Adani Green H1 FY27: EBITDA Up 41%, Energy Sales Rise 32%

Key Highlights

• Strong half-year: EBITDA from power supply rose 41% to Rs 7,957 crore in H1 FY27.
• More power sold: Energy sales grew 32% to 25.75 billion units.
• Revenue up: Power supply revenue climbed 36% to Rs 8,299 crore; cash profit rose 35% to Rs 4,176 crore.
• Storage milestone: Operational battery storage at Khavda reached 6.63 GWh, which the company calls the world’s largest at a single location.
• Q2 momentum: Q2 revenue from power supply jumped 45% and EBITDA 51%.

Adani Green Energy Limited (AGEL) has posted strong numbers for the first half of FY27. EBITDA from power supply rose 41 per cent year-on-year to Rs 7,957 crore, according to the company’s stock exchange filing. The growth was driven by a 32 per cent rise in energy sales to 25.75 billion units and steady capacity additions across its renewable portfolio.

The Key Numbers for H1 FY27

• Revenue from power supply: Rs 8,299 crore, up 36 per cent
• EBITDA from power supply: Rs 7,957 crore, up 41 per cent
• EBITDA margin: 92.9 per cent
• Cash profit: Rs 4,176 crore, up 35 per cent
• Capital expenditure: Rs 17,160 crore, up 38 per cent
• Net debt to run-rate EBITDA: 5.6 times

Second Quarter Shows Faster Growth

The momentum picked up in the July-September quarter. Energy sales rose 33 per cent to 12,090 million units. Revenue from power supply surged 45 per cent to Rs 4,019 crore, while EBITDA from power supply jumped 51 per cent to Rs 3,835 crore. Quarterly cash profit increased 45 per cent to Rs 1,951 crore.

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The Bigger Story: Battery Storage

The most significant update came from energy storage. CEO Ashish Khanna said, “We also achieved a significant milestone in energy storage, expanding our operational BESS capacity at Khavda to 6.63 GWh -- the world’s largest single-location battery storage installation.”

He added, “This makes AGEL India’s largest BESS operator, accounting for more than half of the country’s operational capacity. We remain focused on scaling up storage deployment while closely monitoring the availability of transmission infrastructure.”

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Adani Green H1 FY27: EBITDA Up 41%, Energy Sales Rise 32%

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Why Batteries Matter

Solar power is produced only during the day, and wind power changes with the weather. Battery Energy Storage Systems (BESS) store extra power and release it when needed, such as in the evening when demand peaks. Without storage, a large share of renewable power can go unused. That is why storage is seen as key to making clean energy reliable around the clock.

What Drove the Growth

According to the company, the results reflect consistent capacity expansion, the use of advanced renewable technologies and better operating performance across its projects. Khanna said strong execution helped boost both energy generation and financial results.

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A Note of Caution

The company’s heavy investment, Rs 17,160 crore in capex in just six months, shows aggressive expansion. With net debt at 5.6 times run-rate EBITDA, investors will keep an eye on how growth is funded. Khanna’s mention of transmission infrastructure also highlights a real challenge: new power capacity needs enough grid lines to carry electricity to users.

Why It Matters

India has set ambitious clean energy targets, and large-scale storage is one of the missing pieces. AGEL’s progress at Khavda in Gujarat could set the pace for battery adoption across the country.

What Comes Next

The company plans to keep scaling up storage, while transmission availability will decide how quickly new capacity can deliver power to the grid.