The Adani Group has reported its highest-ever EBITDA of ₹89,806 crore (USD 10.5 billion) for FY25, marking an 8.2% year-on-year growth. Excluding one-time gains, core EBITDA growth stands at 18%. Profit After Tax (PAT) also touched a record ₹40,565 crore (USD 4.7 billion), supported by strong performances across infrastructure and adjacent sectors.
Massive Investment and Asset Growth
FY25 saw record capital expenditure of ₹1.26 lakh crore (USD 14.7 billion), taking Adani’s gross assets to ₹6.1 lakh crore (USD 71.2 billion). About 75% of this asset base was built over the past six years, reflecting consistent investment and expansion.
Industry-Leading Return on Assets
The Group’s Return on Assets (ROA) for FY25 stood at 16.5%, one of the highest globally among infrastructure companies. This performance highlights the Group’s ability to maintain profitability while rapidly scaling operations.
Lower Leverage and Strong Liquidity
Accelerated profit growth has helped reduce Net Debt-to-EBITDA from 3.8x in FY19 to 2.6x in FY25. The Group closed FY25 with a cash balance of ₹53,843 crore, enough to cover 21 months of debt servicing, well above its conservative policy of 12 months + 1 day.
Credit Profile and Cost of Debt Improvement
Around 90% of the Group’s EBITDA now comes from AA-rated or better assets, up from 48% six years ago. This improvement in credit quality has led to a fall in the average cost of debt to 7.9%—the lowest ever, compared to 9% in FY24 and 10.3% in FY19.
Sector-Wise Highlights
Core Infrastructure (82% of Total EBITDA)
- Utility: ₹43,375 crore EBITDA
- Transport: ₹20,471 crore EBITDA
- AEL Infra Biz: ₹10,085 crore EBITDA
Adjacencies (Cement): ₹8,644 crore EBITDA
Other AEL Businesses: ₹7,231 crore EBITDA
Total Portfolio EBITDA: ₹89,806 crore
Company-Level Highlights
Adani Enterprises Ltd (AEL)
- Solar module sales rose 59% to 4,263 MW
- Airport passenger traffic reached 94.4 million
- Cargo moved: 1.09 MMT
- 2,410 lane-km road construction completed
- Mundra copper smelter operational
Adani Green Energy
- Operational capacity up 30% YoY to 14,243 MW
- New solar (2,710 MW) and wind (599 MW) projects added
Adani Energy Solutions (AESL)
- Order book jumped to ₹59,936 crore
- Won 7 new projects including major HVDC lines
Adani Power
- Power generation up 20% YoY to 102 Bn units
- Total operational capacity: 17.5 GW
Adani Ports & SEZ
- Cargo volumes grew 7% YoY to 450 MMT
- Vizhinjam port crossed 100,000 TEUs milestone
Ambuja Cements
- Crossed 100 MTPA capacity, adding 21 MTPA during FY25
ESG and Governance Advancements
Adani Portfolio companies also released individual tax transparency reports and maintained top ESG scores from global rating agencies. According to GCFO Jugeshinder “Robbie” Singh, the Group’s results are a testament to both its operational capabilities and commitment to sustainable, transparent governance.
With robust financials, improved credit metrics, and continued investment in infrastructure, the Adani Group appears well-positioned for sustained growth. Its focus on core assets, prudent capital allocation, and global-scale execution strategy underline its standing as a leading infrastructure player not just in India, but worldwide.
