ADANIGREEN · Power
Adani Green Energy Ltd. reported revenue of ₹4,431 cr for April to June 2026, +16.6% on the year and +26.5% on the quarter. That is slower than this quarter has grown in recent years (+32.6% on average). It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹13,559 cr, +11.0% on the four before.
Operating profit (EBITDA) was ₹3,985 cr, a margin of 89.9%, +988 bps on the year and +764 bps on the quarter. It is the widest margin of the last 8 quarters (range 73.8% to 89.9%). Operating costs grew −41.2% against revenue growth of +16.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹983 cr, +19.3% on the year and +91.2% on the quarter, with earnings per share of ₹5.13. Profit before other income, one-offs and tax grew faster, at +27.7%; other income, one-offs or tax held the headline back. The tax rate of 22% is in line with its recent average. Profit over the last four quarters totals ₹2,146 cr, −2.3% on the four before.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
On earnings per share of ₹10.83 over the last four quarters, the stock at ₹1,301.00 trades at 120.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,220 cr | ₹2,311 cr | ₹2,527 cr | ₹2,794 cr | ₹3,005 cr | ₹2,340 cr | ₹3,073 cr | ₹3,800 cr | ₹3,008 cr | ₹2,618 cr | ₹3,502 cr | ₹4,431 cr |
| YoY | — | — | — | +29% | +35% | +1% | +22% | +36% | +0% | +12% | +14% | +17% |
| EBITDA margin | 76.5% | 72.1% | 72.6% | 85.1% | 73.8% | 80.3% | 78.2% | 80.1% | 86.5% | 85.6% | 82.3% | 89.9% |
| Other income, % of PBT | 85% | 128% | 67% | 43% | 67% | 96% | 10% | 20% | 54% | — | 24% | 19% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 29% | 33% | 24% | 28% | 6% | −37% | 29% | 25% | — | — | 11% | 22% |
| Net profit | ₹371 cr | ₹256 cr | ₹310 cr | ₹629 cr | ₹515 cr | ₹474 cr | ₹383 cr | ₹824 cr | ₹644 cr | ₹5.0 cr | ₹514 cr | ₹983 cr |
| YoY | — | — | — | +95% | +39% | +85% | +24% | +31% | +25% | −99% | +34% | +19% |
| Core profit YoY | — | — | — | +51% | +147% | — | +228% | +110% | −9% | −3,218% | 0% | +28% |
| EPS | ₹2.35 | ₹1.62 | ₹0.95 | ₹2.82 | ₹1.74 | ₹3.11 | ₹1.45 | ₹4.39 | ₹3.54 | −₹0.25 | ₹2.41 | ₹5.13 |
| Flags | 1 | 1 | 1 | 2 | 2 | 2 | ✓ | 1 | 3 | ✓ | 2 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Adani Green Energy Ltd. reported revenue of ₹4,431 cr (+16.6% on the year) and net profit of ₹983 cr (+19.3% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +27.7% on the year, against +19.3% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.