Adani Green Q4 FY26 Results: PAT ₹397 Crore (+73% YoY), Revenue ₹3,727 Crore

April 27, 2026
Posted by: sachet
Category: News

Adani Green Q4 FY26 results are out, with India’s largest renewable energy company reporting a 72.6% year-on-year jump in consolidated profit after tax to ₹397 crore in the March 2026 quarter, compared to ₹230 crore in Q4 FY25. Adani Green Q4 revenue from operations rose 13.7% YoY to ₹3,727 crore. Adani Green Q4 operational capacity reached 11,333 MW as of March 31, 2026, the highest in the company’s history.

Adani Green Q4 PAT growth of 73% reflects the operating leverage as newly commissioned projects generate power purchase agreement (PPA)-backed revenues. Adani Green Q4 solar and wind portfolio across Rajasthan, Gujarat, Tamil Nadu, and Andhra Pradesh contributed to the revenue growth. The company has significantly expanded its capacity under India’s renewable energy buildout programme, with a target of 50 GW by 2030.

Adani Green Q4 board declared the first interim dividend of FY27, details were fixed with a record date of April 30, 2026 (alongside Hindustan Zinc’s FY27 interim dividend). Adani Green Q4 high-leverage balance sheet continues to be the primary investor concern, even as operational performance steadily improves.

Table of Contents

Adani Green Q4 FY26 Results Date

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The Adani Green Q4 FY26 results were declared on April 24, 2026. For a full Q4 FY26 earnings calendar, see results from TCS (April 9) at Univest Blogs and Infosys (April 23) at Univest Blogs.

Company	Q4 Results Date	Status	Univest Link
TCS	April 9, 2026	Declared	univest.in/blogs
Infosys	April 23, 2026	Declared	univest.in/blogs
ADANIGREEN	April 24, 2026	Declared	N/A

Why This Quarter Matters

Adani Green Q4 is among the most watched renewable energy earnings in India because the company’s capacity addition trajectory is a direct proxy for India’s 500 GW renewable target by 2030. Adani Green Q4 11,333 MW operational capacity represents a step change from approximately 8,000 MW just two years ago.

Adani Green Q4 also represents Adani Group’s flagship green energy business, its stock is heavily tracked by ESG-focused global and domestic funds. Adani Green Q4 profitability improvement despite a challenging macroeconomic backdrop is a positive signal for the renewable energy sector’s financial viability.

Adani Green Q4 FY26 Earnings, Actual Results

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Adani Green Q4 actual results beat estimates on the PAT line. The 73% PAT growth reflects new project commissioning generating full-quarter revenue contributions. Adani Green Q4 EBITDA margin remains in the 80%+ range, typical for regulated renewable energy projects with long-term PPAs.

Metric	Q4 FY25	Q4 FY26 Actual	YoY	Notes
Revenue (₹ Cr)	3,277	3,727	+13.7%	PPA-backed revenue growth
PAT (₹ Cr)	230	397	+72.6%	New capacity contributing
Operational Capacity (MW)	8,200	11,333	+38%	Solar + wind portfolio
EBITDA Margin	%	80%	80%	Stable high margin
FY27 Interim Div	N/A	Declared	N/A	Rec. date Apr 30

Adani Green Q4 key metrics to watch: debt-to-EBITDA ratio, capacity under construction (locked-in future revenue), and FY27 capacity addition guidance. Adani Green Q4 2030 target of 50 GW requires approximately 6–7 GW annual additions, Q4 FY26 run rate will be evaluated against this trajectory.

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5 Key Factors That Will Drive Adani Green Q4 FY26 Performance

11,333 MW Operational Capacity, Highest Ever

Adani Green Q4 operational capacity of 11,333 MW is a significant milestone, it represents 38% growth year-on-year and positions the company as India’s largest operational renewable energy producer. Adani Green Q4 each additional MW commissioned under a PPA generates annuity-like regulated revenue for 25 years. Adani Green Q4 capacity pipeline from awarded projects provides multi-year revenue visibility well beyond the current quarter.

PPA-Backed Revenue, Predictable Cash Flows

Adani Green Q4 revenue stability is underpinned by long-term Power Purchase Agreements with state electricity boards, SECI, and NTPC at pre-agreed tariffs for 25 years. Adani Green Q4 85%+ EBITDA margin is maintained because input cost (sunlight, wind) is zero, operating costs are primarily O&M, depreciation, and finance charges.

India’s 500 GW Renewable Target Creating Structural Tailwind

Adani Green Q4 operates in the most strategically favored sector of India’s energy policy, renewable power generation. India’s target of 500 GW renewable capacity by 2030 requires an annual addition of approximately 50 GW. Adani Green Q4 50 GW self-target by 2030 is aligned with national policy, giving the company preferential access to land, transmission, and project approvals.

73% PAT Growth, Operating Leverage from Scale

Adani Green Q4 PAT growth of 73% on 13.7% revenue growth demonstrates extraordinary operating leverage, fixed depreciation and finance costs are being spread over a rapidly growing revenue base as new projects commission. Adani Green Q4 PAT growth will continue to outpace revenue growth as long as capacity additions are funded efficiently and PPAs generate full-year contributions.

Green Energy as ESG Investment Theme

Adani Green Q4 is one of India’s most prominent pure-play renewable energy investments for ESG-mandated portfolios. Global climate commitments, India’s NDC target of 500 GW by 2030 and net-zero by 2070, keep Adani Green Q4 structurally in demand from international climate funds, green bonds, and sovereign wealth funds targeting India’s energy transition.

5 Risks to Watch in Adani Green Q4 FY26

High Leverage, Net Debt Among India’s Largest

Adani Green Q4 is one of India’s most leveraged listed companies, net debt is several multiples of EBITDA. Adani Green Q4 capital-intensive renewable energy model requires continuous project-level debt financing. Any increase in global interest rates, credit spread widening, or refinancing difficulty could materially impact Adani Green Q4 finance costs and PAT growth.

Adani Group Governance Concerns

Adani Green Q4 stock has historically de-rated on broader Adani Group governance-related events. Adani Green Q4 investors must assess company-level fundamentals while being aware that group-wide perception issues can override individual company performance in driving stock prices.

Construction and Commissioning Risk

Adani Green Q4 50 GW 2030 target requires successfully building and commissioning approximately 38 GW of new capacity in four years. Adani Green Q4 execution risk, land acquisition disputes, grid connection delays, equipment procurement, and labour availability, could delay commissioning and defer revenue recognition.

Tariff Risk and State Discom Payment Delays

Adani Green Q4 revenue is dependent on state electricity distribution companies (discoms) honouring PPAs and making timely payments. Adani Green Q4 some state discoms have historically delayed payments to renewable energy producers, creating working capital stress. Any renegotiation of tariffs or PPA cancellations would directly reduce Adani Green Q4 revenue visibility.

Renewable Energy Market Competition

Adani Green Q4 faces competition from Greenko, ReNew Power, Torrent Power, and NTPC Renewable in bidding for new renewable energy projects. Adani Green Q4 bid tariffs have become increasingly competitive, lower tariffs accepted to win projects potentially compress future PAT per MW of capacity added.

Adani Green Q4 Share Price and Analyst Ratings

Adani Green Q4 stock has corrected significantly from its 52-week high of ₹2,200 to approximately ₹1,178, reflecting global risk-off sentiment on high-leverage renewable energy companies and Adani Group governance concerns. Adani Green Q4 operational performance recovery provides a bottom-up fundamental case even as the macro headwinds persist.

Brokerage	Rating	Target Price	Investment Thesis
Jefferies	Buy	₹2,000	11,333 MW; 50 GW by 2030 target clear
Goldman Sachs	Buy	₹1,900	RE capacity additions; PPA lock-in
JPMorgan	Neutral	₹1,400	High leverage; debt watch

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Conclusion

Adani Green Q4 FY26 results demonstrate strong operational progress, 73% PAT growth, 11,333 MW capacity, and 13.7% revenue growth. Adani Green Q4 investment thesis is structurally sound: India’s renewable energy must scale, and Adani Green Q4 is the largest operational player. The leverage profile and governance concerns are the material risks that investors must carefully weigh.

Disclaimer: Investment in the share market is subject to risk. This article is for informational and educational purposes only and does not constitute investment advice. All financial data and analyst estimates are sourced from publicly available information including NSE/BSE filings and company investor relations pages. Verify all numbers before investing. Consult a SEBI-registered advisor before making investment decisions.

For more Q4 FY26 results analysis, visit Univest Blogs.

Frequently Asked Questions

What was Adani Green Q4 FY26 net profit?

Adani Green Q4 FY26 consolidated PAT was ₹397 crore, up 72.6% year-on-year from ₹230 crore in Q4 FY25.

What was Adani Green Q4 FY26 revenue?

Adani Green Q4 FY26 revenue from operations was ₹3,727 crore, up 13.7% year-on-year from ₹3,277 crore in Q4 FY25.

What is Adani Green Energy’s operational capacity after Q4 FY26?

Adani Green Q4 FY26 operational capacity reached 11,333 MW, a 38% increase year-on-year, including solar and wind projects across multiple states.

What is Adani Green’s 2030 renewable energy target?

Adani Green Energy has a self-set target of 50 GW operational capacity by 2030, aligned with India’s national target of 500 GW renewable energy by 2030.

What analysts cover Adani Green Energy?

Adani Green Q4 is covered by Jefferies (Buy, ₹2,000 target), Goldman Sachs (Buy, ₹1,900), and JPMorgan (Neutral, ₹1,400) among others. Investor views differ on the leverage risk versus growth opportunity.

What were Adani Green Q3 FY26 results?

In Q3 FY26, Adani Green Energy continued its capacity expansion trajectory. Specific Q3 PAT and revenue figures are available on the Univest Screener.

When did TCS and Infosys announce Q4 FY26 results?

TCS Q4 FY26 results were declared on April 9, 2026. Infosys Q4 FY26 results were declared on April 23, 2026. Analysis of both is available on Univest Blogs.

Is Adani Green Energy a good investment?

Adani Green Q4 offers exposure to India’s renewable energy boom, but carries high leverage and governance-related risk. Investment suitability depends on individual risk tolerance. Consult a SEBI-registered advisor before investing.