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Informist, Wednesday, Oct. 29, 2025

 

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--Adani Green: Blended merchant power realisation at INR 3.5 per unit in Q2
--Adani Green: Saw sequential dip in solar power output on erratic monsoon
--Adani Green: Plan INR 300 bln-INR 350 bln a year as capex in FY27, FY28
--Adani Green: To spend INR 300 bln as capex in FY26
--Adani Green:Have 27 GW capacity under power purchase pact, 4GW more likely
--Adani Green:Avg merchant power revenue for wind ops INR 5.13/unit Jul-Sept
--Adani Green:Avg merchant power revenue for solar ops INR 2.1/unit Jul-Sept
--Adani Green:See 17 GW of more evacuation capacity from Khavda unit in 9 mo
--CONTEXT: Comments by Adani Green mgmt in post-earnings call with analysts
--Adani Green: On track to achieve 5 GW capacity addition in FY26

 

By Sunil Raghu and Akash Mandal

 

MUMBAI – Adani Green Energy Ltd. plans to spend INR 300 billion-INR 350 billion as capital expenditure every year over coming two financial years. This is similar to the capex of INR 300 billion it proposes to spend in the current financial year ending March, the company's management said Wednesday.

 

Speaking to analysts in a post September quarter earnings conference call, the management said it was on track to add 5 gigawatt capacity in 2025-26 (Apr-Mar) and reach its targeted capacity of 50 GW by 2030. For Apr-Sept. the company has already added 2.4 GW renewable energy to its capacity. As of Sept. 30, the company's operational capacity was 16.70 GW.

 

The company's consolidated net profit for the quarter was INR 5.83 billion compared to a consolidated net profit of INR 2.76 billion in the corresponding quarter a year ago. On a sequential basis, its bottom line declined over 18%. The company's consolidated revenue for the quarter rose marginally to INR 30.08 billion from INR 30.05 billion reported a year ago. On a sequential basis, its revenue fell nearly 21%.

 

While Adani Green Energy's bottom line for the September quarter more than doubled on year, its top line grew at its slowest pace since the company's stock market debut in June 2018. The management said erratic and prolonged monsoons led to sequential dip in solar power generation during the quarter.

 

Regarding the challenge related to evacuation capacity, the company said, "...these evacuations don't come in a 250 megawatt or 750 megawatt transit. It comes generally in a 3 gigawatt or 5 gigawatt transit or 2.5 gigawatt transit...either you first wait for that evacuation to be there, and then you build your effort, or you build it in a time where you are more than prepared when this evacuation comes and take advantage from day one of this."

 

The management, however, said it sees 17 GW more of evacuation capacity from the Khavda unit in Gujarat in the next nine months. "...if you look out another nine months, we are expecting somewhere close to 17 gigawatt of capacity coming from Khavda itself," the company's management said.

 

Evacuation capacity refers to the maximum amount of power that can be transmitted from a generating station to the grid through its associated transmission and substation infrastructure.

 

The company said the sequential dip in solar power output during the quarter was on account of erratic monsoon. On realisations, the company said the average merchant power revenue for the company's wind segment was INR 5.13 per unit during the quarter. The figure was at INR 2.1 per unit for its solar segment. Thus, the blended merchant power realisation came in at INR 3.5 per unit for the quarter, the company said. Around 35% of the company's merchant capacity currently consists of wind energy, while solar constitutes the remaining.

 

The company also said it currently has 27 GW of capacity locked in under power purchase agreements, with another 4 GW likely to be added soon. "...we have an LOA (letter of acceptance) of more than 4 gigawatts to be converted into the PPAs...other than that, around 27 gigawatts are there in the PPAs," the company's management said. 

 

At 1454 IST, shares of the company traded 10.4% higher at INR 1,109 on the National Stock Exchange.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Vandana Hingorani

 

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