- 37% Surge in Energy Sales, 25% Revenue Growth Mark a Defining Quarter in India’s Renewable Transition
- World’s No.1 Green Utility Accelerates Capacity Expansion to 17.2 GW with Industry-Leading Margins
- Khavda Emerges as Global Benchmark as AGEL Adds Nearly 14% of India’s Total Solar-Wind Capacity in CY25
- Robust ESG Leadership Reinforced with Top Global and NSE Sustainability Rankings
- Advanced Technologies, AI-Driven Operations Drive Superior Performance and Profitability
NE BUSINESS BUREAU
AHMEDABAD, JAN 23
Adani Green Energy Limited (AGEL), India’s largest and fastest-growing pure-play renewable energy company, delivered a stellar performance in the third quarter and first nine months of FY26, reporting strong growth across all key financial and operational parameters. The company’s results underscore its accelerating leadership in India’s energy transition and its growing stature on the global clean energy stage.
For the nine months ended December 31, 2025, AGEL recorded a 37% year-on-year growth in energy sales, reaching 27,636 million units, driven by rapid capacity addition, superior plant performance, and large-scale commissioning at resource-rich locations such as Khavda (Gujarat) and Rajasthan.
Robust Financial Momentum
AGEL’s revenue from power supply rose 25% YoY to ₹8,508 crore, while EBITDA increased 24% YoY to ₹7,921 crore, reflecting strong operating leverage. The company sustained its industry-leading EBITDA margin of 91.5%, among the highest globally for renewable utilities.
During Q3 FY26 alone, revenue grew 21% YoY to ₹2,420 crore, with EBITDA rising 23% to ₹2,269 crore, reinforcing the consistency of AGEL’s growth trajectory.
Capacity Expansion at Unmatched Scale
AGEL’s operational capacity expanded 48% YoY to 17.2 GW, firmly positioning the company on track to achieve its 50 GW target. In calendar year 2025, AGEL added 5.6 GW of greenfield capacity, accounting for nearly 14% of India’s total solar and wind capacity additions.
In the first nine months of FY26, the company commissioned 2,995 MW of new capacity, over 90% of the total additions achieved in the entire previous financial year. Over the last one year, greenfield additions totalled 5,630 MW, including large-scale solar, wind, and hybrid projects—primarily at Khavda, Gujarat.
Operational Excellence Powered by Technology
AGEL’s operations are supported by advanced AI and machine-learning-enabled analytics, managed through its Energy Network Operations Centre, enabling real-time monitoring of renewable assets nationwide. This has resulted in consistently high plant availability, electricity generation exceeding contractual commitments, and optimized operating costs.
In 9M FY26, 79% of annual PPA-based electricity commitments were achieved within nine months, underscoring operational reliability.
Khavda: The World’s Largest Renewable Energy Project
AGEL continues to make rapid progress on the 30 GW renewable energy park at Khavda, spread across 538 sq km—nearly five times the size of Paris. The operational portfolio at Khavda has already reached 7.7 GW across solar, wind, and hybrid capacities.
The project deploys bifacial solar modules, advanced trackers, India’s largest 5.2 MW onshore wind turbines, and waterless robotic cleaning systems, setting new global benchmarks for scale, speed, and sustainability. AGEL is on track to complete the full 30 GW capacity by 2029.
Global Recognition and ESG Leadership
AGEL’s performance has earned it the distinction of being ranked World’s No. 1 Green Utility in the Energy Intelligence Annual Global Rankings 2025. The company also emerged as India’s top sustainability performer in the power generation sector for the second consecutive year in the NSE Sustainability Ratings, achieving the highest score in its industry.
Further strengthening its ESG credentials, AGEL has mainstreamed the Taskforce on Nature-related Financial Disclosures (TNFD) framework and won Gold Awards for Water Stewardship and Clean Energy Champion at the Financial Express Green Sarthi Awards 2025.
Leadership Commentary
Commenting on the performance, Ashish Khanna, CEO, Adani Green Energy, said: “In calendar year 2026, Adani Green Energy has continued its exceptional growth trajectory, adding 5.6 GW of renewable energy capacity—representing nearly 14% of all new solar and wind capacity installed across India. This achievement further cements our position as the country’s leading green energy provider, with our operational capacity now reaching 17.2 GW.
In the first nine months of this financial year, we generated more than 27 billion units of clean electricity—enough to power a nation the size of Azerbaijan for an entire year. Being recognized as the World’s No. 1 Green Utility is a testament to our commitment to shaping a sustainable future while consistently creating value for all stakeholders.”
With rapid execution, unmatched scale, and a technology-driven operating model, AGEL remains at the forefront of India’s renewable energy transformation. Its Q3 and 9M FY26 performance reinforces confidence in its long-term vision to deliver sustainable, affordable, and reliable clean energy at a global scale.
