Adani Green Energy Ltd reported a mixed set of results for the third quarter of FY26, marked by strong revenue growth and operational expansion but a sharp decline in net profit due to rising costs.
During the December quarter, revenue from power supply grew 25 percent year-on-year to ₹2,420 crore, driven by a significant increase in generation. Energy sales volumes surged 37 percent compared to the same period last year, reflecting the commissioning of new renewable assets and improved utilisation. Consolidated revenue from operations rose about 12 percent year-on-year to ₹2,618 crore.
Operating performance remained robust. EBITDA from the power supply segment increased 23 percent year-on-year to ₹2,269 crore, underlining strong cash generation from core operations. The EBITDA margin stood at an industry-leading 91.5 percent, although it was marginally lower than the 92 percent recorded in the year-ago quarter, indicating some pressure from rising operating costs.
However, this strong top-line and operating performance did not translate into bottom-line growth. Consolidated net profit attributable to owners plunged by nearly 99 percent year-on-year to ₹5 crore. The sharp fall was primarily due to higher depreciation and interest expenses following aggressive capacity additions, along with the impact of one-off exceptional items during the quarter.
On the operational front, Adani Green continued to scale up rapidly. Its total operational renewable energy capacity expanded 48 percent year-on-year to 17.2 GW. A significant portion of the additions came from the Khavda renewable energy park in Gujarat, which is progressing as the world’s largest renewable energy installation and remains a key growth driver for the company.
Despite near-term pressure on profitability, the company reiterated confidence in its long-term growth strategy. Adani Green said it remains on track to achieve its target of 50 GW of renewable capacity by 2030, supported by a strong project pipeline and India’s accelerating transition towards clean energy.
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