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Adani Green Energy delivered strong H1 FY26 results with energy sales up 39% YoY and capacity expanding 49% to 16.7 GW. Revenue rose 26% to INR 6,088 Cr, and EBITDA increased 25% to INR 5,651 Cr, achieving a 92% margin. The company is on track to add 5 GW in FY26 and reach 50 GW by 2030, driven by projects like Khavda. Management is confident in execution, noting minimal grid availability impact (<5%) and active development of large-scale BESS. FY26 capex is projected around INR 30,000 Cr, with leverage expected to normalize after 2029.