Adani Green Energy Limited (ADANIGREEN) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Adani Green Energy Limited (ADANIGREEN) is a pure-play renewable energy company developing, building and operating utility-scale solar, wind and hybrid projects, now scaling battery energy storage alongside its 20.1 GW operational portfolio. This quarter's print will speak to whether solar grid availability recovers from the 80.6% seen in Q1 FY27 amid delayed transmission lines, and how the September spike in IEX merchant prices to Rs. 7.3 per unit flows into the 24% infirm book.

Adani Green Energy Limited Q2 Results Date and Time

The board of Adani Green Energy Limited will meet on October 21, 2026, to consider the audited financial results for the quarter and half year ended September 30, 2026.

What to expect from Adani Green Energy Limited's Q2 FY27 results

The Q2 FY27 print will test whether Adani Green can hold its Q1 FY27 momentum — revenue of Rs. 4,280 Cr (+29% YoY) and a 93.7% EBITDA margin — against a seasonally softer wind quarter and a low YoY base of Rs. 2,776 Cr revenue and Rs. 2,543 Cr EBITDA in Q2 FY26. A key swing factor is merchant pricing on the 24% infirm book, which historically realizes about Rs. 2.5 per unit, while IEX day-ahead clearing prices moved from Rs. 4.99 per unit in July to Rs. 7.3 per unit in September on a coal crunch — a realization tailwind if captured. Offsetting that, the transmission constraint that pulled solar grid availability down to 80.6% in Q1 FY27 showed no evidence of resolution in the window, with the 6,000 MW Barmer-II HVDC and 7,500 MW Lakadia Phase-II evacuation awards still at LoI/SPV stage in September against the guided 7 GW of additional evacuation by end of CY2026. On the build-out, operational capacity stood at 20.1 GW at June 2026 with BESS at 3.5 GWh, tracking toward the FY27 targets of 5 GW RE addition, 10+ GWh of BESS and roughly Rs. 42,000 Cr of capex, of which Q1 spend of Rs. 8,826 Cr was 21.01%. Management has guided run-rate EBITDA of about Rs. 21,000 Cr by FY27 versus the current roughly Rs. 17,000 Cr, with leverage at 5.6x run-rate EBITDA at Mar-26 held within a 4x–5x band over the next two to three years. The call is also expected to address whether the deferred FY28+ capacity and capex guidance, promised at Q2 FY26, is finally quantified.

Key Things To Watch

Guidance scorecard — FY27 targets vs execution: Management's latest targets, and where things stood at the last update:

• RE capacity addition — 5 GW (excl. BESS/PSP) — FY27: Q1 FY27 closed at 20.1 GW vs 19.3 GW at Mar-26
• BESS — 10+ GWh — by FY27: 3.5 GWh at Jun'26; quarterly phasing repeatedly declined citing a stabilization phase
• Capex — about Rs. 42,000 crore — FY27: Q1 FY27 spend of Rs. 8,826 Cr equals 21.01% of the full-year guidance
• Run-rate EBITDA — Rs. 21,000 crore — by FY27, vs roughly Rs. 17,000 crore current run-rate; revenue Rs. 17,000–18,000 crore at 92% EBITDA margin (run-rate basis)
• Evacuation — additional 7 GW — by end of CY2026; Chitravathi PSP completion within CY2026; 50 GW capacity and 50 GWh BESS by 2030; leverage 4x–5x over the next 2–3 years with sharp reduction from FY29 onwards

Solar grid availability and curtailment recovery

• Solar grid availability fell to 80.6% in Q1 FY27 on delayed transmission lines, with solar CUF of 25.3% below the 28% of Q1 FY26
• Check whether the guided 7 GW of evacuation and Khavda augmentation landed — the Barmer-II HVDC and Lakadia Phase-II awards were at LoI/SPV stage in September 2026
• Curtailment is primarily on Temporary GNA (infirm/merchant power); scheduled PPA power that is curtailed receives deemed generation compensation

Merchant realizations and contract-mix drift

• How much of the July–September IEX move (Rs. 4.99 to Rs. 4.88 to Rs. 7.3 per unit) flowed into the 24% infirm book, which historically realizes about Rs. 2.5 per unit
• Pace of the 696 MW merchant-to-C&I conversion within the 4.5 GW C&I capacity
• Fixed-tariff PPA share fell from 81% (Sep'25) to 54% (Jun'26) as infirm capacity was broken out — monitor the re-contracting trajectory

BESS commissioning and first EBITDA

• Commissioning progress toward 10+ GWh by FY27 from 3.5 GWh at Jun'26, after management declined quarterly phasing at Q1 FY27
• First BESS EBITDA at the guided Rs. 25–30 lakh per MW-hour, with the arbitrage model storing at about Rs. 2.5 and monetizing Rs. 4–5 in evening hours
• Battery capex thumb rule of Rs. 1.5 crore per MW-hour of installed capacity

Capex, leverage and regulatory overhangs

• Q2 capex vs the Rs. 42,000 Cr FY27 guide (Q1: Rs. 8,826 Cr) and net debt trajectory from Rs. 91,252 Cr (5.6x run-rate EBITDA at Mar-26) against the 4x–5x band
• 40 GW solar PPA cancellation developments — management has stated AGEL's exposure is very small — and CERC DSM norm outcomes under the revised regime effective April 1, 2026
• Whether FY28+ capacity/capex guidance is finally quantified, after management deferred it at Q2 FY26 promising it during Q3 or Q4 results