Adani Green’s growth faces a transmission test

Adani Green Energy Limited (NSE: ADANIGREEN) reported Q2 FY27 consolidated net profit of ₹747 crore, up 16% year-on-year. Revenue from power supply increased 45% to ₹4,019 crore. What happened? The company delivered strong operational growth during the September quarter. - EBITDA from power supply rose 51% to ₹3,835 crore. - Quarterly energy sales increased 33% year-on-year. - Operational renewable energy capacity grew 24% to 20.8 GW. - Battery energy storage capacity reached 6.63 GWh, accounting for more than half of India's operational capacity. However, the company invested approximately ₹17,160 crore in capital expenditure during H1 FY27, up 38% year-on-year. Net debt to run-rate EBITDA stood at 5.6 times. My analysis Adani Green's earnings momentum is strong, but the investment case now depends on how efficiently it converts capacity expansion into cash generation.