Adani Group FY25 ebitda up 8.2% at Rs 89,806 cr, infra sectors drive growth

Conglomerate reports capex of Rs 1.26 trn, plans to invest $100 bn in six years

The Adani Group reported a consolidated ebitda of Rs 89,806 crore in FY25, driven by growth in core infrastructure sectors and higher operating cash flows across its portfolio. Ebitda was up 8.2 per cent compared to Rs 82,976 crore reported by group listed companies in FY24, said Adani in a media statement.

 

The conglomerate, with interests ranging from energy and logistics to cement and mining, reported a capital expenditure of Rs 1.26 trillion — its highest — and said it plans to invest $100 billion in the next six years. The investments will reflect the group’s focus on building long-term infrastructure assets, including renewable energy projects, transmission networks, ports, and a new copper smelter facility, it said.

 

 

Return on assets in FY25 stood at 16.5 per cent, which Adani said places it among the highest-performing infrastructure businesses globally. The group’s gross assets have grown at a compound annual rate of more than 25 percent since FY2019, reaching Rs 6.1 trillion ($71.2 billion). 

 

Alongside growth, the group reduced its leverage. Net debt-to-ebitda declined to 2.6x, down from 3.8x in FY19. Liquidity remains strong, with a reported cash balance of Rs 53,843 crore ($6.3 billion), representing approximately 18.5 percent of gross debt. The average cost of borrowing fell below 8 per cent for the first time, a result the company attributed to improved credit ratings and access to lower-cost capital, the statement said.

 

Roughly 90 per cent of the Group’s ebitda now originates from assets rated ‘AA’ or above domestically, according to the company. It also cited improvements in environmental, social, and governance scores and governance-related disclosures as contributing factors to the decline in borrowing costs.

 

Adani’s core infrastructure businesses contributed 82 per cent of total ebitda. In the utility segment, Adani Green Energy increased its operational capacity by 30 percent year-on-year, while Adani Power reported a 20 percent rise in electricity generation. (Ebitda is earnings before interest, taxes, depreciation, and amortisation.) 

ALSO READ: Adani Green Energy operational RE capacity increases to 14,528.4 MW

 

The transport segment, led by Adani Ports & SEZ, delivered a 19 per cent increase in ebitda, aided by a 20 per cent surge in container volumes. Ambuja Cements, a family-owned business, reported a capacity increase to 100 million tonnes per annum, following expansions across multiple plants.

 

“India’s consumption engine remains strong,” said Karan Adani, chief executive officer of Adani Ports & SEZ and Chairman of ACC Ltd. “As manufacturing grows, trade volumes will surge. For us, any trade — import or export — is good business.” APSEZ plans to build a fully integrated logistics platform spanning factory gates to end consumers, with an eye on becoming the largest player not just in ports but across the supply chain. “We’re already moving over 500 million tonnes annually,” said Karan Adani. 

 

Adani Enterprises, the group’s incubator for emerging infrastructure businesses, saw a 26.6 per cent year-on-year rise in ebitda. It noted significant progress in its road construction and airport operations, as well as the operationalisation of a large-scale copper smelter in Mundra.

 

The group said its strategy is focused on scale, capital efficiency, and financial management. “Our asset base and operating leverage continue to support stable returns, even as we invest aggressively in new platforms,” said Jugeshinder ‘Robbie’ Singh, Adani Group’s chief financial officer.

 

The group said it has sufficient liquidity to meet debt obligations for at least the next 12 months and its balance sheet allows coverage for over 21 months.

ALSO READ: Adani Green Energy operational RE capacity increases to 14,528.4 MW