Adani Green Energy Q2 Profit Doubles to ₹583 Crore

Adani Green Energy Ltd (AGEL) has turned in another strong quarter, showing that its scale and steady execution continue to work in its favour.

Can India’s biggest renewable energy player keep its pace as competition thickens?

How Did Adani Green Perform In The September Quarter?

For the September quarter, Adani Green reported a net profit of ₹583 crore, more than double last year’s ₹276 crore. Total income came in at ₹3,249 crore, a small dip of around 4%, but revenue from power supply rose 20% to ₹2,776 crore. In plain terms, the company earned less from construction and more from actually selling electricity, which is exactly where it wants to be. Operating margins improved sharply. EBITDA jumped to ₹2,844 crore, and the margin expanded to 87.5%, up from about 76% a year ago. The reason: EPC income (the lower-margin construction bit) dropped by more than 90% to just ₹48 crore.

What’s Behind The Growth?

The numbers reflect how fast Adani Green’s renewable base is expanding. Its operational capacity now stands at 16.7 GW, nearly 50% higher than a year ago. In the first half of this fiscal alone, it added 2.4 GW, already close to three-fourths of what it managed in the entire previous year.

Interestingly, around 900 MW was added during the monsoon months, when most projects tend to slow down. The management has guided 5 GW of additions in FY26 and continues to aim for 50 GW by FY30. CEO Ashish Khanna said the company is “on a firm path” toward that goal, adding that it remains fully aligned with India’s clean energy roadmap.

How Important Is the Khavda Project?

Much of this expansion ties back to Khavda in Gujarat, the site of what will become the world’s largest renewable park. As of September, 7.1 GW has already been installed there, and 6.4 GW belongs to Adani Green.

In the last 12 months, the company has rolled out 5.4 GW of fresh capacity - 4.2 GW solar, 491 MW wind, and 805 MW hybrid. Of the solar piece, 2.9 GW sits in Khavda, while Rajasthan and Andhra Pradesh account for the rest. Khanna described progress at Khavda as “steady,” calling it the backbone of the company’s 30 GW plan.

What Is Powering Its Efficiency Gains?

Adani Green has been leaning heavily on digital control systems and automation to tighten operations. During the first half of FY26, it produced 19.6 billion units of renewable energy - enough to power a small European nation like Croatia for a year.

The company says its ESG goals are now fully woven into its day-to-day running rather than being treated as separate targets. In other words, the sustainability play is no longer just for show.

How Is The Stock Reacting?

Investors, for their part, are watching closely. On October 28, Adani Green’s stock slipped 1.21% to ₹1,004.2, roughly in line with the Sensex, which was also marginally lower. The next morning, though, it opened higher at ₹1,028, suggesting early buyers saw strength in the results.

So far this year, the stock has fallen about 4%, even as the broader market is up roughly 8%. Despite that, the company trades at a P/E of 75.35, far richer than Tata Power’s 26.27 - a sign that long-term investors still see value in its scale and visibility.

Can It Keep The Momentum Going?

Adani Green’s recent run shows what happens when scale meets focus. It is adding capacity faster, improving margins, and keeping projects on schedule. The next challenge will be to stay efficient as its asset base balloons.

The company looks well-placed for now, but the bigger test lies ahead. Can it maintain this rhythm as policy winds shift and new rivals crowd the field? The next few quarters should tell us if the wind is in their favour.

Sources

Mint
Economic Times
Financial Express
Yahoo Finance