The document is a regulatory filing containing the transcript of the Q2 FY '27 Post Earnings Conference Call for Adani Green Energy Limited, hosted by Emkay Global Financial Services.
The event was held on October 22, 2026, and the transcript was submitted to the exchanges on October 26, 2026.
The stated purpose of the call was to discuss the company's Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026.
The meeting was a post-results investor interaction held after the earnings announcement.
Management participants included:
Mr. Ashish Khanna, Chief Executive Officer
Mr. Rajat Seksaria, Chief Executive Officer, Battery Storage
Mr. Saurabh Shah, Chief Financial Officer
Mr. Vijil Jain, Head, Investor Relations
The moderator was Mr. Sabri Hazarika, Senior Research Analyst at Emkay Global.
The transcript was made available via a web link: https://www.adanigreenenergy.com/-/media/project/greenenergy/investor-downloads/results-conference-calltranscript/agelq2fy27earnings-call-transcriptoct-22-2026v1.pdf
The document includes a standard disclaimer stating that the transcript may contain inaccuracies and forward-looking statements, and that the company does not undertake to update these statements.
Financial and Operational Highlights Discussed
Operational Capacity: The company crossed a significant milestone of 20.8 GW of operational capacity.
H1 FY27 Financials:
Energy sales increased 32% YoY to 25.7 billion units.
Revenue from power supply increased 36% YoY to INR 8,299 crores.
EBITDA grew 41% YoY to INR 8,276 crores (INR 7,957 crores from power supply).
EBITDA margin for power supply was 93% for H1 and 92% for Q2.
Management stated that without curtailment, H1 EBITDA would have been close to INR 9,000 crores.
Q2 FY27 Financials:
Revenue from power supply increased 45% YoY to INR 4,019 crores.
EBITDA from power supply increased 51% YoY to INR 3,835 crores.
Capacity Additions:
Commissioned 10.8 GW of solar, wind, and hybrid capacity at Khavda.
Commissioned 3 GWh of battery energy storage at Khavda, taking total installed BESS capacity to 6.6 GWh (over 50% of India's operational BESS).
The company remains on track to exceed 10 GWh of BESS capacity during the year.
A maiden 500 MW pump storage project at Chitravathi is progressing towards completion by year-end.
Curtailment & Transmission: The company is monitoring transmission infrastructure availability at Khavda and has accelerated BESS development to mitigate curtailment challenges. Delays in the Phase 3 transmission corridor (now expected in Q4 FY27 vs. earlier expectation of Q3) may impact the full-year commissioning target of 4.5-5 GW.
Financial Strategy: The company is committed to maintaining a 13-14% Return on Assets (ROA) threshold by tying up capacities with AA+ counterparties. It emphasized a focus on long-term (25-year) contracts and prudent capital allocation for its INR 2.4 lakh crore capex program through FY30.
Cost of Borrowing: The overall cost of borrowing stands at 8.9%. Seventy-two percent (72%) of project loans are fixed rate for a medium to long term (3-5 years). The company highlighted that rating upgrades for operational SPVs (e.g., AGE23L moving to AAA) lead to interest cost reductions.
Leverage: The net debt to EBITDA (run-rate) stands at 5.6x. The leverage profile is expected to remain in this range until FY28-29 before tapering down to 4.5x and below as more assets become operational and debt is amortized.
Additional Notes Section
The document is a transcript of the earnings call and was attached to the regulatory filing.
The transcript contains extensive management commentary and Q&A with analysts but does not contain new, standalone financial data beyond what was discussed in the results.
The company did not indicate that any Unpublished Price Sensitive Information (UPSI) was shared during the call. The discussion was based on already published results and general business updates.
