1. Opening Hook
When you produce more power than the god of wind himself, modesty becomes optional. Adani Green’s Q2FY26 call felt less like an earnings discussion and more like a climate sermon — with CEO Ashish Khanna playing both the preacher and the project manager. 🌞
Global conflicts? Heavy monsoon? Grid delays? “Minor issues,” he says, while adding gigawatts like kids collect Pokémon cards. As the Bhagavad Gita reminds — “Yogah karmasu kaushalam” — perfection lies in action, not excuses.
Keep reading — this call had megawatts of optimism, terabytes of jargon, and a few kilovolts of hidden risk ⚡.
2. At a Glance
- Revenue up 26% YoY: Solar saints say it’s divine execution, not tariffs.
- Energy sales +39%: Mother Nature finally showed up for work.
- EBITDA ₹5,651 Cr (+25% YoY): Margins so high (92%) they should charge GST.
- Cash Profit ₹3,094 Cr (+17%): Still greener than their logo.
- Operational Capacity 16.7 GW (+49% YoY): 2.4 GW added — the grid’s getting dizzy.
- Capex Spend ~₹30,000 Cr: Because sunlight doesn’t come cheap.
- Debt/EBITDA 5.1x: “Leverage is love,” whispers the CFO.
3. Management’s Key Commentary
“We achieved record-breaking growth with 19.6 billion units of energy sales.”
(Translation: The grid begged for mercy.)
“We are firmly on track for 50 GW by 2030.”
(Translation: Pray for more land and fewer bureaucrats.)
“Khavda’s 7.1 GW project is progressing well.”
(Translation: We’re building a city of solar panels.)
“EBITDA margin is 92% — best in class.”
(Translation: Unless you include amortization, interest, taxes, or reality 😏.)
“Evacuation challenges? Only 5% impact.”
(Translation: Minor hiccup — like a traffic jam for electrons.)
“We are developing BESS and PSP at unprecedented scale.”
(Translation: Storage dreams, no numbers yet.)
“Receivables overdue only
