Adani Green Q1 Results Disappoint Investors, Shares Tumble 5%

Adani Green shares have tumbled 5% after the company’s Q1 results, with Bernstein retaining its Underperform rating due to concerns over the company’s new structure for the commercial and industrial segment.

Adani Green Q1 Results Disappoint Investors

Adani Green’s revenue from operations increased 16% YoY to Rs 4,663 crore, driven by capacity expansion and strong operating performance. The company’s operational capacity rose 27% YoY to 20,142 MW as of June 2026, compared with 15,816 MW a year earlier and 19,294 MW at the end of March 2026.

Energy sales rose 30% YoY to 13,657 million units in Q1FY27, helped by fresh greenfield capacity additions and higher generation. The company added 848 MW of capacity during the quarter and 4,327 MW on a YoY basis.

Key Performance Indicators

Adani Green’s EBITDA from power supply rose 33% YoY to Rs 4,122 crore from Rs 3,108 crore. The EBITDA margin stood at 94%, compared with 93% a year earlier and 91% in the March quarter.

Market Impact and Details

• Adani Green’s revenue from power supply rose 29% YoY to Rs 4,280 crore from Rs 3,312 crore.
• The company added 848 MW of capacity during the quarter and 4,327 MW on a YoY basis.
• Adani Green’s operational capacity rose 27% YoY to 20,142 MW as of June 2026.

Key Takeaways

• Adani Green’s revenue from operations increased 16% YoY to Rs 4,663 crore.
• The company’s EBITDA from power supply rose 33% YoY to Rs 4,122 crore.
• Adani Green’s operational capacity rose 27% YoY to 20,142 MW as of June 2026.

FAQs

What is Bernstein’s rating on Adani Green?

Bernstein has retained its Underperform rating on Adani Green, citing concerns over the company’s new structure for the commercial and industrial segment.

What is the reason behind Adani Green’s new structure?

Adani Green has allocated its entire merchant generation capacity, comprising 4 GW of operating and planned capacity, along with its entire battery storage capacity of 10 GWhr coming online this year, to Adani Energy Solutions on a long-term fixed tariff basis.

What are the implications of Adani Green’s new structure?

According to Bernstein, the structure allows Adani Green to focus on execution while maintaining its existing return hurdles, with Adani Energy Solutions selling the power forward to industrial customers such as data centres.

Conclusion

Adani Green’s Q1 results have disappointed investors, with the company’s shares tumbling 5% after the release of its quarterly results. Bernstein has retained its Underperform rating on the company, citing concerns over its new structure for the commercial and industrial segment. Despite this, Adani Green remains a leading player in the renewable energy space, with a strong operational capacity and a growing portfolio of renewable energy projects.

Investors are advised to closely monitor the company’s progress and adjust their investment strategies accordingly. With the renewable energy sector expected to continue growing in the coming years, Adani Green remains a key player to watch in this space.