88% probability Adani Green's operational capacity reaches at least 22,000 MW by 31 March 2027. It stood at 20,763 MW on 30 September after 1,469 MW of first-half additions; management's 4.5-5 GW target depends on a transmission corridor arriving in the fourth quarter.
Adani Green's Q2 FY27 presentation reports operational capacity of 20,763 MW, with 621 MW added in the quarter; its FY26 operational update reported 19,294 MW. On the Q2 call management said that if the transmission corridor comes by the end of the fourth quarter, it will be in a position to commission 4.5 to 5 gigawatts.
We lock a binary: Adani Green Energy's operational renewable capacity at 31 March 2027, as published in its operational update, is 22,000 MW or more. Confidence 88%, the lowest in this tranche, because the outcome depends on infrastructure the company does not build.
That is 2,706 MW of additions for the year, about 40% below the 4.5 GW low end of management's target.
Management framed its 4.5-5 GW target as conditional: it can be delivered if the transmission corridor for its Khavda capacity arrives by the end of the fourth quarter. A target that depends on third-party transmission is not one to anchor on directly.
So the floor sits well below it, and says so: a SUB-GUIDANCE FLOOR. The first half added 1,469 MW (from 19,294 MW to 20,763 MW). Reaching 22,000 MW needs 1,237 MW in the second half, 84% of the first half's pace. It fails if the corridor slips into FY2028 and additions elsewhere stall.
The second-quarter presentation describes a greenfield addition of 4,083 MW. That is a trailing twelve-month figure, not the first half: first-half additions were 1,469 MW. The criterion names operational capacity in MW AC at 31 March 2027, not battery storage MWh and not contracted or under-construction capacity.
Correlation, disclosed: Power Grid (P-335) builds the transmission corridors this lock depends on, and NTPC (P-318) shares Indian power-sector exposure.
RAOSCAFF locks P-359 on 2026-11-05, before the FY2027 operational update. Scored against operational capacity as published by Adani Green Energy at 31 March 2027.
A target that depends on someone else's transmission line is not a target to anchor on.