Adani Green Energy Ltd (NSE: ADANIGREEN), an Indian renewable energy company, reported mixed financial results for Q3 FY26 as revenue and EBITDA rose, but profitability fell sharply.
Quarterly Financials
Adani Green’s consolidated net profit for the quarter ended Dec. 31, 2025 plunged sharply to ₹5 crore from ₹474 crore in Q3 FY25. The nearly 99% decline in profit was driven by higher operating expenses and increased finance costs.
Total income for the quarter increased from prior year to approximately ₹2,837 crore while revenue from power supply rose about 21% to ₹2,420 crore.
EBITDA from power supply climbed 23% to ₹2,269 crore with margins remaining above 90%. Cash profit for the quarter declined about 18% to ₹812 crore.
Nine-Month Performance
For the nine months ended Dec. 31, 2025, Adani Green reported continued growth in core operating metrics. Revenue from power supply increased about 25% to ₹8,508 crore. EBITDA rose 24% to ₹7,921 crore with an industry-leading margin of roughly 91.5%. Cash profit for the period was up about 7% to ₹3,906 crore.
Energy sales for the first nine months of FY26 rose about 37% year-on-year reflecting the impact of new capacity additions and strong generation performance.
Operational Highlights
Adani Green’s operational capacity expanded significantly over the period. The company’s renewable energy portfolio reached 17.2 gigawatts (GW), representing roughly 48% year-on-year growth. Greenfield additions during the calendar year 2025 totaled approximately 5.6 GW accounting for a meaningful share of new solar and wind capacity installed in India.
The expansion was supported by commissioning of new solar and wind projects in resource-rich regions including Gujarat and Rajasthan.
Market Context
Analysts and market participants noted that while top-line growth and operational expansion continued, Adani Green faced pressure on its bottom line due to rising finance costs, depreciation, and other expenses.
Shares of the company were reported to have fallen in trading following the results announcement as investors reacted to the sharp contraction in quarterly earnings.
Capacity and Generation
Adani Green’s generation performance remained robust with strong plant output supported by advanced solar and wind technologies. The company emphasized its operational track record in exceeding commitments under long-term power purchase agreements.
The expansion positions Adani Green among the largest renewable energy producers in India, contributing to the country’s ongoing clean energy transition.
ESG and Recognition
In its results announcement, the company highlighted external recognition of its environmental, social, and governance (ESG) performance. Adani Green was ranked No. 1 globally in the Annual Global Top 100 Green Utilities Rankings by Energy Intelligence and was identified as India’s top sustainability performer in the power sector by NSE Sustainability Ratings.
The company also cited industry awards for water stewardship and clean energy leadership along with efforts to integrate nature-related financial disclosure frameworks into its operations.
Outlook Comments
Management reiterated focus on capacity expansion and operational execution, noting ongoing progress on major projects including large-scale renewable installations and energy storage initiatives.