per cent to Rs 7,921 crore, compared with Rs 6,366 crore in the same period of the previous year.
EBITDA margins remained strong, though slightly lower year-on-year. Margins from power supply stood at 90.6 per cent in Q3 FY26 versus 91.4 per cent in Q3 FY25, while nine-month margins eased to 91.5 per cent from 92.0 per cent in 9M FY25.
Cash profit for the quarter declined 18 per cent to Rs 812 crore in Q3 FY26, compared with Rs 996 crore a year earlier. However, on a nine-month basis, cash profit increased 7 per cent to Rs 3,906 crore from Rs 3,639 crore in the corresponding period of FY25.
The company said strong revenue and EBITDA growth were largely driven by greenfield capacity additions of 5.6 GW, deployment of advanced renewable technologies, high plant performance, and commissioning of new projects in resource-rich locations such as Khavda in Gujarat and sites in Rajasthan.
Commenting on the results, AGEL Chief Executive Officer Ashish Khanna said the company continued its strong growth trajectory in calendar year 2026, adding 5.6 GW of renewable energy capacity—nearly 14 per cent of all new solar and wind capacity installed in India. He said AGEL’s operational capacity has now reached 17.2 GW, reinforcing its position as the country’s leading green energy producer.
Khanna said the flagship Khavda project, billed as the world’s largest renewable energy installation, is progressing at an accelerated pace. He added that the company is on track to deploy one of the world’s largest single-location battery energy storage projects in the coming months, while its hydro pumped storage project on the Chitravathi river in Andhra Pradesh is also advancing as planned.
He further noted that during the first nine months of the current financial year, AGEL generated more than 27 billion units of clean electricity—enough to power a country the size of Azerbaijan for a year. Khanna said the company’s recognition as the world’s top green utility in the latest Energy Intelligence rankings reflects its commitment to sustainability and stakeholder value creation.
In its consolidated statement, AGEL said it has consistently expanded its greenfield capacity through advanced resource planning, engineering and supply chain management, supported by project execution and assurance from Adani Infra India Ltd. The company’s total operational capacity expanded 48 per cent year-on-year to 17.2 GW, keeping it on track to achieve its long-term target of 50 GW.
During the first nine months of FY26, AGEL added 2,995 MW of greenfield capacity, accounting for more than 90 per cent of the additions made in the entire FY25. Total greenfield additions over the past year stood at 5,630 MW, including 4,187 MW of solar capacity across Gujarat, Rajasthan and Andhra Pradesh; 462 MW of wind capacity at Khavda; and 981 MW of solar-wind hybrid capacity, also at Khavda.
The company said its operations and maintenance activities are supported by advanced data analytics, machine learning and artificial intelligence, in collaboration with Adani Infra Management Services Pvt Ltd. AGEL has consistently generated electricity above its annual commitments under power purchase agreements, with PPA-based generation reaching 79 per cent of the annual target in 9M FY26.
According to the company, its technology-driven O&M model, anchored by an Energy Network Operation Center for real-time monitoring of plants nationwide, has helped improve plant availability, increase generation and reduce operating costs, resulting in an industry-leading EBITDA margin of 91.5 per cent.
AGEL said it continues to make steady progress on the 30 GW renewable energy project at Khavda in Gujarat, which spans 538 square kilometres—nearly five times the size of Paris. The project is expected to set a global benchmark for ultra-large-scale renewable energy development.
The operational portfolio at Khavda currently stands at 7.7 GW across solar, wind and hybrid capacity. With strong manpower deployment, a localized supply chain and advanced technologies such as robotic solar module installation, the company said it remains on track to achieve 30 GW of renewable energy capacity at Khavda by 2029.
