Adani Green Energy Limited (AGEL) has confirmed the complete utilization of funds raised through its Rs 9,350 crore convertible warrant issue for the quarter ended September 30. The company reported no deviation from the stated objectives in its use of the proceeds, as verified by the monitoring agency, India Ratings & Research Private Limited.

Fund Allocation

The funds were allocated across three primary objectives:

Key Highlights

• Full Subscription: AGEL received 100% of the issue amount, with all conversion options exercised by warrant holders.
• Warrant Details: The warrants were issued at Rs 1,480.75 per warrant to the promoter group entity, Ardour Investment Holding Ltd.
• Regulatory Compliance: The company filed its report in accordance with SEBI regulations.
• Audit Committee Review: The statement of deviation or variation was reviewed by the company's Audit Committee, which reported no comments, indicating satisfaction with the fund utilization.

Monitoring and Transparency

India Ratings & Research Private Limited, acting as the monitoring agency, confirmed no deviation from the stated objects based on:

1. Management undertaking
2. Statutory auditor certificate

This level of scrutiny and transparency aligns with SEBI's regulations for listed entities, particularly concerning fund utilization in preferential issues.

Corporate Governance

The company's adherence to regulatory requirements and transparent reporting demonstrates its commitment to good corporate governance practices. By providing detailed information on fund utilization and subjecting it to independent monitoring, Adani Green Energy aims to maintain investor confidence and regulatory compliance.

The successful utilization of funds as per the stated objectives could potentially strengthen AGEL's financial position and support its growth in the renewable energy sector.

Adani Green Energy Limited (AGEL) has reported robust operational and financial performance for the first half of fiscal year 2026, demonstrating significant growth and execution capabilities in the renewable energy sector.

Key Highlights

• Energy sales increased by 39% year-on-year to 19.6 billion units
• Renewable energy capacity expanded by 49% year-on-year to 16.7 gigawatts (GW)
• Added 2.4 GW of greenfield capacity in H1 FY26
• Revenue from power supply grew by 26% year-on-year to INR 6,088.00 crores
• EBITDA increased by 25% to INR 5,651.00 crores with margins at 92%
• Cash profits surged by 17% year-on-year to INR 3,094.00 crores

Capacity Expansion and Project Execution

AGEL has made significant strides in expanding its renewable energy portfolio. The company added 2.4 GW of greenfield capacity in H1 FY26, representing 74% of the total capacity addition in the entire FY25. This rapid expansion has solidified AGEL's position as India's largest and fastest-growing pure-play renewable energy company.

The company remains on track to achieve its targeted 50 GW capacity by 2030. A significant portion of this growth is expected to come from the Khavda project in Gujarat, which is set to become the world's largest renewable energy plant. Currently, 7.1 GW of solar, wind, and hybrid assets are under development at Khavda, including 661 MW of group projects already operational.

Financial Performance

AGEL's financial results reflect its strong operational performance:

The company's EBITDA margin of 92% remains best-in-class in the industry, showcasing AGEL's operational efficiency and cost management.

Operational Excellence and Technology Integration

AGEL attributes its strong performance to its focus on advanced renewable energy technologies and digitization of operations. The company employs sophisticated data analytics, machine learning, and artificial intelligence for real-time monitoring and to ensure higher plant availability.

Challenges and Future Outlook

While AGEL faces some grid evacuation challenges affecting less than 5% of its total capacity, with 4.8 GW currently being sold as infirm power, the company expects additional evacuation capacity of 2.5 GW in H2. Management maintains its commitment to add 5 GW for the full year.

The company is also making progress in energy storage solutions, with plans to develop battery energy storage systems (BESS) at an unprecedented scale in India. This strategy aligns with the evolving market trends towards hybrid power solutions and round-the-clock renewable energy supply.

Investor Engagement

AGEL has announced upcoming investor interactions, including an Equity NDR in London on November 11, 2025, and participation in the Goldman Sachs Carbonomics Conference in London on November 12, 2025. These events underscore the company's commitment to engaging with the investment community and sharing its growth story.

Adani Green Energy's performance in H1 FY26 demonstrates its strong execution capabilities and strategic positioning in the renewable energy sector. As the company continues to expand its capacity and explore new technologies like energy storage, it remains well-positioned to lead India's energy transition and contribute to the global shift towards sustainable power generation.