Adani Green Q3 net profit plunges 99% on higher finance costs; revenue up 12%
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Adani Green Energy Ltd (AGEL) on Friday reported a 98.95% year-on-year decline in its consolidated net profit to ₹5 crore for the quarter ended December 31, 2025, compared to a profit of ₹474 crore in the corresponding quarter of the previous fiscal. The steep drop in the bottom line was primarily driven by a 36% surge in finance costs and higher depreciation expenses associated with its capacity expansion.
Operational performance
Despite the hit to net profit, the company’s core operational metrics showed growth. Consolidated revenue from operations rose by 11.9% to ₹2,618 crore in Q3 FY26, up from ₹2,340 crore in the year-ago period. Revenue specifically from power supply increased by 21% to ₹2,420 crore. The company reported a 23% increase in EBITDA from power supply to ₹2,269 crore, maintaining an industry-leading margin of 90.6%.
Capacity expansion
The company continued its rapid expansion, adding 5.6 GW of greenfield capacity over the last year. Its total operational capacity now stands at 17,238 MW (17.2 GW), reflecting a 48% year-on-year growth. A major portion of this growth comes from its Khavda renewable energy park in Gujarat, where the operational portfolio has reached 7.7 GW. Energy sales for the first nine months of FY26 jumped 37% to 27,636 million units.
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Recent indictment
AGEL addressed the recent indictment by the US Department of Justice and a complaint by the US SEC involving certain directors. The company stated that it has not been named as a defendant in these proceedings. It said an independent review conducted by external law firms found no non-compliances or irregularities, and the management concluded that the matter has no material consequential impact on the financial results.
"In the calendar year 2026, Adani Green Energy has continued its exceptional growth trajectory, adding 5.6 GW of renewable energy capacity—representing nearly 14% of all new solar and wind capacity installed across India. This achievement further cements our position as the country’s leading green energy provider, with our operational capacity now reaching 17.2 GW. Our landmark Khavda project, the world’s largest renewable energy installation, is progressing at an accelerated pace. We are on track for deployment of one of the world's largest single-location battery energy storage projects in coming months. Our hydro pumped storage project on Chitravathi river in Andhra Pradesh is also on track," CEO CEO Ashish Khanna stated.
In the first nine months of this financial year, we have generated more than 27 billion units of clean electricity—enough to power a nation the size of Azerbaijan for an entire year. Being recognised as the World’s No. 1 Green Utility in the latest annual rankings by Energy Intelligence is a testament to our commitment to shaping a sustainable future, while consistently creating value for all stakeholders,” he added.
The shares of Adani Green ended 13.81% lower at ₹779.4 on the national stock exchange on Friday. The company's stock price has fallen 25% in the last one year, underperforming the benchmark Nifty 50 index which has risen close to 8% during the period.