Adani Green Q2 FY27: net profit up 16% to ₹747 crore, income up 39%
Earnings
Power
Blacklitt Research7 min read
Adani Green (NSE: ADANIGREEN) reported consolidated net profit, including minority interests, of ₹747 crore for the quarter ended 30 Sep 2026, up 16.0% from ₹644 crore a year earlier, on total income of ₹4,520 crore, up 39.1% from ₹3,249 crore. Standalone net profit was ₹33 crore, down 93.1% from ₹475 crore, on total income of ₹8,181 crore, up 94.9% from ₹4,198 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹4,520 crore, up 39.1% from ₹3,249 crore a year earlier and down 3.1% from ₹4,663 crore in the June quarter.
Net profit: ₹747 crore, up 16.0% from ₹644 crore; down 24.0% from ₹983 crore in the June quarter.
EPS: ₹4.00 basic, against ₹3.44 a year earlier.
Tax as share of profit before tax: 22.3%, against a net tax credit of ₹237 crore a year earlier.
Standalone
The company on its own, without its subsidiaries
Total income: ₹8,181 crore, up 94.9% from ₹4,198 crore.
Net profit: ₹33 crore, down 93.1% from ₹475 crore; a loss of ₹51 crore in the June quarter.
EPS: ₹0.20, against ₹2.92 a year earlier.
Tax: a credit of ₹11 crore on profit before tax of ₹22 crore, against a ₹144 crore credit on ₹331 crore a year earlier.
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
4,520
3,249
+39.1%
4,663
-3.1%
Revenue from operations
4,258
3,008
+41.6%
4,431
-3.9%
Other income
262
241
+8.7%
232
+12.9%
747
644
+16.0%
983
-24.0%
Finance costs
2,119
1,635
+29.6%
2,001
+5.9%
Depreciation
1,084
834
+30.0%
1,026
+5.7%
Tax expense
191
-237
n/a
263
-27.4%
Net profit margin
16.53%
19.82%
-3.29 pp
21.08%
-4.55 pp
Tax as share of profit before tax
22.3%
-81.2%
n/a
22.1%
+0.2 pp
EPS (₹)
4.00
3.44
+16.3%
5.05
-20.8%
Figures are in ₹ crore except EPS; YoY compares with Q2 FY26 and QoQ with Q1 FY27.
Pre-tax profit rose, but net profit grew much less. Consolidated profit before tax and before the share of associates was ₹856 crore, against ₹292 crore a year earlier. Tax moved from a net credit of ₹237 crore to a charge of ₹191 crore, so net profit rose 16.0%. Net profit margin fell to 16.53% from 19.82%, a fall of 3.29 pp, because total income grew faster than net profit.
Revenue from operations rose 41.6% to ₹4,258 crore, led by power supply revenue of ₹4,019 crore against ₹2,776 crore. The company's press release, filed with the results, puts EBITDA from power supply at ₹3,835 crore in the quarter, up 51%, and operational capacity at 20.8 GW.
Finance costs rose 29.6% to ₹2,119 crore and depreciation rose 30.0% to ₹1,084 crore, which lifted total expenses to ₹3,664 crore from ₹2,874 crore. The share of profit from associates and joint ventures was ₹82 crore, against ₹115 crore in the year-ago quarter.
The filing flags two items in the comparison. The year-ago quarter carried an exceptional charge of ₹83 crore for unamortised borrowing cost and prepayment charges on refinancing, and it recorded a net deferred tax credit of ₹213 crore, which includes ₹160 crore of deferred tax assets recognised on past tax losses of the holding company. The quarter ended 30 Sep 2026 has no exceptional item; the June quarter had a ₹2 crore charge of the same kind.
On the balance sheet, total assets rose to ₹1,61,913 crore from ₹1,44,097 crore at 31 Mar 2026. Non-current borrowings rose to ₹1,00,484 crore from ₹87,897 crore, and current borrowings to ₹11,827 crore from ₹10,476 crore. Cash and cash equivalents were ₹1,859 crore, against ₹1,735 crore, and capital work in progress rose to ₹21,968 crore from ₹19,016 crore.
For the half year, net cash from operating activities was ₹8,871 crore, against ₹5,373 crore. Payments for property, plant and equipment and intangibles were ₹16,012 crore, against ₹12,297 crore, and net cash used in investing activities was ₹18,804 crore. Net cash from financing was ₹10,057 crore, and cash and cash equivalents rose by ₹124 crore.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
8,181
4,198
+94.9%
6,472
+26.4%
Revenue from operations
7,890
3,947
+99.9%
6,206
+27.1%
Other income
291
251
+15.9%
266
+9.4%
33
475
-93.1%
-51
n/a
Finance costs
446
318
+40.3%
389
+14.7%
Depreciation
29
23
+26.1%
35
-17.1%
Tax expense
-11
-144
n/a
-35
n/a
Net profit margin
0.40%
11.31%
-10.91 pp
-0.79%
n/a
Tax as share of profit before tax
-50.0%
-43.5%
n/a
n/a
n/a
EPS (₹)
0.20
2.92
-93.2%
-0.31
n/a
Figures are in ₹ crore except EPS; YoY compares with Q2 FY26 and QoQ with Q1 FY27.
Standalone profit fell even though equipment sales roughly doubled. Sale of goods and equipment was ₹7,841 crore, against ₹3,788 crore; the filing says standalone sales include sales to subsidiaries. Cost of equipment and goods sold was ₹5,322 crore, against ₹2,648 crore, and the change in inventories was ₹2,275 crore, against ₹725 crore. The filing does not explain the change in the sales mix.
Finance costs rose 40.3% to ₹446 crore, and profit before tax fell to ₹22 crore from ₹331 crore. Tax was a credit of ₹11 crore, against a ₹144 crore credit a year earlier. The standalone net profit margin was 0.40%, against 11.31%. The standalone results show no exceptional item for the quarter; the ₹37 crore impairment provision was in the half year to 30 Sep 2025.
Standalone cash from operating activities was ₹2,087 crore for the half year, against ₹2,439 crore. Investments in subsidiary companies were ₹2,612 crore, and loans given to related parties and others were ₹3,663 crore, against ₹2,376 crore of loans received back. Cash and cash equivalents were ₹142 crore at 30 Sep 2026, against ₹130 crore at 31 Mar 2026.
The two joint statutory auditors, SRBC & Co LLP and Shah Dhandharia & Co LLP, issued limited review reports on the consolidated and standalone results without modifying their conclusions. The consolidated report relies on unreviewed information for 79 subsidiaries with total assets of ₹94 crore.
The filing also says a US matter involving two executive directors and one non-executive director has concluded. The US Eastern District of New York dismissed the criminal indictment against three directors on 10 Aug 2026, and the US SEC civil complaint ended in a final judgement, under which the directors paid civil penalties without admitting the allegations. The company says it was not named as a defendant and that no further proceedings are pending.
The consolidated notes also disclose revenue recognised on disputed tariffs: ₹133 crore cumulative at Adani Green Energy (UP), of which ₹69 crore is unrealised since October 2022, and ₹1,132 crore cumulative at Adani Green Energy Twenty Three, where the Supreme Court appeal is pending. The company says it does not expect adjustments to that revenue.
The filing does not report a dividend.
What the results mean for shareholders
Consolidated basic EPS was ₹4.00, against ₹3.44 a year earlier and ₹5.05 in the June quarter, on 164.7 crore shares of ₹10 face value. Standalone basic EPS was ₹0.20, against ₹2.92, after a loss of ₹0.31 per share in the June quarter.
The filing does not say why standalone equipment sales rose, how much of them go to subsidiaries, or when the tariff appeals will be decided. It gives no dates for those appeals, so the next dated step in the filing is not known.
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ADANIGREENAdani Green Energy Ltd.
