Adani Group Posts Record EBITDA of Rs 90,000 Crore in FY25

Adani Group's portfolio companies posted their highest-ever pre-tax profit (EBITDA) of about Rs 90,000 crore in the fiscal year ended March 31 and had a cash balance to cover 21 months of debt servicing, the ports-to-energy conglomerate said on Thursday.

The Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) has more than tripled in six years - from Rs 24,870 crore in 2018-19 to Rs 89,806 crore in 2024-25 (April 2024 to March 2025).

EBITDA grew by 8.2 per cent from Rs 82,976 crore in FY24 to Rs 89,806 crore in FY25, with a 6-year (FY19-FY25) Compounded Annual Growth Rate (CAGR) of 24 per cent.

Net profit for 2024-25 came in at Rs 40,565 crore and has seen a six-year CAGR of 48.5 per cent.

Gross Assets have increased to Rs 609,133 lakh crore, with a 6-year CAGR of over 25 per cent, the conglomerate said in a press statement.

The group, which is on a massive spending spree from airports to renewable energy parks, saw gross debt climb to Rs 2.9 lakh crore from Rs 2.41 crore in FY24. After considering Rs 53,843 crore of cash balance, the net debt was Rs 2.36 lakh crore in FY25.

The group said that cash balances provide liquidity cover for 21 million of debt servicing obligations.

"ROA in FY25 reached 16.5 per cent, one of the highest amongst infrastructure players globally," it said. "Prudent capital allocation has led to steady Return on Asset (ROA) at 16 per cent, showcasing no compromise on ROA to achieve high growth." The accelerated profit growth has reduced leverage - net debt-to-EBITDA is down from 3.8x in FY19 to 2.6x in FY25. Cash balance of Rs 53,843 cr represents 18.5 per cent of gross debt.

"A key highlight of FY25 is the continued industry-beating Return on Assets of 16.5 per cent, which is amongst the highest in any infrastructure business globally, underpinning the attractive asset base and the execution capabilities of the Adani Portfolio to continuously churn out the best quality assets across sub sectors," said Jugeshinder 'Robbie' Singh, Group CFO, Adani Group.

"Additionally, we have undertaken various initiatives related to governance and ESG, viz., tax transparency report released by all portfolio companies, in addition to all the other initiatives introduced over the past years, resulting in industry-best ESG scores and performance by international ESG rating agencies." Adani Group said 82 per cent of the EBITDA is contributed by the highly stable 'core infrastructure' platform, lending a high level of stability and visibility.

Adani's 'core infrastructure' platform comprises utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas), transport (Adani Ports and SEZ), and Adani Enterprise Ltd's incubating infrastructure businesses.

Cash after tax (CAT) or fund flow from operations (FFO) increased to Rs 66,527 crore, up 13.6 per cent, driven by strong operating leverage across businesses.

Higher cashflows helped record asset addition of Rs 1.26 lakh crore - the highest in the history of Adani Portfolio, taking the total gross assets to Rs 6.1 lakh crore. Three-fourths of this was added in the past six years.

Prudent capital allocation, complemented by strong execution, has helped Adani Portfolio consistently achieve industry-leading Return on Asset of over 15 per cent in each of the past six years, it said adding ROA for FY25 was 16.5 per cent -- one of the highest globally in the infrastructure sector.

"High growth in profits has led to a sharp reduction in the leverage of portfolio companies - portfolio-level net debt to EBITDA has reduced from 3.8x in FY19 to as low as 2.6x now," the statement said.

Robust financial performance across businesses has resulted in consistent ratings improvement with milestone achievement in FY25. Nearly 90 per cent of EBITDA is now generated from assets with domestic ratings of 'AA-' and above, as compared to 63 per cent and 48 per cent two and six years ago, respectively.

As a result, the cost of debt for FY25 was 7.9 per cent against 9 per cent in FY24 and 10.3 per cent in FY19.

"In line with our conservative credit policies, sufficient liquidity is maintained across portfolio companies to cover debt servicing requirements for at least the next 12 months. As on March 31, 2025, Adani Portfolio had a cash balance of Rs 53,843 crore, representing 18.5 per cent of gross debt and is sufficient to cover 21 months of debt servicing requirements comfortably above our stated 12 months+1 day of debt servicing policy," it added.

On operational performance, the group said solar module sale increased 59 per cent year-on-year to 4,263 MW while the passenger movement at Adani Airports rose by 7 per cent to 94.4 million.

Operational green capacity increased by 30 per cent Y-o-Y to 14,243 MW with the addition of 2,710 MW solar and 599 MW wind power plants.

The transmission line order book increased 3.5 times to Rs 59,936 crore, and Adani Energy Solutions won seven new transmission projects during FY25.

Volumes handed by Adani Ports increased 7 per cent to 450 million tonnes, driven by strong growth in the container volume, up 20 per cent.

Vizhinjam port, its newest, crossed the 100,000 TEUs (Twenty-foot Equivalent Unit) milestone in March 2025, just four months after becoming operational.

The cement business has now crossed 100 million tonnes capacity - an increase of 21 million tonnes since FY24 end.