Adani Green Energy Q2 FY27 Results: Profit, Revenue and Capacity Growth

Adani Green Energy's Q2 FY27 results reveal a sharp difference between operating performance and net profit growth. Revenue from power supply increased 45% year-on-year to ₹4,019 crore, while power-supply EBITDA jumped 51% to ₹3,835 crore. Yet consolidated net profit rose only 16% to ₹747 crore.

Meanwhile, Adani Green Energy expanded its operational renewable capacity to 20.8 GW, up 24% year-on-year.

The results raise three important questions: What's driving the company's earnings growth? Why isn't that growth translating into equally strong net profits? And how efficiently is its expanding renewable portfolio generating electricity?

Adani Green Energy Q2 FY27 Results: Revenue, EBITDA and Profit

Adani Green reported strong year-on-year operating growth for the quarter ended September 30, 2026.

Source: Adani Green Energy Q2 FY27 earnings release and consolidated financial statements, October 21, 2026.

The company's power-supply EBITDA grew faster than revenue, indicating stronger operating earnings from its generation business.

Adani Green also reported an improvement in its company-defined power-supply EBITDA margin from 90.5% to 92%. This is a separately reported measure that includes adjustments such as carbon-credit income and prompt-payment discounts; it should not be calculated by simply dividing the EBITDA and revenue figures in the table.

However, sequential performance tells a different story.

Power-supply revenue declined from ₹4,280 crore in Q1 FY27 to ₹4,019 crore in Q2, while power-supply EBITDA fell from ₹4,122 crore to ₹3,835 crore.

This does not necessarily indicate operational weakness. Renewable electricity generation is affected by seasonal weather patterns, solar irradiation, wind conditions and grid availability. Consequently, year-on-year comparisons are more informative than treating sequential quarterly declines as evidence of deteriorating performance.

Why Did Adani Green's Net Profit Grow Only 16%?

This is one of the most important aspects of the results.

Despite 51% growth in power-supply EBITDA, consolidated net profit increased by just ₹103 crore.

Higher interest expenses and depreciation partly explain the difference. Finance costs increased by ₹484 crore, while depreciation rose by ₹250 crore as the company continued expanding its asset base.

However, the largest year-on-year accounting difference affecting the final profit comparison came from taxation.

Source: Company consolidated financial results. Profit before tax includes exceptional items and excludes the separately reported share of associates/JVs.

In Q2 FY26, Adani Green benefited from a ₹237 crore net tax credit. In Q2 FY27, it recorded a ₹191 crore tax expense. That represents a ₹428 crore adverse year-on-year tax swing, substantially affecting reported profit growth.

Additionally, income from associates and joint ventures declined by ₹33 crore.

The underlying picture is therefore stronger than the 16% PAT growth figure initially suggests. Profit before tax increased nearly threefold, although the comparison also benefited from an exceptional expense of ₹83 crore in the previous-year quarter.

Of the ₹747 crore consolidated profit reported for Q2 FY27, approximately ₹673 crore was attributable to Adani Green's equity shareholders, with the remainder attributable to non-controlling interests.

What Drove Adani Green's Revenue and Electricity Sales Growth?

The biggest driver of operating growth was higher electricity generation from the company's expanding renewable portfolio. Electricity sales increased 33% year-on-year to 12,090 million units during Q2 FY27.

Interestingly, revenue from power supply grew approximately 45%, considerably faster than electricity volumes.

Based on the disclosed revenue and electricity-sales figures, average power-supply revenue per unit increased by roughly 9% year-on-year.

This does not necessarily mean Adani Green increased its contracted electricity tariffs. The difference can reflect changes in the mix of projects contributing revenue, merchant sales, realised prices and other operating factors.

Nevertheless, the numbers establish that stronger revenue was not driven by higher electricity volumes alone.

For H1 FY27, electricity sales reached 25,747 million units, up 32% year-on-year. Power-supply revenue increased 36% to ₹8,299 crore, while EBITDA from power supply grew 41% to ₹7,957 crore.

This indicates that operating growth remained strong across the first six months, rather than being limited to a single quarter.

How Fast Is Adani Green Expanding Its Installed Capacity?

Adani Green's operational renewable capacity increased from 16,680 MW in September 2025 to 20,763 MW in September 2026.

The company added 4,083 MW on a year-on-year basis, comprising:

Source: H1 FY27 investor presentation.

This expansion has contributed to higher electricity generation and operating earnings.

However, commissioning during FY27 itself has been more modest. The company added 1,469 MW during H1, including 621 MW in Q2.

Management had previously indicated an ambition of approximately 5 GW of renewable capacity additions during FY27. Achieving that would require significantly faster commissioning in the second half, although large projects can become operational in phases.

The key consideration is not simply the amount of capacity commissioned, but when those plants begin supplying electricity and contributing revenue.

What Did Management Say About Battery Storage and Transmission?

Adani Green CEO Ashish Khanna highlighted continued renewable-capacity expansion and the company's growing energy-storage infrastructure.

During Q2, the company installed another 3,081 MWh of battery energy storage systems at Khavda, increasing cumulative installed storage capacity to 6,632 MWh, or approximately 6.63 GWh.

The company indicated that it may exceed its earlier FY27 storage-capacity guidance of 10 GWh.

Battery storage allows renewable electricity to be stored and delivered at different times, potentially improving the usefulness of solar generation.

However, management also highlighted transmission infrastructure availability as an important operational consideration. Adani Green's H1 FY27 presentation reported solar plant availability of 99.3%, compared with solar grid availability of 78.9%.

This distinction matters. A solar plant can be technically capable of generating electricity but still face restrictions on delivering that power because of transmission-network constraints.

The company attributed lower solar grid availability to transmission curtailment during daytime peak hours.

Battery storage may improve flexibility, but it does not automatically resolve every transmission bottleneck or guarantee additional earnings.

Adani Green's Debt and Capex: What Do the Results Indicate?

Renewable projects require substantial upfront investment, making financing costs an important part of Adani Green's earnings.

During H1 FY27, the company incurred ₹17,160 crore in capital expenditure, an increase of 38% year-on-year. Net debt increased from ₹91,252 crore in March 2026 to ₹1,02,973 crore in September 2026. At the same time, Adani Green reported net debt to annualised run-rate EBITDA of 5.6 times.

The financial implication is that additional renewable capacity can support future operating earnings, but borrowing costs and depreciation also increase as the business expands.

This explains why operating EBITDA growth and shareholder-level profit growth may follow different trajectories.

What Do Adani Green's Q2 Results Mean for Investors?

Adani Green's Q2 FY27 results demonstrate strong operating momentum, with higher electricity sales, growing renewable capacity and a 51% increase in power-supply EBITDA.

The relatively modest 16% consolidated profit growth should not be interpreted as evidence that operating performance deteriorated. The significant year-on-year tax swing, alongside financing costs and depreciation, materially affected the reported bottom line.

Going forward, three operational indicators deserve attention: the pace of new project commissioning, improvement in transmission availability and the contribution of battery storage to electricity delivery and earnings.

The central takeaway is that Adani Green is successfully expanding its operating business, but the quality of future earnings will depend on how efficiently that additional capacity generates electricity and how financing costs evolve alongside expansion.