$ADANIGREEN Hits 52‑Week High on Capacity Surge

Adani Green Energy Ltd’s shares have rallied 45% in 2026, touching a new 52‑week high of ₹1,544.80, as investors cheered its rapid capacity additions and strong execution. The company added 5.1GW in FY26 vs 3.3GW in FY25, taking total renewable capacity to 19.3GW, with a target of 50GW by 2030. However, debt has risen sharply, raising concerns about balance sheet sustainability. Financial & Operational Highlights (FY26) Capacity additions: 5.1GW in FY26; total RE capacity 19.3GW. Khavda, Gujarat: 9.4GW at FY26‑end; target 30GW by 2030. Capacity utilization factors (Khavda): ~33% solar, 35%+ wind (vs 26% FY26 average). Battery Energy Storage System (BESS): 1.37GWh added in March, 2GWh in May; target 10GWh by FY27. BESS economics: EBITDA ~₹250 crore per GWh vs investment of ₹1,500 crore per GWh. Capex: ₹30,400 crore in FY26; projected ₹40,000 crore in FY27. Net debt: ₹91,000 crore (vs ₹64,500 crore FY25). Net debt/EBITDA: 8.5× FY26; projected ~7.2× till FY28. Net debt/equity: ~3.5× projected till FY28 despite promoter infusion. Analyst Commentary JM Financial: EBITDA CAGR of 34%+ over FY26–28E, driven by ~5GW annual additions and storage upside. Jefferies India: Valuation premium to JSW Energy compressed from 264% (Jan 2023) to 62% currently. Bloomberg consensus: Stock trades at ~23× FY27 EV/EBITDA, seen as demanding. Fitch: Assigned BBB‑ rating to one debt instrument in May. Adani Green’s FY26 results highlight execution strength and aggressive capacity build‑out, with Khavda and BESS as key growth drivers. While earnings trajectory looks strong, elevated leverage and execution risks remain critical watchpoints. Sustaining commissioning timelines and managing debt metrics will determine whether the stock’s premium valuations hold.