• Added record 5.1 GW capacity in FY26 (35% YoY growth), highest greenfield expansion globally outside China, reaching 19.3 GW total operating capacity
• Energy sales surged 34% YoY to 37.6 billion units, equivalent to annual electricity consumption of many European countries
• Khavda project now operational at 9.4 GW with 1.4 GWh battery capacity, making it world's largest renewable energy installation
• Already commissioned 3 GWh battery storage in recent months, targeting aggressive 10 GWh addition in FY27 at ₹15,000 crore CapEx
• Received BBB+ rating from Japanese credit rating agency (equivalent to India's sovereign rating), demonstrating strong fiscal discipline
• Operating portfolio will power 8.7 million homes and avoid 36 million tons of CO2 emissions annually
• Maiden 500 MW pumped hydro project at Chitravathi, Andhra Pradesh to be completed in FY27
• 28 GW of total signed PPAs, one of highest in India; committed to maintaining 90%+ of capacity under long-term contracts going forward

Adani Green Energy delivered exceptional FY26 results with 34% YoY growth in energy sales to 37.6 billion units and record 5.1 GW capacity addition, achieving 19.3 GW total operating capacity. Management is highly confident about future growth driven by aggressive battery storage expansion (targeting 10 GWh in FY27) and improving transmission infrastructure, though curtailment issues caused ~₹1,200-1,500 crore EBITDA loss in FY26.

Revenue from power supply grew 22% YoY to ₹11,602 crores, while EBITDA increased 23% to ₹10,865 crores with industry-leading EBITDA margin of 91.2%. The company acknowledged significant impact from curtailment and merchant pricing challenges, losing approximately ₹500 crores EBITDA due to curtailment and ₹800-1,000 crores from lower merchant realizations versus long-term contract rates, totaling ₹1,200-1,500 crores in lost EBITDA for FY26. Current blended PPA rate stands at ₹3.10 per unit. Future contracts expected at ₹2.65 for solar and ₹3.03-3.80 for wind. Blended cost of debt at 8.9% with expectations of downward pressure. Total CapEx guidance for FY27 is ₹40-42,000 crores (potentially reaching ₹45,000 crores), with ₹15,000 crores allocated specifically to battery storage (10 GWh at ₹1.5 crores per MWh).

Management demonstrated strong confidence in execution capabilities and strategic vision, emphasizing readiness to execute 7-8 GW annually if needed but deliberately limiting to 4.5-5 GW in FY27 due to transmission constraints. Sagar Adani repeatedly highlighted battery storage as the critical hedge against curtailment and evacuation risks, positioning it as strategic priority with aggressive 10 GWh FY27 target. Management took disciplined approach to guidance, committing only to 12-month forward capacity additions rather than longer-term projections due to transmission uncertainty. Strong emphasis on maintaining 90%+ long-term contracted capacity going forward, acknowledging FY26 merchant exposure was deliberate anomaly to capture ISTS benefits before deadline. Management displayed sophisticated understanding of regulatory complexities and grid integration challenges, avoiding overly optimistic promises while expressing confidence in company's ability to manage through sector-level constraints via battery storage and improved planning.

Curtailment and transmission constraints remain primary challenges, causing ₹1,200-1,500 crore EBITDA loss in FY26. Management acknowledged 9.5 GW of operating capacity (5.3 GW interim merchant awaiting PPA conversion + 4.2 GW pure merchant) currently without long-term contracts, though expects 5.3 GW to convert to PPA by December 2026. Transmission infrastructure development carries execution uncertainty with potential 3-4 month delays in evacuation capacity timelines. Company deliberately limiting capacity additions to 4.5-5 GW in FY27 despite 7-8 GW execution capability, reflecting transmission bottleneck concerns. Management candidly acknowledged that complete elimination of curtailment cannot be guaranteed given India's complex regulatory framework and multiple interconnected stakeholders. Khavda evacuation specifically constrained, though expecting 7 GW additional capacity by December 2026 and another 7 GW by March 2027 (total 14-15 GW over 12-15 months, subject to delays). Solar PLF in Khavda impacted 2.5-3% by curtailment, reducing from potential 30% to actual 27%. Wind segment faced some Q3 curtailment though less severe than solar.

Revenue Outlook: Expected improvement from eliminating ₹1,200-1,500 crore EBITDA loss experienced in FY26 as curtailment reduces and merchant capacity converts to long-term PPAs

Margin Outlook: Maintaining industry-leading 91%+ EBITDA margins; battery economics expected at ~₹25 lakhs EBITDA per MWh (similar or better than renewable generation)

Key Targets:

• 4.5-5 GW capacity addition in FY27 (100% under long-term PPAs)
• 10 GWh battery storage addition in FY27 (₹15,000 crore CapEx)
• 50 GW total capacity by 2030 (reaffirmed, no revision)
• 500 MW pumped hydro project completion at Chitravathi in FY27
• 5.3 GW interim merchant capacity to convert to PPA by December 2026
• 14-15 GW additional evacuation capacity at Khavda over next 12-15 months
• Maintain 90%+ of capacity under long-term contracts going forward
• Total FY27 CapEx: ₹40-45,000 crores

Analysts focused heavily on three areas: (1) battery storage execution roadmap and economics, (2) curtailment impact quantification and resolution timeline, and (3) transmission infrastructure development at Khavda. Management responded with unusual candor about challenges while demonstrating confidence through specific numbers and timelines. Sagar Adani repeatedly positioned battery storage as the strategic solution to curtailment risks, revealing aggressive expansion plans that would give AGEL 50% market share in India. Analysts probed the 9.5 GW merchant/interim merchant exposure, with management providing clear conversion timeline (December 2026 for 5.3 GW) and emphasizing FY26 merchant additions were deliberate strategy to capture ISTS benefits. Questions about execution capability versus planned additions revealed management is deliberately constraining growth due to grid concerns despite having 7-8 GW annual capacity. Several analysts sought clarity on C&I strategy, with management articulating clear separation between AGEL (generation) and AESL (customer-facing solutions). Overall tone was balanced - management acknowledged real challenges around transmission and curtailment but demonstrated strong command of mitigation strategies and execution capabilities, with specific CapEx allocations and capacity targets providing confidence in near-term delivery.