Mumbai: Adani Green's Q3 performance revealed a paradox — while revenue from operations rose 11.9 percent YoY, net profit plunged due to increased finance and depreciation costs. Total expenses surged
to Rupees 2,961 crore from Rupees 2,329 crore last year. Sequentially, revenue slipped 13 percent from Rupees 3,008 crore in Q2, while PAT collapsed from Rupees 644 crore, reflecting one-time exceptional items and rising operational costs.
Sequential Growth Moderates Sharply
The company’s expenses rose 3 percent QoQ to Rupees 2,961 crore, driven by finance costs (Rupees 1,698 crore) and depreciation (Rupees 886 crore). The operational margin eroded as revenue dipped and costs rose, leading to an EBIT loss of Rupees 124 crore. The drastic drop in PAT is attributed to an exceptional item of Rupees11 crore, related to refinancing costs, as per Note 4. EPS fell from Rupees 3.44 in Q2 to Rupees 0.38 in Q3, reversing earlier gains.
Management Commentary and Strategic Highlights
While management commentary was not included in the release, the performance was impacted by project cost write-offs, bond refinancing charges, and exchange losses. Notably, Adani Green completed the conversion of 6.31 crore warrants, raising Rupees 9,350 crore to fund debt repayment and growth initiatives. The full equity infusion was received by Q2 FY26, strengthening the balance sheet.
Nine-Month Performance Shows Moderate Growth
For the 9M FY26 period, revenue from operations grew 15.8 percent YoY to Rupees 9,426 crore, while PAT declined 9 percent to Rupees 1,473 crore. The company’s renewable capacity rose to 17,238 MW, up from 14,243 MW at FY25-end, reflecting ongoing project commissioning. Despite the Q3 setback, the 9M performance shows overall growth momentum in top line with margin challenges.
Disclaimer: This report is based on publicly disclosed financial results by Adani Green. It is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell.
