Adani Green Energy Ltd (ADANIGREEN) Q1 FY27 Results Analysis: Revenue Surges 29%, Leverage Stays Elevated

Adani Green Energy Ltd's Q1 FY27 numbers came in strong, with revenue of Rs. 4,431.00 Cr (+16.60% YoY) and PAT growth of +19.30% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

Adani Green Energy reported strong Q1FY27 results with 29% YoY revenue growth in power supply, a 94% EBITDA margin, and a 27% increase in operational capacity to 20.1 GW, underpinned by 848 MW of new additions and significant BESS commissioning. The company's solid execution and favorable legal developments are offset by elevated leverage (net debt/EBITDA at 5.6x above the 4-5x target) and rising finance costs, but the long-term growth trajectory remains intact with a clear capacity pipeline.

Key Investment Insights

Key Positives

• Revenue from Power Supply grew 29% YoY to Rs.4,280 Cr
• Management EBITDA from Power Supply grew 33% YoY to Rs.4,122 Cr, with margin of 94%
• Operational capacity increased 27% YoY to 20,142 MW, with 848 MW added in Q1
• BESS capacity reached 3,551 MWh, with 1,972 MWh commissioned in Q1
• US legal proceedings progressing favorably, with DOJ motion to dismiss filed

Risk Factors

• Net debt/run-rate EBITDA at 5.6x, above the guided range of 4-5x
• Finance costs rose 31% YoY to Rs.2,001 Cr, reflecting debt-funded expansion
• Deferred tax charge of Rs.214 Cr was 81% of total tax, indicating temporary differences from asset base growth