According to reports from Essential Business Intelligence, Adani Green Energy delivered robust financial results in the second quarter of FY27, with consolidated net profit growing 15% year-on-year to ₹673 crore and revenue from operations increasing 39% YoY to ₹4,520 crore. The company's EBITDA rose 46% YoY in the September quarter, supported by 33% growth in power generation. As per ICICI Securities, the company reported revenue growth of 40% YoY to ₹4,140 crore, EBITDA growth of 46% YoY to ₹3,800 crore, and PAT of ₹660 crore, all ahead of consensus estimates. ICICI Securities noted that total generation for Q2 FY27 stood at 12 billion units (+33% YoY) and wind plant load factor improved 510 basis points YoY in H1 FY27 on the back of favourable wind conditions.
As reported by Essential Business Intelligence, the company added 620 megawatts of capacity during the quarter and 1.5 gigawatts in the first half of FY27, bringing its total installed capacity to 20.8 GW, up 24% year-on-year. Management maintained its FY27 capacity addition guidance of 4.5-5 GW and its target of reaching 50 GW of installed capacity by 2030. The company's growing battery energy storage systems portfolio has expanded to 6.6 gigawatt-hours from 1.6 GWh at the end of FY26, with plans to scale up to more than 10 GWh by the end of FY27, potentially supporting better realisations. ICICI Securities highlighted that Adani Green has the strongest track record of developing a renewables portfolio, with the resources to develop up to 30GW at a single location in Khavda, remaining significantly ahead of the competition.
According to Essential Business Intelligence, Jefferies has maintained its 'Buy' rating on Adani Green Energy shares with a target price of ₹1,695, implying an upside potential of nearly 36% from Thursday's closing price. The brokerage believes robust power demand and execution at the Khavda renewable energy project could help offset concerns over rising interest costs. Jefferies forecasts a 30% EBITDA compound annual growth rate over FY26-30 and maintains its ₹1,695 price target, valuing the company at 20 times September 2028 estimated EV/EBITDA. However, ICICI Securities has maintained an 'Add' rating but revised its target price down to ₹1,430 from ₹1,650 earlier, valuing the stock at 14 times locked-in EBITDA versus 16x earlier. The brokerage expects the connectivity issue to be resolved by Dec'26 with the commissioning of a 7GW line, which is now delayed by at least a quarter and remains a key monitorable.
As reported by Essential Business Intelligence, Jefferies expects net debt-to-EBITDA to improve to 7.1 times by FY30 from 8.9 times in FY26, assuming installed capacity reaches 44 GW. The brokerage highlighted that long-term power purchase agreements provide cash flow visibility, while staggered debt resets and better post-commissioning borrowing rates could limit the impact of higher interest costs. ICICI Securities noted that Adani Green's capex-to-EBITDA ratio of ~7.5 times indicates high capital efficiency, but the company has been impacted by declining grid availability, resulting in a loss of EBITDA. To offset this, the company has accelerated BESS deployment whose impact has been captured in locked-in EBITDA (increased to ₹28,000 crore from ₹27,000 crore earlier). The company's substantial growth trajectory, supported by its expanding capacity and strategic projects like Khavda, positions it well for long-term value creation in India's renewable energy sector.
