Yes, Adani Green’s capex is expected to remain high, from ₹30,400 crore in FY26 to ₹40,000 crore in FY27. The net debt-to-Ebitda rose to 8.5 times by FY26-end, against 7.3x a year ago. This is projected to remain elevated at 7.2x till FY28, as per JM Financial, and any delay in project execution or fall in realization could have a significant impact on cashflows. Also, while its net debt-to-equity ratio improved in FY26, thanks to fund infusion from the promoter group, it is expected to remain high at about 3.5x till FY28. Rating agencies have a mixed view on the company, with Fitch assigning ‘BBB-’ to one of its debts in May.
