Message from the Managing Director and Chief Executive Officer
Today, with operational renewable capacity at 19.3 GW, we have reinforced our position as India’s largest pure-play RE company and established presence among the top 10 RE independent power producers globally.
- Vneet S. Jaain
Managing Director
Our operations reflect a deeper shift underway, with energy transition reshaping how energy systems are financed, built and operated.
- Ashish Khanna
Chief Executive Officer
Dear Stakeholders,
Achieving the extraordinary requires far-sightedness and, more than that, relentless focus and dedication. This year, as we complete 10 years of operations, we are proud of how we have transformed a vision into a system-shaping reality. Along the way, we have set new global benchmarks and established several industry-firsts that few believed could be possible at such speed and scale.
Our 10-year journey culminated in a year of exceptional progress. Early in FY 2025-26, we achieved the milestone of becoming the first renewable energy (RE) company in India to cross 15 GW of operational capacity. This is the fastest and largest capacity additions ever witnessed in India, with 5.1 GW delivered in FY 2025-26.
Today, with operational renewable capacity at 19.3 GW, we have reinforced our position as India’s largest pure-play RE company and established presence among the top 10 RE independent power producers globally. Our portfolio represents ~15% of India’s utility-scale solar installations and ~12% of utility solar and wind capacity.
We are also in the process of installing India’s largest and one of the world’s largest single-location BESS deployments at Khavda. As at March 31, 2026 our operational BESS capacity stands at 1,376 MWh.
What makes these achievements even more meaningful is the impact they are creating. The clean energy produced by our portfolio can power ~6.4 million households. It is equivalent to powering thirteen individual Indian states, or the entire northeast India. We have created more than 21,000 green jobs and offset carbon emissions equivalent to carbon sequestered by ~1,270 million trees. That, for us, is scale. Imagine what it would be like in 2030 when we reach our target of 50 GW.
Renewable Energy at an Inflection
Our operations reflect a deeper shift underway, with energy transition reshaping how energy systems are financed, built and operated. In this landscape, renewable energy has become critical for future energy systems. Between 2015 and 2025, the total RE capacity worldwide more than doubled to 5,100 GW, accounting for nearly 50% of the total capacity. 2025 alone saw a record-breaking 793 GW addition, an 11% increase over 2024.
This momentum is only expected to intensify, with the exponential growth in artificial intelligence, geopolitical realignments, grid bottlenecks and rising climate risks, making energy expansion and sustainability intertwined imperatives. Over the next five years leading to 2030, the world is expected to add 4,600 GW of RE capacity, far more than what was done in the past decade.
In India, the total non-fossil fuel capacity more than tripled in the last decade, driving its share in the overall power mix to over 50%, a good five years ahead of the 2030 schedule. This is a clear indication of what is possible when policy intent and private-sector execution align. As of March 2026, the total non-fossil fuel capacity reached ~283 GW, with the path well-aligned towards achieving 500 GW by 2030. Going forward, the ability to execute projects at speed and scale will become a decisive differentiator.
Accelerating Infrastructure, Leveraging Intelligence
As the country’s largest renewable player, AGEL is proud to have contributed to accelerating the transition to clean energy and strengthening power systems.
Such industry-leading efforts do not happen just by aspiration. They are delivered through a robust business model, best-in-class project executional capabilities, and operational excellence. The use of the most advanced renewable energy technologies makes our systems resilient. We mitigate grid availability challenges through close coordination with stakeholders, sequenced commissioning, and deploying storage solutions to absorb energy and shift it into higher-value peak periods.
Even more critical is the intelligence layer that we have integrated into operations. Sophisticated technologies like data analytics and AI/ML help crunch execution timelines, ensure real-time monitoring and predictive maintenance. They help not just in expedited execution and ensuring consistent higher plant availability and best-in-class capacity utilisation factor (CUF).
The results are evident in our record-breaking performance during FY 2025-26. We set a new national record, adding the largest single-year renewable capacity of 5.1 GW as compared to 3.3 GW in FY 2024-25. This was supported by robust project management, localisation of critical supply chains and a field execution model designed for large, repeatable deployment. Our assets performed reliably and efficiently. Solar, wind and hybrid assets’ CUF stood at 24%, 26.6% and 35.2%, respectively. Energy sales increased by 34% to 37,567 million units, driven by robust greenfield commissioning alongside efficient asset operations and maintenance. Our PPA-based operational capacity outperformed expectations, delivering power generation 6% above PPA commitments.
Khavda: The Epicentre of Action
Khavda deserves a special mention, where we are developing the world’s largest renewable energy plant of 30 GW on a barren wasteland in Kutch, Gujarat.
What was once seen as an audacious vision is today witnessing accelerated execution. It is where manpower deployment, localised supply chain and advanced technologies like robotic solar module installation converge into a powerful execution platform. The project is a showcase of how ultra-large-scale renewable energy plants should be planned and delivered at unprecedented speed.
As at March 31, 2026, the total operational portfolio at Khavda stood at 9.4 GW. With the groundwork laid, the project is all set for completion by 2029 and will contribute to a significant portion of our future growth. We are closely monitoring the augmentation of evacuation infrastructure to unlock the site’s full potential.
Betting on Dependable Renewables Platform
The sector is evolving from energy-only solutions to energy plus capacity. The next phase of green energy will be defined by the ability to provide firm, reliable, and dispatchable power. Recognising this shift, we have made a strategic pivot to developing utility-scale energy storage solutions. This will enable offering round-the-clock (RTC) power, meet growing Commercial & Industrial (C&I) and data center demand, and ensure grid stabilisation. Our strategy focuses on a flexible portfolio, balancing merchant arrangements to capture peak prices with long-term PPAs for stable returns.
We are on track to deploy one of the world’s largest single-location battery energy storage projects (BESS), having a capacity of 1,126 MW/3,530 MWh. It will play a critical role in peak load management, reducing transmission congestion and strengthening grid reliability. Co-located with our solar assets at Khavda, this deployment allows us to capture value arbitrage, mitigate grid curtailment risks, and supply power during peak hours. Our hydro-pumped storage projects are progressing well, with the first one on the Chitravathi river in Andhra Pradesh nearing completion.
Given the criticality of energy storage solutions, the Adani Group has articulated a roadmap to scale its storage platform. The intent is to establish 10+ GWh of BESS capacity by March 2027. AGEL, having established competencies in the segment, complemented by a large land bank at its Khavda site, will be a key enabler of this vision.
Scaling New Highs in Performance
Our financial performance reflects the operational strength. Revenue from power supply grew 22% to ₹ 11,602 crore in FY 2025-26. EBITDA from power supply increased 23% to ₹ 10,865 crore, with an industry-leading EBITDA margin of 91.2%. Cash profits rose 11% to ₹ 5,399 crore.
During the year, despite a capex of ₹ 30,365 crore, we continued to maintain balance sheet integrity. While our net debt (including suppliers credit) increased by ~41% to ₹ 91,252 crore, we de-risked and optimised finance cost through prudent debt management. 90.2% of our debt were long-term in nature with an average interest cost of 8.90% and a staggered repayment schedule. As of March 31, 2026, the run-rate EBITDA of our operational capacity stood at a robust ₹ 16,155 crore, ensuring steady net debt to run-rate EBITDA of 5.7x.
Sustainability at the Core
Sustainability is deeply embedded in how we plan, build and operate assets at scale. Our entire portfolio is certified water positive, single-use-plastic-free and zero waste-to-landfill by Intertek.
This year, we took a significant step in our sustainability journey. We have mainstreamed the Taskforce on Nature-related Financial Disclosures (TNFD) framework, pledged to No Net Loss of Biodiversity by 2030 and 87,495 trees planted. These actions will drive our evolution from ESG compliance toward nature-positive renewable energy development. This will be critical in our long-term business resilience and sustainable value creation for communities, investors and the planet.
Our projects are catalysts of socio-economic transformation. Over the years, we have created significant green jobs and economic opportunities in the regions we operate, ensuring that progress is inclusive and enduring. Khavda, especially, is a marvel, where thousands of people are employed and getting the best of accommodation, healthcare, sports and recreation, 5G connectivity, child care and emergency transport facilities. Beyond this, we are undertaking programmes spanning healthcare development, education, women’s empowerment, water stewardship, and community infrastructure.
Our governance practices are designed to ensure ethical practices, transparency, accountability and compliance. Our Board of Directors and Board Committees have significant independence to ensure decision-making in the interests of all stakeholders. Oversight of our ESG commitments is anchored by a voluntary, Board-level Corporate Responsibility Committee, comprising 100% independent directors. This is supported by the integration of ESG risks into the risk management framework.
AGEL’s responsible practices are recognised globally. Among the many recognitions, we were ranked #1 in the Annual Global Top 100 Green Utilities Rankings 2025 by Energy Intelligence and first in India and sixth globally in the RE sector by Sustainalytics. For the second consecutive year, we were recognised as a top sustainability performer in the power generation sector by NSE’s sustainability ratings.
Committed to India’s Energy Transition
The coming years will be defined by three themes: accelerated renewable additions, rapid growth in storage, and increasing demand for firm and peak power. Leadership will be defined by those who can execute at scale, with reliability and responsibility. Our direction is clear: to lead India’s energy transition and enable large-scale adoption of affordable clean energy by delivering on our 50 GW commitment by 2030. We will do so by innovating, using the best of technologies, disciplined execution and O&M and dedication to ESG principles. With foundational pillars firmly in place, we are well-positioned to achieve this and power sustainable growth for India and the world.
We extend our sincere thanks to all our stakeholders for their continued trust, our lenders and partners for their continued support, and our teams on the ground for their relentless commitment to execution excellence and operational reliability. As we enter an exciting phase in our journey, we look forward to your continued support in building a brighter and cleaner tomorrow.
Vneet S. Jaain
Managing Director
Ashish Khanna
Chief Executive Officer