Adani Green Q2 FY27 Results (NSE: ADANIGREEN)
Signal: Growth reaccelerated
The read
The standalone trajectory deteriorated sharply despite 99.9% YoY revenue growth: gross margin compressed 1,085bps to 3.7%, finance costs rose 40.3% to ₹446 crore and PAT dropped 93.1% to ₹33 crore; the near-term earnings quality is weak because ₹291 crore of other income exceeded ₹22 crore of pre-finance, pre-tax operating profit.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,890 Cr | +99.9% | +27.1% |
| Net profit | ₹33 Cr | -93.1% | |
| EPS | ₹0.2 | -93.2% |
P&L walk
The consolidated financial-results statement is not included in the supplied filing text; consolidated P&L figures therefore cannot be populated without fabrication.
Segments
The filing reports one business segment, while standalone revenue growth was concentrated in equipment and related services at ₹7,841 crore, with power-supply revenue only ₹4 crore; no consolidated segment split is supplied.
Key positives
- Revenue from operations reached ₹7,890 crore, up 99.9% YoY and 27.1% QoQ, led by equipment and related services revenue of ₹7,841 crore.
- H1 operating cash flow remained positive at ₹2,087 crore despite declining 14.4% YoY.
- PPE plus CWIP increased 15.4% to ₹3,979 crore, while H1 depreciation rose 39.1% to ₹64 crore, a clean depreciation-to-asset-base cross-check.
- Quarterly PAT recovered to ₹33 crore from a ₹51 crore loss in Q1FY27, although it remained 93.1% below the year-ago quarter.
Key concerns
- Gross margin compressed 1,085bps YoY to 3.7% as equipment/goods cost plus inventory change reached 96.3% of revenue versus 85.5% a year earlier; the filing does not identify the cause.
- Revenue growth did not translate into earnings: PAT fell 93.1% to ₹33 crore and EPS fell 93.2% to ₹0.20.
- Finance costs rose 40.3% YoY to ₹446 crore, increasing the burden on a sharply lower gross contribution.
- The revenue mix was dominated by equipment and related services at ₹7,841 crore, while power-supply revenue was only ₹4 crore, making reported revenue less representative of recurring generation economics.
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