ICICI Securities research report on Adani Green Energy
Adani Green Energy (AGEL) started FY26 on a strong note, posting a strong quarter on both operational and financial fronts. It commissioned ~1.6GW in Q1FY26, taking operational capacity to 15.8GW (+45% YoY). It has commissioned 4.9GW over the last one year. Generation followed suit – energy sales were up 42% YoY, leading to revenue/EBITDA growth of 29%/26% YoY to INR 33.8bn/30.4bn. Note that the company’s locked-in generation capacity stands at >33GW with estimated EBITDA potential of INR 222bn. It plans to achieve 50GW operational capacity by 2030 – 45GW generation capacity and 5GW PSP capacity; it is targeting 30GW operational capacity at Khavda by 2029.
Outlook
AGEL has guided for capacity addition of 5GW in FY26. Retain BUY with a revised TP of INR 1,230.
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