Synopsis Adani Green Energy shares fell on Thursday despite reporting a strong Q1 FY27 performance, with consolidated net profit rising 19% year-on-year to Rs 845 crore and revenue increasing 16% to Rs 4,663 crore. Revenue from power supply jumped 29%, supported by robust operational performance and a 27% increase in operational capacity to 20,142 MW.ETMarkets.comAdani Green Energy shares fell on Thursday despite reporting a strong Q1 FY27 performance. Shares of Adani Green Energy declined as much as 5.3% to their day’s high of Rs 1,394 on the BSE on Thursday despite the company reporting 19% year-on-year (YoY) growth in its consolidated net profit at Rs 845 crore in the first quarter. Revenue from operations in the reporting period increased 16% YoY to Rs 4,663 crore. Revenue from power supply rose 29% YoY to Rs 4,280 crore from Rs 3,312 crore.Adani Green said that its performance was driven by capacity expansion and strong operating performance. The company's operational capacity rose 27% YoY to 20,142 MW as of June 2026, compared with 15,816 MW a year earlier and 19,294 MW at the end of March 2026.Energy sales rose 30% YoY to 13,657 million units in Q1FY27, helped by fresh greenfield capacity additions and higher generation. The company added 848 MW of capacity during the quarter and 4,327 MW on a YoY basis.Also read: FIIs are leaving Adani Enterprises. Here’s who is buyingAdani Green's EBITDA from power supply rose 33% YoY to Rs 4,122 crore from Rs 3,108 crore. The EBITDA margin stood at 94%, compared with 93% a year earlier and 91% in the March quarter. Why Bernstein dislikes Adani GreenBernstein retained its Underperform rating on Adani Green, saying the company remains the best player in the renewable energy space but raising concerns over its new structure for the commercial and industrial segment. The brokerage highlighted Adani Green's decision to allocate its entire merchant generation capacity, comprising 4 GW of operating and planned capacity, along with its entire battery storage capacity of 10 GWhr coming online this year, to Adani Energy Solutions on a long-term fixed tariff basis. According to Bernstein, the structure allows Adani Green to focus on execution while maintaining its existing return hurdles, with Adani Energy Solutions selling the power forward to industrial customers such as data centres. While Bernstein said Adani Green has remained well ahead of its peers in renewable energy, it believes a reasonable portion of the potential upside has shifted to Adani Energy Solutions following the transaction. Apart from this, execution remained on track, although curtailment reduced EBITDA by 5-7%, which the company expects to normalise in the second half. Adani Green Q1 management commentaryCEO Ashish Khanna said the company began FY27 with strong momentum and crossed the 20 GW operational capacity milestone. "As renewable penetration rises and power demand continues to grow, storage will play a critical role in ensuring round-the-clock reliability and grid stability," he said.Read more: India needs 2,000 GW new power capacity in 20 years, says Adani Green's Sagar AdaniAdani Green said it is progressing on the development of its 30 GW renewable energy plant at Khavda in Gujarat. The project is spread across 538 sq km, which the company said is almost five times the size of Paris.Operational capacity at Khavda rose to 10.3 GW from 5.6 GW a year earlier. The portfolio at Khavda includes solar, wind and hybrid capacity. The company said it remains on track to achieve 30 GW renewable energy capacity at the site by 2029.On a YoY basis, Adani Green added 3,051 MW of solar capacity, including 2,662 MW in Khavda and 389 MW in Rajasthan. It also added 684 MW of wind capacity and 592 MW of solar-wind hybrid capacity at Khavda. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)Read More News on(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. 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