Adani Green: Revenue Up 45%, BESS Capacity at 6.6 GWh

ADANIGREEN Adani Green Energy (NSE : ADANIGREEN) is a pure-play renewable energy company in the Adani Group. It generates electricity from solar and wind assets and sells power under long-term Power Purchase Agreements. It is integrating Battery Energy Storage Systems alongside its generation capacity, targeting 45 GW of renewables and 5 GW of pumped hydro storage. What happened: In Q2FY27, revenue grew 45% year on year to Rs 4,019 crore. EBITDA rose 51% to Rs 3,835 crore and net profit grew 16% to Rs 747 crore. Adani Green commissioned 3 GWh of battery storage at its Khavda site in Gujarat, raising total operational BESS capacity to 6.6 GWh. Management states this is over 50% of India's total operational BESS capacity. Why it matters: The fleet functions as virtual transmission: batteries absorb excess solar output at midday when grid lines are saturated and discharge during evening peak demand. Of the 6.6 GWh, 3.5 GWh is under long-term PPAs and 3.1 GWh contracting is now underway. Adani Green targets 10 GWh by end of FY27 and 40 to 50 GWh by FY30. What I am watching: Whether the 3.1 GWh being contracted closes on schedule and the FY30 pipeline converts into commissioned capacity. The company signs 25-year PPAs with AA+ rated counterparties and targets asset-level returns of 13 to 14%. Net debt and capital efficiency are key variables as the build-out scales. My stance: Adani Green trades at 25.3 times EV/EBITDA, below its 10-year historical median of 30.3 times but well above the industry at 9.2 times. ROCE is 7.4% and ROE is 11.4%. The storage strategy is well-structured. The valuation requires the pipeline to commission on time and contracted returns to materialise. I do not hold a position in Adani Green at the time of writing. This is not investment advice.