Inside Adani Green’s high-leverage bet on India’s 500 GW energy transition

Adani Green Energy added more renewable capacity in FY26 than any company outside China, accounting for nearly 9% of India’s total clean energy additions. But behind the record growth lies transmission bottlenecks, Rs 1,500 crore of voluntarily sacrificed EBITDA, rising debt, and an aggressive battery storage push that could define the next phase of India’s energy transition.