Date: October 21, 2026

Financial Results (Standalone & Consolidated)

H1 FY27 Consolidated Performance (YoY):

  • Revenue from Power Supply: ₹8,299 Crore (▲36%)
  • EBITDA from Power Supply: ₹7,957 Crore (▲41%)
  • Cash Profit: ₹4,176 Crore (▲35%)
  • Industry-leading EBITDA Margin: 93%

Q2 FY27 Performance (YoY):

  • Sale of Energy increased by 33% YoY
  • EBITDA Margin maintained at 92%

Operational Performance

Capacity & Generation:

  • Operational Capacity: 20,763 MW (▲24% YoY)
  • Greenfield Capacity Addition in H1: 4,083 MW
  • Q2 Capacity Addition: 621 MW
  • Sale of Energy: 25,747 million units (▲32% YoY)
  • Operationalized BESS Capacity: 3,081 MWh in Q2 at Khavda (world's largest single-location deployment)
  • Total Installed BESS Capacity: 6,632 MWh as of H1 FY27

Plant Performance Metrics (H1 FY27):

  • Solar Portfolio CUF: 22.9% with 99.3% plant availability
  • Wind Portfolio CUF: 42.9% with 94.6% plant availability
  • Hybrid Portfolio CUF: 45.2% with 98.8% plant availability

Environmental Impact:

  • Powered more than 4.4 million homes
  • Avoided 17.5 million tonnes of CO2e emissions

Debt Management

Debt Evolution (Mar-26 to Sep-26):

  • Gross Debt: ₹46,182 Crore (▲3% from Mar-26)
  • Net Debt: ₹40,206 Crore (▲2% from Mar-26)
  • Cash & Bank: ₹5,976 Crore
  • Average Interest Rate: 8.0%
  • Debt Mix: 78% INR, 22% USD (100% hedged)

Repayment Profile:

  • Well-staggered repayment schedule over next 10 years
  • Long-term maturities up to 20 years

ESG Framework & Commitments

ESG Achievements:

  • Ranked #1 globally in Alternative Electricity Subsector by FTSE Russell (second consecutive year)
  • Received Clean Power Generation Award at Reuters Energy Industry Awards 2026
  • Largest Project of the Year award at IESW 2026 for Khavda BESS project
  • Ranked #1 in Utility sector by NSE Sustainability Ratings (second consecutive year)
  • Achieved CareEdge-ESG 1+ Rating with score of 87.3 (highest ever across all sectors)
  • Ranked #1 in Power Generation sector by CRISIL (fifth consecutive year)

Environmental Performance:

  • CO2 emissions avoided: 17.51 Mn tons in H1 FY27
  • Operational emission intensity: 0.0008 GHG tCO2/MWh (99.9% less than Indian grid average)
  • Freshwater consumption: 0.007 kl/MWh (99.8% less than statutory limit for thermal power)
  • Waterless robotic cleaning deployed over 12.8 GW solar capacity
  • Net Water Positive status achieved for 100% operational locations

Safety Metrics:

  • 15.14 Mn continuous safe man hours
  • LTIFR: 0.10
  • 98,457 safety training hours in H1FY27

Investment Rationale

Key Highlights:

1. Secured resource-rich sites with 50+ GW target including 5 GW PSP and 50 GWh BESS by 2030

2. Strong execution capabilities with synergy benefits of Adani Portfolio

3. Deep procurement relationships with backward integration

4. Operational excellence through AI-driven asset intelligence

5. Funding tied up for non-diluted growth with promoter's USD 1.125 Bn equity infusion

6. Evacuation infrastructure readiness

Receivables Management:

  • Total Receivables: ₹1,598 Crore as of September 30, 2026
  • Due Receivables: ₹113 Crore
  • Receivables days (due): 2 days

Asset Level Details

Portfolio Breakdown:

  • Solar Operational Capacity: 14,550 MW AC (19,853 MW DC)
  • Wind Operational Capacity: 2,947 MW AC (2,996 MW DC)
  • Hybrid Operational Capacity: 3,266 MW AC
  • Total Operational Portfolio: 20,763 MW

Notable Projects:

  • Khavda Renewable Energy Park: World's largest single-location renewable energy site
  • Multiple projects across Gujarat, Rajasthan, Karnataka, Tamil Nadu, Uttar Pradesh, and other states
  • PPAs with various counterparts including SECI, state discoms, and private parties

Annexures - RG1 & RG2 Performance

RG1 Portfolio (930 MW):

  • H1 FY27 Revenue from Power supply: ₹455 Crore
  • H1 FY27 Total Income: ₹604 Crore
  • H1 FY27 EBITDA: ₹564 Crore
  • Gross Debt: ₹4,149 Crore
  • Net Debt: ₹3,427 Crore

RG2 Portfolio (570 MW):

  • H1 FY27 Revenue from Power supply: ₹244 Crore
  • H1 FY27 Total Income: ₹340 Crore
  • H1 FY27 EBITDA: ₹321 Crore
  • Gross Debt: ₹2,544 Crore
  • Net Debt: ₹1,765 Crore

Board Meeting Outcomes

Not Specified

KMP / Board / Auditor Changes

Not Specified

Dividend Declaration or Non-Declaration

Not Specified

Disinvestment / Strategic Actions

Not Specified

Other Operational / Legal / Strategic Disclosures

Not Specified