Adani Green share price today

Adani Green Energy Ltd's share price was ₹1,388.00 at the close on 4 November 2026. It has been rising for 26 weeks. That is 10.5% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹773 and ₹1,556, and at that close it sat 79% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Adani Green Energy Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 2 weeks in a row.

Over the last 8.4 years the share price moved +4,613% while the NIFTY 500 moved +140%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Two changes stood out: indian funds and insurers (DIIs) raised their stake for 8 quarters in a row and revenue up on a year earlier for 10 quarters in a row.

1. Indian funds and insurers (DIIs) raised their stake for 8 quarters in a row

   From 1.5% to 5.3% of the company by the September 2026 quarter.

2. Revenue up on a year earlier for 10 quarters in a row

   In the September 2026 quarter revenue was ₹4,258 crore, +41.6% on a year earlier.

   Why: Revenue rose because the company got better prices for power sold outside long contracts, had stronger wind output, and got extra sales from battery storage.

   Next results: check whether the grid asks it to cut less power in the second half as more battery storage comes online, since that changes how much it can sell.

   From the earnings call on 22 Oct 2026.

For July to September 2026 (the quarter ended 30 September 2026), Adani Green reported revenue of ₹4,258 crore, up 41.6% from ₹3,008 crore a year earlier, and a profit of ₹747 crore, up 16.0% from ₹644 crore.

Adani Green results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Adani Green's management discussed these results on a call held on 22 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Adani Green closed at ₹1,388.00 on 4 November 2026, up 31.0% from ₹1,059.80 a year earlier (7 November 2025) and up 15.6% over five years. Its highest weekly close since June 2018 was ₹2,882.80 on 22 April 2022.

Adani Green share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

444 weekly closes from 22 June 2018 to 4 November 2026.

4 Nov 2026: Adani Green closed at ₹1,388.00, up 6.9% on the week and up 8.8% on the month. 22 Oct 2026: Adani Green held its results call for July to September 2026. Management guided: FY27 renewable commissioning of 4.5-5 GW if the Phase 3 evacuation corridor arrives by Q4.

Earlier

• Results for July to September 2026: Revenue up 41.6% and profit up 16.0% on a year earlier.

Adani Green has paid no dividend on the NSE since 1 April 2021, the start of the period we checked.

No. Adani Green Energy Ltd paid out 0% of its profit as dividends in each of its last 11 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

On the call for July to September 2026, held on 22 October 2026, Adani Green's management guided: FY27 renewable commissioning of 4.5-5 GW if the Phase 3 evacuation corridor arrives by Q4.

“I am repeating this: anything I have scheduled, and which the grid asks me to curtail because of frequency changes, will also be paid for. However, if I have not scheduled anything, I will not be paid.”Ashish Khanna, on the call for July to September 2026

What management guided

• FY27 BESS capacity to exceed 10 GWh.
• Chitravati 500 MW pumped-storage project progressing toward completion by year-end.
• ₹2.4 lakh crore capital spending program through FY30.
• 13-14% operating profit return on asset cost for long-term contracted projects.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 22 October 2026.

What is changing at Adani Green, from the latest results and calls: capacity addition and operating leverage (19.3 gw → 24 gw), bess scale-up, 10 gwh at khavda (₹15,000 crore capital spending) and infirm-to-ppa conversion (5.3 gw at ₹1,300-1,500 cr headwind elimination).

• Capacity Addition and Operating Leverage (19.3 GW → 24 GW). 5.1 GW added in FY26 (+35% on a year earlier) at world-leading 91.2% operating margin; 4.5-5.0 GW guided for FY27, every GW commissioned directly scales operating profit at near-zero marginal cost. ⚠ estimate
• Infirm-to-PPA Conversion (5.3 GW at ₹1,300-1,500 Cr Headwind Elimination). 5.3 GW currently priced at infirm merchant rates converts to long-term PPA contracts as evacuation lines are commissioned by Dec-26/Mar-27, eliminates the entire FY26 operating profit headwind in one step. ⚠ estimate
• Khavda Scale Advantage and Cost Leadership. World's largest single-location renewable installation (9.4 GW) delivers captive module manufacturing, AI/ML operations, and O&M cost per MW declining as Khavda displaces older, smaller, costlier assets. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 17 May 2026.

Borrowings ₹1,03,545 crore (Mar-26) with ₹6,484 crore interest expense vs ₹1,584 crore profit before tax, coverage <1x; FY27 capital spending of ₹40-42K Cr adds another ₹10-12K Cr to debt, approaching ₹1.15 lakh Cr.

The main risks

• Financial Leverage and Interest Coverage Deterioration: Borrowings ₹1,03,545 crore (Mar-26) with ₹6,484 crore interest expense vs ₹1,584 crore profit before tax, coverage <1x; FY27 capital spending of ₹40-42K Cr adds another ₹10-12K Cr to debt, approaching ₹1.15 lakh Cr. ⚠ estimate
• Management Guidance Credibility, Three Consistency Failures: Three documented contradictions in 2 consecutive calls (BESS shortfall, capital spending escalation +30%, merchant strategy reversal) suggest guidance is shaped reactively, forward commitments (5.3 GW PPA conversion, 10 GWh BESS) should be discounted 20-30%. ✓ fact
• Merchant Power Pricing Pressure: 4.2 GW in pure merchant (January to March 2026); solar merchant rate fell to ₹2.20/unit vs ₹3.82 prior year, sustained low merchant pricing would prevent full headwind elimination even if transmission comes online. ✓ fact
• CWIP Overhang and Capitalisation Risk: CWIP ₹19,016 crore (Mar-26), ₹4,536 crore step-up in 6 months, represents projects under construction that are not yet generating revenue; any commissioning slippage extends the interest-cost-without-revenue period. ✓ fact

Our read after the latest results, written 17 May 2026.

When Adani Green reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Phase 3 corridor availability and resulting renewable commissioning against the conditional FY execution plan.

Adani Green is on one of our India lists: Power & green energy stocks.

Adani Green Energy Ltd earned ₹747 Cr of net profit in the Sep 2026 quarter, +16.0% on the same quarter a year earlier. That is the 3rd quarter in a row of profit growth. Full-year FY26 profit was ₹1,987 Cr. That is 17.5% of the quarter's revenue. The same quarter a year earlier earned ₹644 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹1,987 Cr (−0.7% on the year before).

Why profit moved: revenue changed +41.6% on a year earlier and the margin moved +2.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed −7.4% and revenue +21.0%. Profit is growing slower than sales: rising costs are taking part of the growth.

Adani Green Energy Ltd reported ₹4,258 Cr of revenue in the Sep 2026 quarter, +41.6% on the same quarter a year earlier. That is the 10th quarter in a row with growth on the year before. Over 10 years it has grown 84.7% a year on average. The last full year, FY26, came in at ₹12,928 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. The Rs 1,300-1,500 Cr FY26 EBITDA headwind breaks into two components: Rs 500 Cr curtailment loss and Rs 800-1,000 Cr merchant price discount vs PPA equivalent rates. The 5.3 GW of 'infirm power' (capacity commissioned but lacking firm evacuation) converts to contracted rates as 14-15 GW of additional transmission capacity comes online in two tranches: 7 GW by December 2026 and another 7 GW by March 2027. When this converts, the headwind mechanically reverses to a tailwind. The conversion is binary, each GW that gets firm evacuation moves from merchant-at-a-discount to PPA-at-contracted-rate. Timeline slippage (3-4 month variance is normal) is the key risk to this driver.

The last four reported quarters add to ₹14,809 Cr.

FY26 revenue was ₹12,928 Cr, +15.3% on the year before.

Recent pace: the last four quarters grew +21.0% on average, against 84.7% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +21.2%, against +18.0% a year over the last 8 quarters (accelerating); profit over the last 12 months grew −3.3%, against +14.7% a year (rolling over).

Adani Green Energy Ltd's operating margin was 89.0% in the Sep 2026 quarter, 2.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 11 years it has been between 48.0% and 83.0%. The latest quarter is above every full year in that period.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. ADANIGREEN's core engine: renewable capacity added to the grid generates contracted revenue (PPA) or merchant revenue with zero fuel cost, meaning every incremental GW flows directly to EBITDA. FY26 delivered 5.1 GW, the company's own guidance was exceeded, taking cumulative capacity to 19.3 GW. The operational portfolio generates Rs 10,865 Cr of EBITDA at 91.2% margins. FY27 goal of 4.5-5.0 GW represents another 23-26% capacity uplift. The compounding effect means each year's addition builds on the previous base. The binding constraint is not demand or execution, it is transmission evacuation infrastructure, which is the primary risk to this driver.

Why the margin moved: operating margin changed +2.6 percentage points on the year while gross margin changed −0.5 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead.

Over the last 3 years, 499% of Adani Green Energy Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹10,135 Cr of operating cash against ₹1,987 Cr of profit.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

After ₹30,147 Cr of spending on assets, free cash was −₹20,012 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 499% of profit came in as cash: the cash cycle got 81 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner.

What to look at next: the bigger use of cash is spending on new assets, at 9.7× depreciation over three years. The next section checks what that spending is building.

Adani Green Energy Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 60 days in FY26, down from 141 days in FY21. It spent ₹75,315 Cr on assets over the last 3 years.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹12,928 Cr, each day of that cycle ties up about ₹35.4 Cr, so roughly ₹2,125 Cr is tied up in the business at any time.

Spending on assets: ₹75,315 Cr over the last 3 years, against ₹7,773 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹19,031 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Adani Green Energy Ltd's P/E is 116.5×, near the low end of its own history: it has been lower only 25% of the time. Its usual P/E (the middle reading) is 206.9×, over 6.5 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹11.38.

Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks.

Why the multiple is where it is: over the past year earnings per share moved +10.0% while the price moved +31.0%. The price did better than earnings, which pushed the multiple up within its own range.

Where the price move came from: over 5 years the price moved +2.9% a year; about +34.9% a year came from earnings growth and about −32.0 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

The PEG ratio and its quarterly curve, which only the second data source has, are not shown on this page: its two data sources disagree by up to 910% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

Adani Green Energy Ltd's business is getting worse. Profit and EPS growth are shrinking: profit growth is −3.3% in the latest quarter, against +58.8% at its best in 12 quarters, with ROCE steady at 7.0%. This is based on 9 quarters of 4 measures, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: falling lines mean any ratio below that looks low should be read with that direction in mind.

The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone.

This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Adani Green Energy Ltd's story is not scored yet against the checks our research set on 17 May 2026. Where it sits in its own cycle: Not stated in the research file.

NOT YET CHECKED

From the price. Price stage 2, week 26, above its 200-day line, relative strength rising.

Where they disagree. FII stake-cutting (15.16% → 11.10%) is a…

What is not proven yet. Management has already missed grid augmentation timelines twice (Jul-25 call vs Jan-26 actuals; Jan-26 projection vs Apr-26 actuals), a third miss would defer the 5.3 GW PPA conversion and extend the Rs 1,300-1,500 Cr EBITDA headwind through FY28.

The test written in advance. Transmission Evacuation Delay (Grid Infrastructure Miss). Measured by: Transmission Evacuation Delay (Grid Infrastructure Miss) Q1 FY27 (Jul-26) concall: cumulative evacuation GW confirmed online at Khavda + Rajasthan by the next result.

The test written in advance. Financial Leverage and Interest Coverage Deterioration. Measured by: Financial Leverage and Interest Coverage Deterioration FY27 debt quantum (should stay below Rs 1.2 lakh Cr); interest-to-EBITDA ratio (must not exceed 65%) by the next result.

The test written in advance. Management Guidance Credibility, Three Consistency Failures. Measured by: Management Guidance Credibility, Three Consistency Failures Q1 FY27: Is FY27 capex guidance maintained at Rs 40-42K Cr? Is BESS commissioning run-rate 3 GWh/quarter? by the next result.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

• 1 · Operating leveragebuilding
• 2 · Value-added mixquiet
• 3 · Management changebuilding
• 4 · Paying down debtquiet
• 5 · Regulatory approvalquiet
• 6 · Order-book winsbuilding
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackbuilding
• 10 · New geographiesquiet
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servebuilding
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

Lever 1 · Operating leverage: building. 5.1 GW added in FY26 (+35% YoY) at world-leading 91.2% EBITDA margin; 4.5-5.0 GW guided for FY27, every GW commissioned directly scales EBITDA at near-zero marginal cost. What proves it keeps working: Capacity Addition and Operating Leverage (19.3 GW → 24 GW). It stops working if Q1 FY27 (Jul-26) concall: cumulative evacuation GW confirmed online at Khavda + Rajasthan.

Lever 9 · Buyback: building. Battery storage absorbs curtailed power at near-zero cost and supplies at peak evening rates, Rs 25 Lakh/MWh EBITDA vs Rs 1.5 Cr/MWh capex, and is delinked from transmission constraints that are capping the rest of the portfolio. What proves it keeps working: BESS Scale-Up, 10 GWh at Khavda (Rs 15,000 Cr Capex). It stops working if Q1 FY27 (Jul-26) concall: cumulative evacuation GW confirmed online at Khavda + Rajasthan.

Lever 6 · Order-book wins: building. 5.3 GW currently priced at infirm merchant rates converts to long-term PPA contracts as evacuation lines are commissioned by Dec-26/Mar-27, eliminates the entire FY26 EBITDA headwind in one step. What proves it keeps working: Infirm-to-PPA Conversion (5.3 GW at Rs 1,300-1,500 Cr Headwind Elimination). It stops working if Q1 FY27 (Jul-26) concall: cumulative evacuation GW confirmed online at Khavda + Rajasthan.

Lever 14 · A bigger market to serve: building. World's largest single-location renewable installation (9.4 GW) delivers captive module manufacturing, AI/ML operations, and O&M cost per MW declining as Khavda displaces older, smaller, costlier assets. What proves it keeps working: Khavda Scale Advantage and Cost Leadership. It stops working if Q1 FY27 (Jul-26) concall: cumulative evacuation GW confirmed online at Khavda + Rajasthan.

Sources: our stock research file (17 May 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

What Adani Green Energy Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Khavda Evacuation and Curtailment Relief Slipped · 22 October 2026. In Apr 2026, management expected an additional 7 gigawatts of Khavda evacuation by December 2026, and in Jul 2026 it expected no Khavda curtailment by calendar year-end. In Oct 2026, management said Phase 3 was now expected in the next quarter and described only a reduction in second-half curtailment, making the 4.5-5 gigawatt commissioning plan more dependent on an unresolved transmission milestone. Although management cited right-of-way issues, it did not reaffirm the earlier no-curtailment-by-year-end expectation or provide a quantified explanation for the changed timing.

BESS Offtake and Counterparty Strategy Changed · 22 October 2026. In Jul 2026, management presented AESL as the destination for merchant capacity being de-risked, including the battery strategy. In Oct 2026, management said AGEL was neutral among counterparties and disclosed that only 3.3-3.5 gigawatt-hour was tied up, with the balance still being allocated; this changes the previously stated counterparty assumption and reduces visibility on long-term BESS offtake.

Battery Contract Tenor Changed Without Explanation · 22 October 2026. In Jul 2026, management explicitly said battery arrangements were fixed for 15 years, while solar and wind arrangements were fixed for 25 years.

Curtailment Resolution Missed · 22 July 2026. In the April 2026 call, management said the prior-year EBITDA losses were not expected to recur in the coming year. However, in the July 2026 call, management still reported a 5-7% EBITDA impact from curtailment and only expected the issue to phase out by the end of the calendar year, indicating that the earlier expectation was not met and the risk remains material.

Every quote above is taken word for word from the company’s own earnings calls.

Adani Green Energy Ltd earned a ROCE of 7% in FY26. That is up from a low of 2% in FY17. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 15.4% net margin and 0.09× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 15.4% net margin × 0.09× asset turnover × 7.16× leverage (assets divided by equity) ≈ 9.9% on equity. The margin does most of the work; borrowing is a big part of it.

The quarterly return lines and the return-on-capital-used (ROIC) line, which only the second data source has, are not shown on this page: its two data sources disagree by up to 910% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

Adani Green Energy Ltd had ₹1,03,545 Cr of borrowings against ₹19,965 Cr of equity in FY26, so its debt is 5.19× its equity. Its operating profit is 2 times its interest bill. Over 5 years borrowings went from ₹24,209 Cr to ₹1,03,545 Cr. Over the last 3 of those years it spent ₹75,315 Cr on assets.

Debt-to-equity shows how much of the business is paid for with borrowed money. Interest cover shows how many times operating profit pays the interest bill. Low debt and high cover are the safe combination.

Part of the spending on assets is being paid for with borrowed money.

The total-debt and debt-to-equity series, which only the second data source has, are not shown on this page: its two data sources disagree by up to 910% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

Foreign institutions cut their stake in Adani Green Energy Ltd by 3.8 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 11.3% of the company. Domestic institutions moved +3.8 points over the same period, to 5.3%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Why this happened. Battery Energy Storage Systems (BESS) are the structural hedge against the transmission constraint. By storing solar power that would otherwise be curtailed (zero input cost) and releasing it during evening peak-hour demand, BESS converts a grid risk into a revenue opportunity. Management goals 10 GWh at Khavda by end-FY27. At Rs 25 Lakh/MWh EBITDA economics, 10 GWh = Rs 2,500 Cr annual EBITDA contribution once fully operational. The capex is Rs 15,000 Cr (10 GWh × Rs 1.5 Cr/MWh). The FY27 watch milestone is quarterly commissioning run-rate of 3 GWh confirmed in Q1 FY27 results.

Over the last two years: Foreign institutions: −3.8 points over 8 quarters, to 11.3%; Domestic institutions: +3.8 points over 8 quarters, to 5.3%; Promoters: +1.5 points over 8 quarters, to 62.4%.

Why the owners changed: foreign institutions moved −3.8 points and domestic institutions +3.8 points over 8 quarters, while promoters moved +1.5 points. One group of institutions took over shares from the other; it is not a change of mind by the people running the company.