Adani group logs ₹90,572 crore Ebitda, led by infrastructure firms

Conglomerate's cash reserves stood at Rs 53,843 in Q1, accounting for 19% of gross debt

The Adani Group reported its strongest-ever operating performance in the first quarter of FY26 (Q1 FY26), when its infrastructure companies made record earnings and their leverage was one of the lowest among global peers, it said in a statement.

 

The group’s trailing twelve-month (TTM) ebitda increased almost 10 per cent from the previous year to Rs 90,572 crore. It was the first time that Adani infrastructure companies crossed the Rs 90,000-crore milestone in TTM. Their quarterly performance also touched new highs, with first-quarter ebitda (earnings before interest, taxes, depreciation and amortisation) rising 3.3 per cent to Rs 23,793 crore.

 

 

The group said its leverage was “one of the lowest amongst large global infra players.” Net debt-to-ebitda stood at 2.6 times as of March 2025. Fund flow from operations, or cash after tax, touched a record Rs 66,527 crore. Infrastructure companies had a cash balance of Rs 53,843 crore, which is equivalent to about 19 per cent of gross debt and provides liquidity for at least 21 months. Gross debt was Rs 2.9 trillion as of March 2025, up from Rs 2.41 trillion, with Indian banks share in the total pie at 50 per cent. The net debt was Rs 2.36 trillion as of FY25.

 

Core infrastructure businesses — utilities, transport and “incubating infrastructure” under Adani Enterprises — delivered 87 per cent of the group’s ebitda in the June quarter. Incubating infrastructure assets, which include airports, solar and wind manufacturing, and roads, together contributed more than Rs 10,000 crore for the first time.

 

The utility segment, comprising Adani Power, Adani Green Energy, Adani Total Gas and Adani Energy Solutions, earned Rs 11,895 crore in Q1 FY26, up 2.2 per cent from the previous year. The segment earned Rs 43,633 crore on TTM basis. The transport segment, driven by Adani Ports & SEZ, earned Rs 5,949 crore in Q1, a 13 per cent jump, and Rs 21,154 crore on TTM. Infrastructure businesses within Adani Enterprises earned Rs 2,825 crore in Q1 FY26, up 5 per cent from the previous year. Ambuja Cements, which became part of the Adani Group in 2022, added Rs 2,242 crore, up nearly 37 per cent.

 

Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ and Ambuja Cements all delivered double-digit ebitda growth, said the statement. Adani Enterprises’ existing businesses — primarily its integrated resource management arm — saw a decline, with Q1 ebitda halving to Rs 882 crore due to lower trade volumes and price volatility.

 

The group’s asset base expanded Rs 1.26 trillion in FY25 to reach Rs 6.1 trillion. Strong and expanding cash flows are supporting annual capital expenditure plans of Rs 1.5-1.6 trillion, the release said. At the run-rate level, about 87 per cent of ebitda, or Rs 99,561 crore, is now generated from assets carrying domestic credit ratings of ‘AA-’ and above.

 

Adani Enterprises, the incubator of new businesses, reported Q1 ebitda of Rs 3,707 crore, down 17.4 per cent from the previous year. TTM earnings increased 9.6 per cent to Rs 16,536 crore. The company “marked a milestone” in India’s clean-energy transition by commissioning the nation’s first off-grid 5 megawatt (MW) green hydrogen pilot plant. Seven of its eight under-construction projects, including the Ganga Expressway, are more than 70 per cent complete. Passenger movements across. Passenger movement at Adani-run airports rose 3 per cent to 23.4 million in Q1 FY26, while cargo handled climbed 4 per cent to 0.28 million metric tonnes.

 

Adani Green Energy expanded operational capacity by 45 per cent to 15,816 megawatts in Q1, adding 3,763 MW of solar, 585 MW of wind, and 534 MW of hybrid capacity. Adani Energy Solutions secured a new transmission project, taking its order book under construction to Rs 59,304 crore. Adani Ports & SEZ reported an 11 per cent increase in cargo volumes to 121 million metric tonnes.