Stock Performance and Investor Activity

Adani Green Energy and Adani Energy Solutions saw a modest rise in their share prices ahead of their December quarter financial results. Adani Green Energy climbed 1.63% to reach a peak of Rs 1,047, while Adani Energy Solutions gained 0.70%, hitting Rs 801.15. However, both stocks later traded flat in the session.

Investor activity during the third quarter reflected a shift in foreign institutional participation. According to corporate database AceEquity, foreign portfolio investors (FPIs) reduced their holdings in Adani Green Energy by 148 basis points, lowering their stake from 15.16% in Q2 to 13.68% in Q3. Similarly, FPIs trimmed their investment in Adani Energy Solutions by 132 basis points, bringing their stake down from 18.66% to 17.34%. Meanwhile, mutual fund investments in both companies experienced a slight uptick. Adani Energy Solutions saw mutual fund holdings rise by 57 basis points to 1.91%, while Adani Green Energy recorded an increase of 28 basis points, reaching 0.37%.

Adani Energy Solutions recently provided a business update for the December quarter, highlighting its robust performance in the transmission sector. The company maintained an impressive system availability of 99.7% during Q3FY25. It expanded its transmission network by adding 225 ckm, bringing the total network length to 26,485 ckm.

In terms of new projects, Adani Energy secured two significant contracts during the quarter. The first, Khavda Phase IV Part-D, carries an estimated project cost of Rs 3,455 crore. The second, Rajasthan Phase III Part-I (Bhadla – Fatehpur HVDC), is the company’s most substantial project to date, with a preliminary estimated cost of Rs 25,000 crore. With these additions, the company’s under-construction project pipeline has grown significantly to Rs 54,700 crore, a sharp increase from Rs 17,000 crore at the beginning of FY25.

Adani Green Energy also shared an operational update for the nine-month period ending December 31. The company’s operational capacity expanded by 37% to 11,609 MW, supported by greenfield additions of 3,131 MW. This included 2,693 MW from solar power plants and an additional 2,113 MW from projects in Khavda, Gujarat. Rajasthan also saw a greenfield addition of 580 MW, while wind power plants contributed 438 MW.

The company’s energy sales for the first three quarters of FY25 surged 23%, reaching 20,108 million units. This growth was driven by the continued expansion of operational capacity, reinforcing Adani Green Energy’s position in the renewable energy sector.