Indian renewable energy giant Adani Green Energy reported on October 22, 2026 that its revenue from power supply jumped 36% year-on-year to ₹8,299 crores in the first half of fiscal 2027, with an EBITDA margin of 93%, the highest in the Indian renewable energy sector, according to Investing.com.
The numbers are massive, and Zambians should read them with clear eyes. While foreign companies grow rich building power plants abroad, our own copper belt still waits for reliable electricity and our energy future is too often discussed in boardrooms in Delhi, London and Washington rather than in Lusaka.
What the Adani Green numbers show
According to the company's presentation, EBITDA from power supply climbed 41% to ₹7,957 crores in H1 FY27. Cash profit grew 35% to ₹4,176 crores. Operational capacity rose 24% year-on-year to 20,763 MW, with 4,083 MW of new greenfield capacity added in six months, most of it solar built at Khavda in Gujarat.
Q2 alone was even stronger. Investing.com's earnings call transcript shows revenue from power supply up 45% year-on-year to ₹4,019 crores, with EBITDA surging 51% to ₹3,835 crores.
The company's portfolio now powers more than 4.4 million homes and avoided 17.5 million tonnes of CO2 emissions in the half year. Energy sales grew 32% to 25.7 billion units, according to its stock exchange filing reported by Sarkaritel.
Khavda: the scale Zambia should study, not envy
The centerpiece is the Khavda Renewable Energy Park in Gujarat, spread across 538 square kilometers, five times the size of Paris. As of September 2026, 10.8 GW was operational at the site, with a target of 30 GW by 2029.
Here is the plain truth for our readers: India did not wait for foreign donors to hand it an energy strategy. It put its own land, its own sun and its own workers to work. Zambia sits on some of the best solar irradiation in Africa, plus our rivers and our copper, yet too many of our projects still come wrapped in foreign conditions and foreign financing that drains value out of the country.
Battery storage is the new battleground
Adani Green operationalized 6,632 MWh of battery energy storage capacity as of September 2026, more than half of India's entire operational battery storage. It commissioned 3,081 MWh in Q2 alone at Khavda, and management expects to pass 10 GWh installed by the end of FY27.
The company secured 25-year fixed power purchase agreements with private players for its battery projects, cutting merchant exposure and locking in predictable cash flows. Zambia needs that same thinking: long-term national control of storage, not short-term deals that leave ZESCO and the Zambian consumer holding the risk.
Debt is the weak spot
Not everything shines. Gross debt rose from ₹100,164 crores in March 2026 to ₹114,848 crores in September 2026, and net debt reached ₹102,973 crores. The net debt-to-run-rate EBITDA ratio held at 5.6x, elevated against utility sector peers. Management said leverage should normalize to 4.5x-5.0x by FY28-29 as more projects come online, as reported by ScanX.
Transmission delays also bite. The Phase 3 corridor at Khavda was pushed back to Q4 FY27, and about 23% of operational capacity, or 4,783 MW, remains classified as infirm and sold on merchant terms, exposing the company to price swings. The stock fell 1.31% after the announcement, trading at $1,242.
Why this matters to Zambia
Adani Green targets 50 GW of renewable capacity by 2030, with sites secured across Khavda, Rajasthan and pumped storage projects in six Indian states. It ranked number one globally in the Alternative Electricity Subsector by FTSE Russell for the second straight year, with a score of 4.7 out of 5.
The lesson is not that Zambia should copy India. The lesson is that a nation serious about its sovereignty builds and owns its energy infrastructure. Our sunshine is ours. Our water is ours. Our copper is ours. The day Zambians control Zambian power, from the panel to the pylon to the bill, is the day headlines like this one stop being a story about somebody else's success.
FAQ
What did Adani Green report on October 22, 2026?
The company reported H1 FY27 revenue from power supply of ₹8,299 crores, up 36% year-on-year, with a 93% EBITDA margin.
How big is Adani Green's renewable capacity?
Operational capacity reached 20,763 MW as of September 2026, with a target of 50 GW by 2030.
What are the company's main risks?
Elevated leverage of 5.6x, transmission delays at Khavda, and roughly 4,783 MW of capacity sold on merchant terms exposed to price volatility.