Q2: Adani Green Reports 25% Surge in PAT, Revenue Dips

Renewable energy developer Adani Green Energy Limited (AGEL) has released its financial results for the second quarter (Q2) of the financial year 2025–26. According to the latest announcement, the company reported a 25% year-on-year (YoY) increase in its Profit After Tax (PAT), even as its revenue declined marginally.

As per the balance sheet submitted to the exchanges, the company posted a PAT of ₹644 crore in Q2 FY26, compared to ₹515 crore in Q2 FY25. However, on a quarter-on-quarter (QoQ) basis, PAT fell sharply. The company, which had reported a PAT of ₹824 crore in Q1 FY26, saw its net profit decline by 22% in the latest quarter.

Revenue Segment 

On the revenue front, the consolidated statement showed that total income stood at ₹3,249 crore in Q2 FY26, lower than both the previous year’s Q2 and the preceding Q1. On a YoY basis, total income slipped by a modest 3.5%, while on a QoQ basis, it dropped by 18.8%.

In terms of expenses, the company reported slightly higher costs, mainly due to increased finance expenses and depreciation & amortization charges.

The company added 2.4 GW of renewable capacity in the first half of FY26 and said it remains on track to achieve 5 GW of capacity addition for the full fiscal year. Adani Green has a stated long-term target of 50 GW of renewable capacity by 2030.  The company's operational capacity stands at 16.7 gigawatt (GW), as of September 30, rising 49 per cent YoY.

H1FY26 Performance 

The fresh capacity added in H1 FY26 is 74% of the capacity addition in the entire FY25. The greenfield additions over the last year were 5,496 MW, which included 4,200 MW of solar capacity (2,900 MW in Khavda, Gujarat, 1,050 MW in  Rajasthan and 250 MW in Andhra Pradesh); 491 MW wind capacity in Khavda and 805 MW of solar-wind hybrid capacity in Khavda.

We will await more details on the reasons behind the drop in revenue, even as capacity additions continued apace.