ADANIGREEN · Power
Adani Green Energy Ltd. reported revenue of ₹3,502 cr for January to March 2026, +14.0% on the year and +33.8% on the quarter. Over the last four quarters revenue comes to ₹12,928 cr, +15.3% on the four before.
Operating profit (EBITDA) was ₹2,882 cr, a margin of 82.3%, +413 bps on the year and −330 bps on the quarter. Over the last 8 quarters the margin has ranged from 73.8% to 86.5%, averaging 81.5%. Operating costs grew −7.6% against revenue growth of +14.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹514 cr, +34.2% on the year and +10,180.0% on the quarter, with earnings per share of ₹2.41. Profit before other income, one-offs and tax grew 0.0%, so 34 points of the headline growth came from outside the core business. The tax rate was 11% against an average of 22% over the previous 5 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹1,987 cr, −0.7% 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 ₹10.09 over the last four quarters, the stock at ₹1,448.90 trades at 143.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
A lower tax rate lifted profit. Is the lower rate going to last?
Source: Quarterly statements
Headline profit grew much faster than core profit. What made up the difference?
Source: Quarterly statements
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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹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 | ₹4,258 cr |
| YoY | — | — | +29% | +35% | +1% | +22% | +36% | +0% | +12% | +14% | +17% | +42% |
| EBITDA margin | 72.1% | 72.6% | 85.1% | 73.8% | 80.3% | 78.2% | 80.1% | 86.5% | 85.6% | 82.3% | 89.9% | 89.2% |
| Other income, % of PBT | 128% | 67% | 43% | 67% | 96% | 10% | 20% | 54% | — | 24% | 19% | 31% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 33% | 24% | 28% | 6% | −37% | 29% | 25% | — | — | 11% | 22% | 22% |
| Net profit | ₹256 cr | ₹310 cr | ₹629 cr | ₹515 cr | ₹474 cr | ₹383 cr | ₹824 cr | ₹644 cr | ₹5.0 cr | ₹514 cr | ₹983 cr | ₹747 cr |
| YoY | — | — | +95% | +39% | +85% | +24% | +31% | +25% | −99% | +34% | +19% | +16% |
| Core profit YoY | — | — | +51% | +147% | — | +228% | +110% | −9% | −3,218% | 0% | +28% | +343% |
| EPS | ₹1.62 | ₹0.95 | ₹2.82 | ₹1.74 | ₹3.11 | ₹1.45 | ₹4.39 | ₹3.54 | −₹0.25 | ₹2.41 | ₹5.13 | ₹4.09 |
| Flags | 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 ₹3,502 cr (+14.0% on the year) and net profit of ₹514 cr (+34.2% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved 0.0% on the year, against +34.2% for reported profit.
2 checks raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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