Adani Green’s Q2 growth: three measures, three checked comparisons

Adani Green’s October 21 release contains three useful comparisons for the September quarter, provided their labels stay attached. Power-supply revenue, power-supply operating earnings and cash profit all increased between Q2 FY26 and Q2 FY27. This article reconstructs those comparisons from the company’s primary table, recalculates the changes and publishes the exact plotted values alongside downloadable CSVs.

Power-supply revenue rose from Rs 2,776 crore to Rs 4,019 crore. The increase is Rs 1,243 crore, or 44.78 per cent when calculated against the earlier quarter’s corresponding figure. That reconciles with the company’s rounded 45 per cent statement. Reuters independently reports the newer quarter’s power-supply revenue and its approximate annual growth. The comparison is year on year, not against the immediately preceding quarter.

Power-supply EBITDA increased from Rs 2,543 crore to Rs 3,835 crore: a rise of Rs 1,292 crore, or 50.81 per cent. EBITDA is an operating measure, not ordinary net profit. The release also supplies its own definition for this particular power-supply measure. Readers should retain that scope rather than assume the chart describes every line of the consolidated income statement.

Cash profit increased from Rs 1,348 crore to Rs 1,951 crore, a difference of Rs 603 crore and a recalculated rise of 44.73 per cent. The release defines cash profit by adding depreciation, deferred tax and exceptional items to profit after tax. That is why the newer Rs 1,951 crore cash-profit figure is not interchangeable with the Rs 747 crore consolidated net profit reported by Reuters. No attempted reconciliation between those different measures is inferred here.

Each chart below compares two matching fiscal quarters using the same unit, Rs crore. The underlying primary table places the Q2 FY26 and Q2 FY27 columns under a generic QoQ heading; the actual column labels make this a corresponding-quarter annual comparison. The calculation used here is explicitly the later value minus the earlier value, divided by the earlier value, multiplied by 100. Rates are rounded only at the end.

These are reported company figures for a defined period, corroborated in part by Reuters, not a desk audit or an investment recommendation. They do not identify future share-price performance, establish that a target has been delivered or describe an individual project’s economics. The contribution of the charts is narrower and inspectable: the same measure, the same period basis and a calculation readers can reproduce.