Adani Green Energy sales rise 32 per cent in H1 as Khavda build-out and storage capacity expand

Adani Green Energy Ltd reported a 32 per cent year-on-year increase in energy sales to 25,747 million units in the first half of FY27, as its operational renewable portfolio expanded 24 per cent to 20,763 MW. The performance underscores the growing contribution of the Khavda renewable-energy complex in Gujarat, where the company is adding Solar, wind, hybrid and storage assets at scale.

The company added 4,083 MW of greenfield renewable capacity during H1 FY27, including 621 MW in the second quarter. Its operational portfolio at the end of the half-year comprised 14,550 MW of solar capacity, 2,947 MW of wind capacity and 3,266 MW of hybrid capacity.

Solar remained the largest contributor to electricity sales, with generation rising to 14,143 million units from 11,813 million units a year earlier. Wind generation increased to 5,120 million units from 3,304 million units, while hybrid generation rose to 6,484 million units from 4,452 million units.

The capacity addition was concentrated in Gujarat and Rajasthan. AGEL operationalised 2,957 MW of solar projects, including 2,568 MW at Khavda and 389 MW in Rajasthan. It also commissioned 805 MW of wind capacity, comprising 666 MW at Khavda and 139 MW at Mundra, besides 321 MW of hybrid projects at Khavda.

The rise in operational capacity marks a further step-up from the 19,294 MW portfolio reported at the end of FY26. While solar continues to account for the bulk of additions, the faster expansion of hybrid and storage assets is important because these projects can provide greater flexibility in matching renewable generation with demand and grid requirements.

Battery storage is becoming a more material part of that strategy. AGEL commissioned 3,081 MWh of battery energy storage system capacity at Khavda during the second quarter, taking its installed BESS capacity to 6,632 MWh at the end of H1 FY27. The company has previously outlined an ambition to exceed 10 GWh of cumulative installed battery capacity during FY27.

The build-out also comes amid an effort to reduce Reliance on merchant-market volatility. Of H1 generation, 14,478 million units were supplied under 25-year fixed-tariff PPAs, while 6,983 million units were under long-term fixed agreements with private players. Another 4,286 million units represented infirm generation being sold in the merchant market.

Operating metrics remained robust, with solar plant availability at 99.3 per cent and wind availability at 94.6 per cent. Solar capacity utilisation factor stood at 22.9 per cent, while wind and hybrid CUFs were 42.9 per cent and 45.2 per cent, respectively. AGEL said it has revised its grid-availability reporting to include both connectivity to the national grid substation and curtailment imposed beyond that point.

That disclosure is relevant because evacuation infrastructure remains a key execution dependency at Khavda. Management had earlier said curtailment around the project could reduce overall EBITDA by about 5 per cent to 7 per cent, although it expects the impact to ease as transmission lines are commissioned.

AGEL’s June-quarter financial performance had reflected the benefit of portfolio growth, with net sales rising 16.6 per cent year-on-year to Rs 4,431 crore and PBIDT increasing 31 per cent to Rs 3,985 crore. Profit after Tax rose 30.8 per cent to Rs 925 crore.

As of 3:55 PM on October 9, 2026, AGEL shares were trading at Rs 1,255, up 1.21 per cent from the previous close. The stock has gained 19.94 per cent over the past year, compared with a 6.29 per cent decline in the BSE 500, an outperformance of about 26.23 percentage points.

Disclaimer: The article is for informational purposes only and not investment advice.