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Informist, Friday, Jan. 23, 2026

By Arya S. Biju

MUMBAI – Adani Green Energy Ltd. suffered a net loss for the December quarter because of a sharp jump in finance costs, depreciation and amortisation expenses, and other expenses. This is the first time in 24 quarters that the company has reported a loss. The company's bottom line was also affected by a one-time cost of INR 110 million on account of repayment of borrowings by some its subsidiaries.

The Adani group-owned renewable energy company reported a consolidated net loss of INR 410 million for the reporting quarter, against a net profit of INR 4.92 billion in the corresponding quarter a year ago and a net profit of INR 5.83 billion reported in the trailing quarter. The company's consolidated revenue for the December quarter was INR 26.18 billion, up around 12% on year but down 13% on quarter. 

The company's total expenses for the December quarter grew over 27% from a year ago and were more than double the 12% rise in net sales. Total expenditure for the quarter was INR 29.61 billion. The increase in total expenses was largely because of a near 36% on-year rise in finance costs, which accounted for 57% of the total costs, to INR 16.98 billion.

The company's depreciation and amortisation expenses, which accounted for 30% of total costs, jumped up over 43% on year to INR 8.86 billion. Other expenses for the quarter nearly doubled on year to INR 3.28 billion. The company's employee benefits expense for the quarter rose over 19% on year to INR 370 million. This included provision of INR 40 million on account of implementation of the new labour codes, which came into effect in November. On the other hand, the company's costs of equipment or goods sold declined over 95% on year to INR 120 million.

Revenue from the company's biggest business, power supply, grew over 21% on year to INR 24.20 billion in the three months ended December. The earnings before interest, taxes, depreciation, and amortisation from the power supply business grew 23% on year to INR 22.69 billion. However, EBITDA margin of the segment contracted 80 basis points on year to 90.6%.

On the other hand, revenue from the sale of goods, equipment and related services declined sharply to INR 130 million in the December quarter from INR 2.68 billion in the corresponding quarter a year ago. Revenue from other businesses, however, more than doubled on year to INR 1.85 billion.

The growth in the company's top line and EBITDA for the quarter was primarily backed by a robust greenfield capacity addition of 5.6 gigawatts, deployment of advanced renewable energy technologies, strong plant performance and commissioning of new capacities in resource-rich sites in Khavda, Gujarat and Rajasthan, Adani Green Energy said in a post-earnings press release.

For the nine months ended December, the company reported a consolidated net profit of INR 12.55 billion, up around 4% on year. Its consolidated revenue for the same period grew almost 16% on year to INR 94.26 billion. The company generated more than 27 billion units of clean electricity in the first nine months of this financial year, it said.

As of Dec. 31, the company's operational capacity was 17.2 gigawatts, up 48% from the year-ago period. With this, Adani Green Energy said it is on track to achieve its target of reaching 50 gigawatts by 2030. The company has added around 3 gigawatts of greenfield capacity in the nine months ended December, which is over 90% of the capacity added in 2024-25 (Apr-Mar). The company's energy sales volume increased 37% on year to 27.64 billion units in Apr-Dec, led by robust capacity additions and strong operational performance. 

"We are on track for deployment of one of the world's largest single-location battery energy storage project in coming months. Our hydro pumped storage project on Chitravathi river in Andhra Pradesh is also on track," Ashish Khanna, chief executive officer of the company, said in a press release.

Adani Green Energy announced its December quarter earnings during market hours Friday. The stock closed around 15% lower at INR 772.80 on the National Stock Exchange.  End

Edited by Ashish Shirke

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