Adani Green Energy Ltd

Adani Green Energy Limited (AGEL) reported strong financial performance in H1 FY '27, with energy sales increasing 32% year-on-year to 25.7 billion units and revenue from power supply rising 36% to INR8,299 crores. EBITDA grew 41% to INR7,957 crores, with a margin of 93%. In Q2, revenue from power supply rose 45% to INR4,019 crores, and EBITDA increased 51% to INR3,835 crores. AGEL commissioned 3 gigawatt hours of battery storage at Khavda, bringing total installed capacity to 6.6 gigawatt hours, over 50% of India's operational BESS. The company emphasized disciplined execution of its INR2.4 lakh crores capex program through FY '30, with a focus on long-term contracts and AA+ counterparties to maintain a 13-14% ROE. Management highlighted accelerated BESS development to mitigate curtailment challenges and noted that the Khavda BESS project was recognized as the largest of the year at India Energy Storage Week 2026. The company also discussed its 25-year PPA strategy, fixed-rate loans, and efforts to reduce interest costs through improved credit ratings, such as the conversion of AGE23L to AAA. Transmission delays at Khavda were acknowledged, but management expressed confidence in meeting capacity targets through accelerated infrastructure and battery deployment.

The document emphasizes strong financial performance, growth in capacity, strategic initiatives, and confidence in meeting targets despite challenges.