Adani Green Energy expects its net debt-to-run-rate EBITDA ratio to remain close to its current level through FY28-29, before declining as operating assets increase and project loans amortize, Chief Financial Officer Saurabh Shah said Oct. 22.
Adani Green reported a 5.6-times ratio for H1 FY27, the half year ended Sept. 30, 2026. Shah said it could move into a range of 4.5 to five times after FY29-30, then trend toward four times or lower over time. He did not identify a year for reaching that threshold.
The forecast accompanies a ₹2.4 lakh crore capital expenditure program through FY30. As of Sept. 30, the company reported net debt of ₹102,973 crore. H1 capital expenditure was ₹17,160 crore, up 38% from a year earlier.
Power-supply earnings before interest, taxes, depreciation and amortization rose 41% year over year to ₹7,957 crore. Adani Green also reported 20.8 GW of operating renewable capacity and 6.63 GWh of installed battery storage.
Shah linked the expected decline in leverage to operating assets making up a larger share of the business and project loans amortizing. He said financed projects were meeting debt-service obligations.
Grid access at Khavda remains a near-term execution issue. On the Oct. 22 call, Chief Executive Ashish Khanna said the Phase 3 evacuation corridor, previously expected by year-end, was now expected in FY27’s fourth quarter. Shah described the timing change as a shift from December toward March. Khanna said Adani Green could commission 4.5 GW to 5 GW if the corridor was ready by the end of that quarter. The issue follows earlier reported limits on solar availability at Khavda.
The company’s investor calendar tentatively lists Jan. 20, 2027, for a board meeting on Q3 FY27 results and says the date may change.
