Adani Green Q1 FY27: 20 GW Milestone, PAT Up 19%, EBITDA

Adani Green Energy Limited reported Q1 FY27 results for the June 2026 quarter on 22 July. Q1 FY27 numbers (consolidated): Total income: Rs 4,663 crore, up 16.4% YoY; revenue from power supply Rs 4,280 crore, up 29% Power supply EBITDA: Rs 4,122 crore, up 33%; EBITDA margin 94% Consolidated PAT: Rs 983 crore, up 19.3% YoY; attributable PAT Rs 845 crore, up 18.5% Operational capacity: 20,142 MW, up 27% YoY, crossing 20 GW for the first time Energy sales: 13,657 million units, up 30%; BESS 3,551 MWh Khavda, Gujarat is the primary engine; AGEL targets 30 GW there by 2029 and 50 GW total by 2030. A 139 MW project operationalised on 1 September, taking capacity to 20,281 MW. Three independent directors were re-appointed at the 3 September EGM with over 99% support. Adani Green Energy [][***** shares closed at Rs 1,292.20 (9 Sep 2026, 03:59 PM IST), up 40 percent in a year, 20 percent below the Rs 1,618 high. P/E 119; P/B 11; sector P/E 22; no dividend. My view: a 94 percent power supply EBITDA margin is what a fully contracted, long-duration PPA book looks like. This is not an operating business at risk; it is a balance sheet leveraged to gigawatt additions. The question is whether 119x earnings is the right price when the sector trades at 22x and segment liabilities are Rs 1,22,443 crore. The 40 percent one-year return already prices in much of the 50 GW ambition. Hold; not a fresh entry at 5x the sector multiple. Levels: Rs 1,267 to 1,292 this week's base; Rs 1,165 to 1,200 the deeper support; Rs 1,618 the high. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.