Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Adani Green Energy Limited (NSE: ADANIGREEN) Q4 2026 Earnings Call dated Apr. 24, 2026
Corporate Participants:
Sagar Adani — Executive Director
Saurabh Shah — Chief Financial Officer
Analysts:
Sudhanshu Bansal — Analyst
Manish Somaiya — Analyst
Mohit Kumar — Analyst
Unidentified Participant
Nikhil Nigania — Analyst
Unidentified Participant
Bhavik Shah — Analyst
Sabri Hazarika — Analyst
Nikhil Abiankar — Analyst
Anuj Upadhyay — Analyst
Puneet Gulati — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Adani Green Energy Limited Q4FY26 earnings conference call hosted by GM Financial Institutional securities Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr. Sudhanshu Bansal from GM Financial Institutional securities Limited. I thank you. And over to you sir.
Sudhanshu Bansal — Analyst
Thank you, Iqra. Hello everybody. On behalf of JM Financial, I welcome you all to the Q4FY26 earning call of Adani Green Energy. For today’s call, we have with us the leadership team of Adani Green led by Mr. Sagar Adani Executive Director, Mr. Ashish Khanna, CEO, Mr. Rajat Sek Saria CEO Battery Storage, Mr. Sourabh Shah, CFO and Mr. Vigil Jain had IR along with other team members. Before we proceed, I would like to congratulate whole Adani Green family under the leadership of Mr. Sagar for phenomenal performance.
More than 5 gigawatt of the capacity addition in one year is truly remarkable. More so when it is across the technologies be it solar, wind and the hybrid. Congratulations to all the team members. I would like to hand over now to Mr. Sagar for his opening remarks. After which we will open the floor for the Q and A session. Thank you so much sir for your kind presence and giving us the opportunity to host the call. Over to you sir.
Sagar Adani — Executive Director
Hi. Thank you very much for setting up the call for us. Good afternoon everyone. Globally, energy security is the defining priority for economies all over the world. Today, India has already made a strategic pivot in this direction and that is already evidenced in in the scale and speed of green electron production in the country. In FY26, our country witnessed the highest ever renewable energy share in electricity generation and also achieved a record non fossil fuel capacity addition of over 55 gigawatts.
With this, India now has about 283 gigawatts of non fossil capacity already installed and the country is well on its way to achieve 500 gigawatts by 2030. At Adani Green Energy, we are proud to be leading the country’s energy transition. Our robust operational and financial performance for the FY26 demonstrates our unparalleled execution capabilities and sector leadership. Our energy sales surged by an impressive 34% year on year reaching 37.6 billion units. Just to put this into context, this is nearly the annual electricity consumption of many European countries as a whole.
This growth has been driven by significant greenfield capacity additions and strong operating performance at our plants. During the year we have added 5.1 gigawatts, a 35% year on year growth with a cumulative 19.3 gigawatt operating portfolio today. This is the highest greenfield annual capacity expansion globally by any company outside of China. With this we further consolidated our leadership position in India’s renewable energy sector and that’s put us very firmly on course to achieve 50 gigawatts by 2030.
Notably, our landmark KAVDA project, the world’s largest renewable energy installation continues to make considerable progress with 9.4 gigawatts of wind, solar and hybrid assets already operational in that location Within Kavada. We have also added 1.4 gigawatt hours of battery capacity in the last year. This is one of the world’s largest single location battery energy storage project on the Pumped Hydro site we are making noteworthy progress and we aim to complete our maiden 500 megawatt project at Chitravati in Andhra Pradesh in this coming year.
Our consistent efforts towards adoption of advanced technologies, digitization and leveraging sophisticated data analytics for predictive maintenance have enabled us to deliver an exceptional operating performance. Our industry leading financial results further reflect our operational excellence and scale advantage. Revenue from our power Supply increased by 22% year on year ending at Rupees 11,602 crores whilst our EBITDA grew 23% to Rupees 10,865 crores. We achieved an EBITDA margin of 91.2%. One of the very significant highlights on the capital management side was last year the Japanese credit rating agency assigned Adani Green an inaugural rating of BBB with a stable outlook which is equivalent to India’s sovereign credit rating.
This demonstrates Adani Green Energy’s ability to sustain its growth while maintaining fiscal discipline. At the same time, Adani Green Energy’s commitment to sustainability and responsible business practices continues to be recognized globally and in India. We’ve achieved top ranks in all the ESG platforms and benchmarks comparable globally. Further, I take pride in sharing that Adani Green’s 9.19.3 gigawatt operating portfolio will power more than 8.7 million homes and will avoid about 36 million tons of CO2 emissions annually.
We are committed to continuing with a similar level of greenfield capacity addition going forward and we are constantly strengthening both our organizational ecosystem and our partnership ecosystem to achieve our goal of 50 gigawatts by 2030. Thank you everyone and we’d love to open up for questions.
Questions and Answers:
Operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Manish Somaya from Kantor. Please go ahead.
Manish Somaiya
Good afternoon, good evening. Congratulations on a strong fiscal 26 and best of luck. A couple of questions in my end, if I may. First, Sagar, you talked about the bus impact as you grow the operational size from 1.4 gigawatts to 10 gigawatts by 27. If you can just help us understand some of the milestones to getting there. Supply chain dependencies, grid connectivity, what is it going to take to ramp to that level in 27 and how prepared are you?
Sagar Adani
Sumesh, from our point of view at least, even where we stand today, even in the last 30 days of this month, we’ve added a significant amount of base capacity in Kavada. So we hope that in the next few days we should reach the mark of 3 GWh of installed capacity in Kavana by sometime in the next week. So our capacity ramp up and addition on the battery side has been very significant so far and is very robust. The only sensitivity we see with that is the capital flexibility to be able to fund the growth of batteries and to be able to have the organizational capability to manage the supply chain.
These are the only two sensitivities batteries are delinked with pretty much everything else. In fact, batteries operate as a hedge to the lack of grid availability. So if there’s any issues with regards to grid availability or curtailment, adding more and more capacity of battery storage in fact helps to hedge against that because batteries absorb a lot of the generation and help give it later in the evening. So basically what we’ve done in the last year is we’ve added about 3 gigawatts of batteries pretty much so to speak, in the last three to four months in effect.
So if you look at the run rate quarterly of about 3 GWh or so that we have already achieved and we are constantly committed and we are very comfortable that we will continue to be able to maintain, achieve and, and probably only make better and increase going forward. That should comfortably put us in a 10 gigawatt hour plus range of being able to add those many amount of capacities in a given year. And that is what our target remains as well as we move forward.
Manish Somaiya
Right. Okay. And then just related to that, how should we think about battery economics versus core solar wind portfolio in terms of EBITDA margin capital intensity payback period?
Sagar Adani
So from a, we think that batteries give similar to or in fact in many cases slightly better. Obviously there is a market related element because we discharge capacities from our batteries many times in the evening peak and the rates in the evening peak also contribute to how the economics are. So there are one or two inputs that are outside driven. But from an overall capital intensity versus returns, we basically look at funding our best portfolio at about 1 and a half crores per megawatt hour.
That’s the range at which we’re setting up our, setting up our future capacities. And we think that at a very comfortable level we should be able to get about 25 lakhs of EBITDA per megawatt hour from a thumb rule perspective. So these economics are similar or slightly better to what we get on the renewable side as well. No different.
Manish Somaiya
Okay, that is super helpful. And then just lastly,
Sagar Adani
You obviously also might be aware of some issues that have been related to curtailment which has affected AGL and many other companies in the country. So the power that is curtailed today goes completely to waste. So when you put a battery storage capacity, you use otherwise wasted power which has today zero economic value into the best, making the cost of input very, very low. And hence for a limited time perspective, the margins significantly high as well. So you also have these periods and opportunities and windows of certain months here and there where there may be, may or may not be some curtailment issues, in which case the economics of batteries improve even more dramatically.
Manish Somaiya
Okay, no, that’s super helpful. And then just lastly, as we look at fiscal 27, how should we look at or think about the blended revenue per unit and realizations? And just I guess if I can connect the second piece to it, how should we think about merchant versus CNI exposure?
Sagar Adani
So our average blended PPA rates across the board are about 3 rupees 10 paise. And when we go forward, we’re looking at contracting additional solar capacity around the range of about 265 and we’re looking at contracting additional wind capacity around the range of about 375, 380. So that’s the range at which agel has visibility to be contracting its upcoming capacities and obviously that falls very comfortably within the profitability and return threshold that AGL expects to deliver going forward.
When you look at it from a c and I etc. Perspective, what agel has taken a principal call to is that Agel is not directly coordinating or participating in opportunities for C and I. There is a sister company at the group level which is called Adani Energy Solutions limited that is the listed company that interfaces with C and I customers. Agel and AESL have an agreement at the back end where Agel will contract capacities with AESL at market driven rates between two listed companies and basis the rates that AGL gives aesl.
AESL goes forward and contracts those capacities with the C and I customers directly.
Manish Somaiya
Okay, this is super helpful. Thank you so much Sagar and best of luck.
Sagar Adani
Thank you.
Operator
Thank you. The next question is from the line of Mohit Kumar from ICICI Securities. Please go ahead.
Mohit Kumar
Yeah, good evening and thanks for the opportunity. My first question is, sir, what is the loss in EBITDA in FY26 due to lower availability and the lower prices realized compared to long term rates for the informed power we were selling and what could have been potential EBITDA for the entire fiscal? Yeah, Equally possible. Yeah.
Sagar Adani
Yes, please. So Moji, so we’ve lost about 500 crores of EBITDA in the past year on account of curtailment. And if you look at the rates at which we’re looking at contracting our merchant capacities this year going forward versus the realization that we had in the past year, the loss would be in the range of somewhere between 800 to 1000 crores. So we would have lost a total of somewhere between 1200, 1300 to 1500 crores of EBITDA in the past year, which we do not expect to be happening going forward as we move in the coming year and the years after that.
Mohit Kumar
Understood. So my second question is of course you will again commission 5.6Gigawatt in this 5,6Gigawatt in this fiscal. How are you seeing the on the ground, you know, transmission connectivity coming up, especially in cowda? My question is whether do you think the informed power which is sitting right now will completely get transferred to long term PPs over next 20 next in the Cisco. And how do you resolve for the, for the new capacity which is coming up? Yeah,
Sagar Adani
So Moji, very good question. Very good questions rather and I’ll try and answer all of them basically today. Whatever. So our capability as an organization is to be able to execute a capacity of around the range of 7-8 GW a year. Even today. Even today, if AGL wished, it has both the financial flexibility as well as the organizational capability to execute somewhere between 7 to 8 gigawatts in a given year. We are stopping our execution at a number of about between four and a half to five. Looking at the transmission and evacuation constraints that we expect to happen going forward.
Because unlike the past year, the mistake that we do not want to repeat going forward is to have capacities coming up and then evacuation not being sufficiently available. So that is something we are very cognizant of. And our capacity addition plan make sure to factor for that completely. An additional thing that is also affecting this in a very significant way is the quantum of battery storage that we’re adding in this coming year. Because obviously again, as I said in the beginning, the hedge to non availability of transmission is the commissioning of battery capacity so that the batteries can absorb the power being generated during the day and evacuate it at peak hours during the evening.
So we have, and we are, and we are in the process of very significantly ramping up our capacity addition for batteries which we expect to commission north of 10,000 megawatt hours, 10 gigawatt hours in this coming year. So that’s a very, very substantial battery addition that AGL is in the process of executing as we speak. And looking at both of these things, we don’t expect there to be any significant evacuation constraints for us as the year moves on. Sorry, your question about converting the merchant power or the informed power into long term PPs.
Yes, Agel has a public commitment and we’ve always maintained that very clearly from our side that AGL will always look to and will always endeavor to make sure that the capacities that it is setting up are always a significant majority of them are tied up in long term contracts. Obviously last year was an anomaly because as all of us know, the ISTS benefit was going away. So we wanted to make sure we add as much capacity as we can on the ground before the ISTS benefit goes away so that these capacities can enjoy the ISTS benefit for the next 25 years.
So obviously we had a short term price to pay for that, but it’s a very massive benefit for us in the longer term. But we’ve done that and from this year onwards as well as going forward, you will see that. And our long term stated goal remains that more than 90% of the capacities that AGL adds will be tied up in long term PPAs and long term contracts.
Mohit Kumar
My last question, if I Can ask, can you talk about the quantum of battery in terms of megawatt and megawatt hour and number of cycle you’re looking to run. Capital cost likely to incur in FY27 for the batteries.
Unidentified Participant
So for us.
Operator
Sir, we are unable to hear you if you’re speaking.
Sagar Adani
Oh sorry. We’ll be. We’ll be adding about 10. We’ll be adding north of 10 gigawatt hours of batteries that we are setting up our batteries in a three hour configuration. So that would be about 3.3 gigawatt equivalent of dispatch capacity multiplied by three hours equivalent to about 10 gigawatt hours and north of 10 gigawatt hours we have the flexibility to design our plants both between two hours to three hours. So there’s some different plans we are designing in different manners specifically but basically the gigawatt hours is fixed is 10 gigawatt hours but we may put the AC capacity depending on whether we want the dispatch to happen within two hours or three hours.
And that is a call we will progressively make depending on how we see the market evolving as we move forward. From a capital cost perspective you can consider a cost of about 1.5 crores per megawatt hour. So that should be about 15,000 crores total capex in the coming year for the battery storage that we want to set up.
Mohit Kumar
Understood sir. Thank you. All the best sir. Thank you.
Sagar Adani
Thank you.
Operator
Thank you. The next question is from the line of Nikhil Nigania from Bondstein. Please go ahead.
Nikhil Nigania
Hi. Thank you for taking my question and good to see the numbers. My first question is on the future growth plans. You of course have two big PPAs in the manufacturing PPA and the Maharashtra PPA. But beyond that we don’t see Adani Green actively participate in some of the recent renewal tenders. So is the plan beyond that to focus more on the CNI data center space via Adani Energy Solutions as you mentioned earlier or are there some other plans to build the pipeline beyond that?
Sagar Adani
No sir, absolutely. From our perspective today, in addition to whatever the capacity is operation, we have a total of 28 gigawatts that’s already signed up. So we probably have one of the highest PPA signed up capacity of any company in the country today. As I said directionally it’s very clear that there’s obviously a lot of developments happening in the market. The nature of contracts that discoms are coming up with is changing very significantly. The type of power that C and I customers are looking for going forward is changing very dramatically.
There’s obviously a lot of demand expected that our sister company Adani Energy Solutions is working on from upcoming data centers from a lot of other industrial consumers that it is also in parallel tying up for which a lot of this open capacity and open power from Adani Green will go for. So there’s a lot of these things that are expected. But as I said directionally we will make sure that more than 90% of installed capacity of AGL is tied up in long term contracts and nothing changes from that perspective.
Nikhil Nigania
Perfect, that’s helpful. If you could also clarify today Adani Energy mentioned, I think about 5 gigawatts is what they have signed up on the renewable front, which I’m supposing is with Adani Green possible to give some color on what are the commercial terms for that arrangement.
Sagar Adani
So Adani Green and Energy Solutions both contract capacities on an arm’s length market test basis. So both companies and both management. So Adani Energy Solutions has an independent market test view in terms of if they wanted to buy within that time frame, the given quantity of solar power, what are the rates that they would be able to contract at? And similarly, if Adani Green wanted to sell that quantum of power in that timeframe, what is the rate that it would be able to sell at? So it’s an independent market discovery on both ends and the managements independently sit together and agree on a rate that is workable on both ends from a market linked basis.
So I think that that’s the basis on which they decide. I think that number today again as I said, is somewhere between 260 to 270 for solar and somewhere between 370 to 390 for wind. And those are numbers at which they’re contracting today. But obviously the number may move, may change depending on how market situations evolve. Because both companies always look at opportunities that they have from the market independently and we’ll always look to find that middle ground threshold in terms of the number that makes sense for both.
Nikhil Nigania
Got it sir. And if I may add to that there on the battery front and the pump storage coming online this year is the plan to keep that merchant for now and then later possibly use it as part of these contracts or other similar contracts.
Sagar Adani
Yes. So basically we internally have a lot of capacities that are tagged for a lot of the opportunities we think are going to convert in the next couple of months. So we have a very clear visibility and line of sight on all of the assets, be that the pumped hydro assets, the battery storage assets, or the solar and wind which either go into pumped storage or battery storage or are being delivered independently. So we have line of sight very clearly on all of those being contracted and we’re reserving those capacities accordingly so that the respective C and I customers that will finally be contracted with have capacities available in the timeframe that they want them.
Nikhil Nigania
Makes sense. And if you could give some color on last quarter to this quarter, we see a good improvement in performance. Was it due to the Rajasthan line getting commissioned? Was it due to. Because merchant prices were low again last quarter. So what drove the better performance and possibly lower curtailment?
Sagar Adani
Very good question. Again, it’s been a multitude of factors together. It’s been the Rajasthan line being commissioned. Yes. It’s been additional lines being commissioned at Kavda, where the evacuation bottleneck that we had in Kavda has opened up very significantly. It’s also been relatively better merchant pricing compared to what there was in Q3. So just all of these factors put together have contributed to that.
Nikhil Nigania
And going forward, would you say. We’ve
Sagar Adani
Also. Sorry, we’ve also. Ashish Khanna, CEO of Adani Guin, is also sitting next to me. He’s also pointed out the fact that we’ve also added 2 gigawatts of additional capacity in the last quarter. So the short time for which those capacities have run as well, they’ve also contributed to EBITDA similarly.
Nikhil Nigania
Makes sense. And would you say the worst is behind? Given you guys are involved across the value chain on transmission, on generation, for transmission curtailment and the transmission issues, would it be fair to say that.
Sagar Adani
Well, we work within the regulatory framework of India, which can many times be relatively complicated, is not always that straightforward. Right. So we’re talking about very significant capacities being added in the country over the next five, seven years across multiple places in the country, all being interconnected with each other at the same time, interfacing with what the demand profile looks like as well. So if your question to me is that do we now ensure that there will never be curtailment going forward, that everything will be hunky dory and run smoothly, I think we should always make sure we always work from the perspective of expecting that in a country that’s as complex and as interfaced as India is, there may always be pockets of uncertainty or complications that come up from time to time.
So just being very honest and frank with you, I don’t think that one or anyone can say that this issue is permanently behind us. All we can do is what is in our hand, which is what we are doing, which is making sure that we have enough and more battery capacities being added up that even from a country perspective, if this matter becomes an issue, it does not remain an issue for Adani Green. So that is what we are focused on. How do we make sure that all the elements linked to Kavada are coming on time?
How do we support that, how do we accelerate that? How do we make sure that that is tracked very, very closely and how do we make sure that our storage capacities come online very, very rapidly and in size so that whatever constraints there may be at the sector level don’t apply to Adani Green because of the way in which we’re executing capacities. So we have a very clear. So we obviously understand and know what the risks are, we know what the issues might be. And that’s why we have a very close eye in terms of exactly how evacuation is coming up in various places and, and at the same time have a very strong push on setting up our own storage capacity so that we get insulated from many of these country level macro issues to the extent that is possible.
Nikhil Nigania
Makes sense. One last question from my side. I think CA released a plan on generation capacity addition in India in the next 10 years. And they don’t. I mean, as per them, at least that plan solar addition is tough to take it beyond 35 gigawatts a year, kind of a number even in a 6.4% demand growth scenario. Would you agree to that or do you think that’s a conservative number?
Sagar Adani
Well, this year we have executed 55 gigawatts right. As a country. So see again, I think it’s not the right way to look at a 5, 6 year total capacity addition divided by 5 years and say that that is what the capacity addition will be year on year. In my relatively limited experience of working in this sector, we see that growth in India comes in spurts and bursts. So there’s always. Because these are all infrastructure projects that have long lead time. Right. It’s not something that moves very, very smoothly that every single year this is a target.
Sometimes you may achieve 20, sometimes you may achieve 50, and then that may go back to 30, 35 again and may go up to 60 the next year. So a little bit of that move will continue to happen on a year by year basis. But directionally speaking, going forward, obviously the government of India and many state governments have taken very significant, positive, decisive steps to make sure that the overall planning and the overall capacity addition and how to integrate the evacuation with the capacity additional and the demand at the back end happens in as smooth and as synced up a manner as is practically possible.
Regulations like those and efforts like those have led us to a situation today where last year 55 gigawatts was added of clean energy into the grid. That’s a very, very substantial number. If you look at India 5, 7 years ago people were talking about a number that would peak out at 15 or 20 versus that we’ve added a number of 55 in the past year. So obviously that’s all credit to the really good job that the government has done in terms of streamlining things. And at the same time the private sector that has also stepped up in a very significant way across all companies to be able to put these capacity additions on the ground and all the stakeholders, the EPC participants, the banks, who all rally together to make additions like these happen.
But we see that overall the sector is in a very comfortable and positive space and we think that’s going to keep on continuing going forward.
Nikhil Nigania
Makes sense. Thanks a lot for your answer.
Operator
Thank you. The next question is from the line of Pritesh Chhada from Lucky Investment. Please go ahead.
Unidentified Participant
Yes sir. Just one of your previous answers about your financial execution ability of existing 7 to 8,000 megawatt and we are doing 4 to 5. And you know, when you look at the annual the five year vision of over 50,000, we need to do that 700. So it’s fair to assume that, you know, what we saw is addition of four to five in the last two years. This number should move to 7,000 or 7,000 to 8,000 with effect next year, which is FY28 as you want to prepoo your battery expansion ahead of the solar expansion.
Sagar Adani
So again, good question. We will be looking at an addition in the coming year of somewhere between four and a half to five. And the limit on that addition is primarily due to our view in terms of how evacuation constraints might come up. We don’t want to guide to a number of FY28 29 today because it’s a very closely evolving target. It’s pretty much impossible to have a view of transmission 24 months out because of so many different linkages and nuances that have to do with many of those transmission lines coming.
Because keep in mind, it’s not unlike renewables, which is execution within a certain boundary. Transmission line is cross country and local issues come up and stringing issues come up and row issues come up and those issues have a way of cropping up in a way that you don’t expect. So what we have decided for ourselves at AGL is we will make sure that we commit to a capacity on a 12 month forward basis. Not only from a market guidance perspective but also from an internal planning perspective. Because we want to make sure that we don’t either over plan or under plan, this is what evacuation flexibility is going to open up and come up.
So that’s how we typically look at it and think about it. But obviously as you rightly pointed out, the hedge against all of this for us is battery storage. So we’re looking to, I mean even the 1.5 gigawatts that we added in the last gigawatt hours we added in the last three to four months. Soon to be 3 gigawatt hours. Actually that’s 50% of India. Once our capacity touches 63 gigawatt hours we will have 50% of operating battery storage capacity in the country. That’s very, very substantial and significant.
Now we’re adding 10 to that three. So we’re ramping that capacity up in a very significant way as well. So 10 gigawatt hours although is a very very significant capacity addition to be done by a single company in a single year. Now our endeavor will be to increase that even further from a hundred perspective in FY28. But obviously we will see what experience we have, what learnings we have this year and then calibrate our plan for FY28 accordingly.
Unidentified Participant
Okay, does this need a review to the 50 gig capacity in FY20?
Sagar Adani
We’re currently not guiding to any revision of our 50 gigawatt target in FY 2030. Currently we are gearing up to find a way to deliver on the target that we’ve announced.
Manish Somaiya
Thank you very much sir.
Operator
Thank you. The next question is from the line of Bhaviksha from Invexa Capital. Please go ahead.
Bhavik Shah
Yeah. Hello sir. Congratulations on good set of numbers. So what I understand is by 5 gigawatt of execution and 10 gigawatt hours of base and the pumped hydro coming up. So our capex for the year would be at around say 45,000. Around 45,000 crores if that understanding is correct. Because obviously we’ll be executing some and you will start some for the next year as well. So is that understanding correct?
Sagar Adani
Around 40 to 42 is what we are guiding to the market generally. But yes, the number can touch around the number that you’re speaking about.
Bhavik Shah
And sir, with the recent improvement in the rating our blended rate is that 8.9 as seen in the presentation. Do we see any improvement there or will it be remain Same,
Sagar Adani
We expect downward pressure on that number.
Bhavik Shah
Understood, Understood. And so when we say we are only about to add, say, four and a half, five gigawatt in this year. So can you just quantify the evacuation facilities coming up state at Cowdown, Rajasthan, in Syria by 27 and FY28 just to be able to understand how this trajectory would be?
Sagar Adani
So we expect an additional 7 gigawatts of evacuation that is opening up in Khabra by December of 2026.
Bhavik Shah
Okay. And say in FY28,
Sagar Adani
There’s a. There’s a few. There’s a few other people who will also be participating in those capacities. And then we expect an additional 7 gigawatts that is coming up by March of 27.
Bhavik Shah
So in next three months, where
Sagar Adani
We are today, somewhere between 14 to 15 gigawatts of additional capacity should open up in Kavana over the next 12 months. 12 to 15 months.
Bhavik Shah
Obviously that
Sagar Adani
Number can move above or below by three to four months. There’s always that margin of error you have to consider when you’re considering evacuation because things can move by that much. But yes, that’s broadly what we’re expecting.
Bhavik Shah
Understood. So would it be fair to assume that in FY28 you might see a sharp jump in our execution as well?
Sagar Adani
If the evacuation capacities open up as per our expectations, then obviously we will look to ramp up our execution on the ground for solar and wind capacities as well. But exact numbers we will be guiding for FY28 somewhere towards the end of this year.
Bhavik Shah
Understood, sir, Understood. Thank you so much.
Sagar Adani
Thank you.
Operator
Thank you. The next question is from the line of Sabri Hazarika from MK Global Financial Services. Please go ahead.
Sabri Hazarika
Yeah, good evening and congratulations on steady numbers. So I just wanted to clarify. So right now we are like close to 20 gigawatt of capacity. So this 50 gigawatt could be like 5 gigawatt for the next five years and another 5 to 6 gigawatt of PSP. Is that right? Right. Way to assume.
Sagar Adani
That is the right way to think about it. Yes.
Sabri Hazarika
Yeah. And batteries would be like, on top of that. But battery and psp, in a way, they are like not pure capacities. Those would be like. Those would be basically ESS supporting capacities, right?
Sagar Adani
Correct. You’re right.
Sabri Hazarika
Okay. And second is on this. I mean, given the current geopolitical scenario, have you seen any sort of like, change in the policy environment with respect to renewable energy? I know it’s like, quite robust all along, but have you seen some more importance coming up on the policy side? With respect to renewable energy sector in General?
Sagar Adani
No, no. 100%. I think not only the renewable energy sector, but every single sector that touches electricity has a very significant thematic advantage. Because if you look at it from an India perspective, the answer to so much volatility happening globally is electrification, which is similar to what China has done. So instead of importing crude and importing gas, if we’re able to electrify our economy domestically, that takes away from a very significant amount of dependence on regular crude and gas flowing from many of the areas that are and may continue to be affected by the conflict that is going on today.
So not only Adani Green and not only the renewable energy sector, but any and every sector that touches electrification is poised to have a very significant advantage from this. Because what we’ve seen, and rightly so from the government, that the priority from a country perspective going forward is going to be a very significant amount of electrification that we expect to happen across the economy comprehensively.
Sabri Hazarika
Right. And just one last question. With respect to the evacuation capacity you mentioned 14 gigawatt will open up in the next one one and a half years. So right now what is the, what is the, what is the number for Kavra in general and, and also wanted to get some color on the evacuation, on the grid situation on, on the customer side I think you’ve got like, I mean not directly but indirectly. One of Andhra Pradesh is one of your major customers. So what’s the situation like there?
Sagar Adani
The situation from what perspective? I’m sorry,
Sabri Hazarika
Evacuation perspective. Transmission. Yeah.
Sagar Adani
Okay. So from a Kavada perspective we have 9 gigawatts of transmission capacity that is currently active. From a customer perspective, I mean evacuation is something that’s open for both. So from an Andhra perspective or from a buyer perspective, obviously their PPAs come into effect only once the evacuation capacities are ready. So they don’t really have much of a role in this matter. As soon as the evacuation capacities become ready by the transmission network, the PPAs become live and active and we will at least what we can do, which is what we are doing, is that all the capacity addition that we need to do on the back end before the evacuation capacities get online is what we are focusing on.
So when the day that the evacuation capacities are online and the PPAs become active, our capacities are ready.
Sabri Hazarika
But you mentioned that 1500 crore of under recovery would get elevated over the next one to two years. Right. But
Sagar Adani
Because of better rates that we are seeing visibility of contracting with and because of lower curtailment. Yes,
Sabri Hazarika
Got it. Thank you so much.
Sagar Adani
One time loss. Yes.
Sabri Hazarika
Okay. Thank you so much and all the best.
Sagar Adani
Thank you.
Operator
Thank you. The next question is from the line of Nikhil Abiankar from uti. Please go ahead.
Nikhil Abiankar
Thank you. Sir, just one question from my side. Recently we have seen that Adani Power has participated in an RTC renewable bed. So just want to understand whether this is a one time thing or would you see them participating in nari bids going ahead as well?
Sagar Adani
So I can’t answer a question about Adani Power in the Adani Green earnings call. So my apologies. But you will have an opportunity to ask the Adani Power management the same call when they have their earnings, which I believe is sometime next week. I wanted to understand
Nikhil Abiankar
More from a group’s perspective whether, I mean, I mean from the general perception was that dream will be executing the re generation system. So from that perspective, basically
Sagar Adani
I’ll tell you for many of these, for many of these contracts there are two elements to it. And let me just give you a macro answer and then you can deduce it as per how you feel is best. There’s always two elements whenever there, whenever we’re looking at RTC capacities. One is the element of. One is the element of where the capacities are coming from. So many of these RTC bids and tenders make sure that they need a certain amount of thermal power, they need a certain amount of renewable power, they need a certain amount of stored power, they need a certain amount of wind, they need multiple sources that come in from multiple places to be able to bundle a power that can be provided on a predictable basis through the day.
So how do you get that power from what sources, at what rates, from which companies becomes one side of the thing. Similarly, on the other side, it becomes very important how do we manage the customer. So which is going to be the entity that is facing the customer and providing this overall solution to the customer and why? So from a group perspective, the call that we’ve taken collectively and individually, because that is how the strengths of every group company is, is that respective generating companies will be responsible for and will be participating in the opportunity to provide a lot of these capacities and making them available for contracts and for such opportunities which may be profitable in nature from a customer standpoint.
And then Adani Energy Solutions is the entity that will take end to end responsibility of blending all these sources of power and giving one comprehensive quote unquote energy solution to the end consumer and to the end escom. So that is a principle that you will always see group companies follow as we move forward.
Manish Somaiya
Thank you.
Sagar Adani
Thank you.
Operator
Thank you. The next question is from the line of Anuj Upadhya from Investec. Please go ahead.
Anuj Upadhyay
Hi, thanks for the opportunity. Sakurab. I just want to get some, you know, clarity on the what strategy we are taking on this 10 gigabyte hour in the long term basis, would it be exclusively parked towards the 25% of the targeted merchant capacity which we by FY30 so that this curtailment issue can get addressed or probably we are flexible enough to use this 10 gigabyte our capacity either as a standalone storage capacity which might, might be used in the seci bits or it could be used for the upcoming FDR projects as well.
So just to get your thought on this,
Sagar Adani
They’ll be available for all three purposes and we will make sure that they’re flexible because we see again, it’s a very, we can’t, we don’t, we don’t want to be in a situation where we have a fixed target in an evolving market. So because the market at the end of the day is an evolving one, our planning, our working will always also be evolving. So today basically what we are focused on is fundamentally having the option and the ability of setting up these storage capacities in a significant way is what we are focused on because that is fixed in every scenario.
Whatever option you want to go for, you need to have those capacities in the first place. So our focus today is that we want to lock in those capacities. We want to commission them, we want to get them ready, we want to install them and we want to make sure that they are available to then participate in whichever economic opportunity seems the best for them independently. So our focus today is to make sure that we set up these capacities and as the market evolves, which is the specific area where the economic opportunity is the highest, that is where we will deploy them.
Anuj Upadhyay
Fair point, Quite clear on this thing. And also, you know, we are witnessing a lot of curtailment happening, especially in case of Rajasthan while, you know, we have a long term project. But any thoughts on having standalone base in Rajasthan as well?
Sagar Adani
Yes, we will be having Best in Rajasthan going forward as well. But just to clarify, our products are not getting curtailed in Rajasthan. Our projects are being evacuated. But that being said, yes, we will also be having best projects in Rajasthan as well. Yes.
Anuj Upadhyay
Thank you. Thank you Sagarpur for this.
Sagar Adani
Thank you,
Operator
Thank you. The next question is from the line of Puneet from hsbc. Please go ahead.
Puneet Gulati
Yeah, thank you so much. And my question is basically with respect to your slide where you talk about growth in generation generation and you’ve broken this down between PPA based merchant and PPA which is currently sold on merchant. If I look at that slide, which is slide number 16, it seems only 5% growth has happened on the PPA based capacity while in Your overall capacity 35% capacity got added. So to what extent is the PPA based capacity which you currently categorize as merchant is still likely to remain on merchant for some more period of time?
And if you can quantify that capacity as well,
Sagar Adani
As I touched upon in one of my previous comments, last year was an anomalous year because ISTs benefits for merchant projects and all future projects were going to go away from this year onwards. So we wanted to deliberately make sure that we do a disproportional amount of merchant capacity addition last year because Those projects get ISTs benefit for the next 25 years. So that remains on that becomes a structural advantage for us over the next 25 years for those amount of capacities compared to all of the other new capacities coming up.
So it was a very deliberate decision on our side. But that is an anomaly. Going forward you will see all or most capacity being added. From a PPA perspective. Even this year the four and a half to five gigawatts that we’re adding in terms of capacity is 100% PPA.
Puneet Gulati
And the way you broken down generation, can you also break down your capacity?
Sagar Adani
Sorry,
Puneet Gulati
The way you’ve broken down the generation number of 37,567, can you also break down your 19 gigawatt capacity? Yeah,
Sagar Adani
Just give me one second.
Saurabh Shah
So see from our perspective of PPA we have, let
Sagar Adani
Me say it. So we have 19.2 gigawatts, 19.3 gigawatts of operating capacity. Yeah,
Puneet Gulati
Yeah.
Sagar Adani
Out of that, 9.7 gigawatts of operating capacity is going 100% under PPS.
Puneet Gulati
Yeah.
Sagar Adani
5,300 megawatts of capacity is going as informed today. But those are PPA capacities that are going to be converted into PPAs as soon as all the elements are in place. So that’s an interim merchant which is going to automatically get converted into PPA. That’s 5.3 gigawatts and 4.2 gigawatts is merchant capacity. That is pure merchant today which we will tie up in long term contracts ASAP.
Puneet Gulati
Understood. So the 5.3 gigawatt which is in the inform, when do you expect the PPA to start for this capacity? Should it be this year or do you expecting maybe next year? This will,
Sagar Adani
This will, all of this will incrementally happen by December of 2026. Some of it might remain, which will get done by March, but that will continue as informed selling in the merchant until that point in time. But again, it’s a question of elements, right? So as soon as all the elements come up, they’ll automatically get converted into PPAs. But bear in mind, please, from a profitability perspective, all of the revenue and EBITDA we are making under these projects as inform revenue today is over and above the PPA economics.
So for this, for us, this is an additional delta that we get from an overall perspective. And so it’s not a value, it’s not necessarily a value destructive thing for us.
Puneet Gulati
And this is despite you witnessing curtailment in the same project? Because PPA would not have curtailment, I would assume.
Sagar Adani
Yeah, PPA don’t have curtailment. That’s a takeoff. Yeah.
Puneet Gulati
So for this, 5.3 plus 4.2, which is about 9.5, again, there is some bit of containment. So the entire hit of 1500 crores, or, sorry, 1200 crores, which you said has happened to the extent of only this half of this capacity.
Sagar Adani
Absolutely. Yes, you are right.
Puneet Gulati
Okay, understood. And secondly, you know, in FY25 we installed about 2.7 gigawatt of solar and close to 600 megawatt of wind. Can you also talk about your experience there? What is the PLFU experience for this 2.7 gigawatt antenna? 600 megawatt of wind. Because overall PPN number, sorry, PLF number sort of dilutes the impact of PLF from the new plants. So just specifically for FY25 capacity, what is the PLF you experienced
Saurabh Shah
For this year? Most of the capacities, or all of these capacities have come in, in Kauda only. And in Cauda, we have a very good CUF as compared to the overall CUF which we have in our portfolio. So for Kauda, even without with curtailment, we have had a CUF of upwards of 27% because of curtailment. Whatever has happened, has happened. And in wind also, we have upward near to about 29, 30% of CUF in case of Gouda. So from that aspect, Gouda continues to increase the overall CUF for the year because of curtailment.
About 3, 2 and a half, 3% of CUF impact has been there, which will, over a progressive year will continue to come down. So, and as Cauda capacities keep on increasing, the CUF should see an uptick
Bhavik Shah
Going. So 27
Puneet Gulati
Kavara from solar should have been 30. And wind also similarly. 2, 3% more or wind was largely okay.
Saurabh Shah
Wind was largely okay. But there was some cut, some reduction in. In Q3 generally. Q3, it starts to go up from Q4 onwards. But we see. We will keep on reviewing it and as we move forward we will see how the curtailment
Sagar Adani
Is primarily attributable to solar, much less so for wind because wind generates in the evening where solar capacities have gone down. So a lot of transmission capacities available.
Puneet Gulati
Right, understood. And in your 9.4 gigawatt capacity which you talk about for, for Kabrah, about 742 you say is for group companies. So is that built by you? Yeah, is that. But it’s the EBITDA accrues to you only. Right. Is that fair to.
Sagar Adani
No. That EBITDA is not a part of Adani Green? No.
Puneet Gulati
Okay. So that’s for other group companies in a way. But yes, you.
Sagar Adani
They set it up on their balance sheet and the, the EBITDA or the set off in terms of the electricity cost accrues to them.
Puneet Gulati
Okay, understood.
Sagar Adani
Adani Green gets a project management charge for the capacities that they execute.
Puneet Gulati
Got it. That’s right. I’m sorry,
Sagar Adani
I think we’re out of time. Yep. Thank you. That’s all from my
Puneet Gulati
Side. Thank you. Yeah,
Sagar Adani
Thank you so much. Thank you.
Saurabh Shah
Thank you. We’ll have to close the call, so. Yes.
Operator
Yeah. Yes, sir. So I’ll hand over to you for closing comments. Thank you, sir.
Sagar Adani
Thank you everyone for taking out the time and we appreciate your participation. Thank you.
Operator
Thank you very much on behalf of JM Financial Institutional securities limited that concludes this conference. Thank you all for joining us today. And you may now disconnect your lines. It.