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.

Adani Green Energy Limited (AGEL) has announced that its subsidiaries have entered into significant investment agreements with RSWM Limited, marking a strategic move in the renewable energy sector. The agreements, executed on October 31, 2025, involve multiple subsidiaries of AGEL and are designed to meet captive power requirements while adhering to regulatory guidelines.

Key Details of the Agreements

The investment agreements involve two separate transactions:

1. Agreement 1:

   • Parties: Adani Renewable Energy Holding Eighteen Limited (AREH18L), Adani Solar Energy Jodhpur Six Limited (Generator 1), and RSWM Limited
   • Purpose: RSWM to subscribe to a minimum of 26% of the proportionate equity share capital in Generator 1

2. Agreement 2:

   • Parties: Adani Renewable Energy Holding Four Limited (AREH4L), Adani Renewable Energy Forty One Limited (Generator 2), and RSWM Limited
   • Purpose: RSWM to subscribe to a minimum of 26% of the proportionate equity share capital in Generator 2

These agreements follow the power consumption agreements signed on October 30, 2025, between the respective parties.

Shareholding Structure and Control

The agreements outline the following shareholding structures upon completion:

Despite RSWM's equity participation, Adani Green Energy will maintain control over both generator companies. AREH18L and AREH4L retain the right to appoint all directors on the boards of Generator 1 and Generator 2, respectively.

Strategic Implications

These agreements serve multiple strategic purposes:

1. Captive Power Arrangement: The structure allows RSWM Limited to meet the minimum captive shareholding requirements under captive power rules.
2. Regulatory Compliance: The agreements ensure adherence to captive power regulations while maintaining AGEL's operational control.
3. Flexibility: AGEL subsidiaries hold buyback rights for RSWM's shares upon termination of the power consumption agreements, providing a clear exit mechanism.

Financial and Regulatory Considerations

• The transactions are not classified as related party transactions, maintaining arm's length dealings between AGEL and RSWM Limited.
• The agreements are subject to customary approvals, indicating potential regulatory scrutiny.

Conclusion

These investment agreements represent a strategic move by Adani Green Energy Limited to expand its renewable energy footprint while complying with regulatory requirements. The structure allows AGEL to maintain control over its subsidiaries while enabling RSWM Limited to meet its captive power needs. As the renewable energy sector continues to evolve, such collaborative models may become increasingly common, balancing regulatory compliance with operational flexibility.