Tariffs, China panels buoy Adani's solar ventures

India's solar module exports to the US were priced about a fifth more than exports to other countries

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to S&P Platts. MSPVL ships more than half of its production to the US. Powered by the high-margin exports, the company doubled its revenue in FY25 to ₹6,353 crore, while profit jumped over fivefold to ₹1085 crore. The trade between Adani Enterprises and Adani Green, or its absence, is in line with governance practices followed by other bluechip peers, where they do not give any preferential treatment to a fellow group company. Instead, maximum returns for the shareholders and diversification of the supply chain or customer base are prioritized.

"Transactions between Group companies are treated with the same rigour as those involving independent suppliers, ensuring transparent and fair dealings for all parties," a spokesperson for Adani Green Energy said over email.

"Further, our procurement processes are aligned with good governance practices, and all transactions, whether within the group or third-party entities, are conducted on an arm's length basis and with established price-competitive bid mechanisms."