Adani Portfolio Delivers a Record Performance; TTM EBITDA crosses INR 90,000 crore Milestone

Q1FY26 EBITDA at All-Time High of INR 23,793 crore

EDITOR’S SYNOPSIS

Highest ever Trailing-twelve-month (TTM) EBITDA at INR 90,572 crore, up ~10% YoY
Highest ever Q1FY26 EBITDA at INR 23,793 crore
Core infrastructure businesses (utility, transport, and incubating infra businesses under Adani Enterprises) accounted for ~87% of total Q1FY26 EBITDA
Incubating Infra assets (Airports, Solar & Wind manufacturing, and Roads) cross Rs 10,000 crore EBITDA for the first time
Strong performance across Infrastructure and Adjacencies offset dip in the existing AEL’s businesses.
Credit Update - As on 31 March 2025:
- Fund Flow from Operations or Cash After Tax was at a record INR 66,527 crore
- Asset base stood at INR 6.1 lakh crore—addition of INR 1.26 lakh crore in FY25
- Net Debt to EBITDA was at 2.6x – one of the lowest amongst large global infra players
Ample liquidity to cover debt servicing for at least the next 21 months—cash balance at INR 53,843 crore—~19% of Gross Debt

Ahmedabad, 28 August 2025: The Adani Group, India's largest infrastructure player, today announced the financial performance of the Adani Portfolio for the Trailing-Twelve-Month (TTM) and Q1FY26, along with its Credit performance.

The Adani Portfolio EBITDA has crossed the INR 90,000 crore milestone on a trailing twelve-month basis for the first time, with Q1 EBITDA also reaching a record high. This strong performance was led by sustained growth in incubating businesses (notably Airports under AEL), along with Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ, and Ambuja Cements. Robust contributions from these businesses more than offset the dip in AEL’s existing. Negative growth in AEL Existing Business is primarily due to a decrease in trade volume and volatility of index prices in IRM (Integrated Resource Management). Sustained EBITDA expansion provides strong support for the planned annual capital expenditure of INR 1.5-INR 1.6 lakh crore.

On the credit side, the portfolio-level leverage continues to remain one of the lowest globally at 2.6 times Net Debt to EBITDA, while high liquidity of INR 53,843 crore is maintained in cash.

Adani Portfolio – Financial Performance (EBITDA in INR crore)

Sector	Q1FY26	Q1FY25	Y-o-Y Growth	Jun’25 TTM	Jun’24 TTM	Y-o-Y Growth
Utility*	11,895	11,638	2.2%	43,633*	41,722*	4.6%
Transport	5,949	5,265	13.0%	21,154	18,405	14.9%
AEL - Infrastructure Businesses	2,825	2,691	5%	10,219	7,318	39.6%
A. Sub-total (Infrastructure)	20,669	19,594	5.5%	75,006	67,445	11.2%
B. Adjacencies (Cement)	2,242	1,638	36.9%	9,249	7,291	26.9%
Sub-total (Infra+Adjacencies)	22,911	21,232	7.9%	84,255	74,736	12.7%
C. AEL- Existing Businesses	882	1,796	(50.9%)	6,317	7,766	(18.7)%
Portfolio EBITDA (A+B+C)	23,793	23,028	3.3%	90,572	82,502	9.8%

^{(Utility: Adani Power + Adani Green Energy + Adani Total Gas + Adani Energy Solutions | Transport: Adani Ports &
SEZ | AEL: Adani Enterprises)}

^{*Utility segment TTM EBITDA includes prior period incomes in Adani Power of INR 2,417 crore in Jun’25 TTM period
Vs INR 3,247 crore in Jun’24TTM}

^{EBITDA: PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Gain) +
Exceptional Items}

Company-wise Financial Performance (EBITDA in INR crores)

Entity	Q1FY26	Q1FY25	Y-o-Y Growth	Jun’25 TTM	Jun’24 TTM	Y-o-Y Growth
Incubator
Adani Enterprises¹	3,707	4,487	(17.4%)	16,536	15,084	9.6%
Utility
Adani Green Energy	3,364	2,876	17.0%	11,020	9,579	15.0%
Adani Energy Solutions	2,017	1,762	14.5%	8,002	6,707	19.3%
Adani Power²	6,208	6,695	(7.3%)	23,430	24,225	(3.3%)
Adani Total Gas	306	304	0.7%	1,181	1,212	(2.6%)
Transport
Adani Ports & SEZ	5,959	5,265	13.2%	21,154	18,045	17.2%
Adjacencies
Adani Cement (Ambuja)	2,242	1,638	36.9%	9,249	7,291	26.9%
Adani Portfolio	23,793	23,027	3.3%	90,572	82,502	9.8%

^{1. AEL includes emerging infrastructure businesses as well as existing businesses of integrated resource management, mining and mining services.}

^{2. APL includes prior period incomes in Adani Power of INR 2,417 crore in Jun’25 TTM period Vs INR 3,247 crore in Jun’24TTM}

Jun’25 TTM and Q1FY26 Performance Highlights

On a Trailing Twelve-Month basis (TTM), portfolio EBITDA grew by 10% YoY to an all-time high of INR 90,572 crore; Q1FY26 EBITDA increased by 3.3% to record high of INR 23,793 crore.
Highly stable ‘Core Infrastructure’ portfolio continues to power cashflow generation, with ~87% contribution to the total portfolio EBITDA. This ‘Core Infrastructure’ platform comprises—AEL’s incubating Infrastructure businesses, Utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas), and Transport (Adani Ports & SEZ) businesses.
The credit profile in Jun’25 has become even more robust with 87% of the Run-rate EBITDA(INR 99,561 crore) now generated from assets with domestic ratings of ‘AA-‘ and above.
Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ, and Adani Cements (Ambuja) continue to deliver double-digit EBITDA growth.
Sufficient liquidity is maintained across portfolio companies to cover debt servicing requirements for at least the next 12 months.
As on 31 March 2025, Adani Portfolio had a cash balance of INR 53,843 crore, representing ~19% of Gross Debt.
These expanding cash flows have enabled consistent investments while keeping the leverage highly conservative. As of 31 March 2025:
- Fund Flow from Operations or Cash After Tax was at a record INR 66,527 crore
- Asset base stood at INR 6.1 lakh crore—addition of INR 1.26 lakh crore in FY25
- Net Debt to EBITDA was at 2.6x – one of the lowest amongst large global infra players

Company-wise Key Highlights for Q1FY26:

Adani Enterprises’(AEL), incubated businesses are on a high-growth path:
- ANIL has successfully commissioned India’s first off-grid 5 MW Green Hydrogen pilot plant, marking a major milestone in the nation’s clean energy transition.
- 7 out of 8 under-construction projects are more than 70 % completed (including Ganga Expressway).
- Pax movements up by 3% YoY to 23.4 Mn in Q1FY26 & Cargo movements up by 4% YoY to 0.28 MMT in Q1FY26.
Adani Green Energy’s(AGEL) operational capacity increased by 45% YoY to 15,816 MW with the addition of 3,763 MW solar, 585 MW wind power plants and 534 MW hybrid power plants.
Adani Energy Solutions (AESL) secured one new transmission project - WRNES Talegaon line, taking the under-construction order book to INR 59,304 Cr.
Adani Ports & SEZ’s (APSEZ) volume grew +11 % YoY to 121 MMT in Q1FY26.
Adani Cements’ (Ambuja) present Cement Capacity of ~105 MTPA, well poised to achieve the planned capacity of 118 MTPA by March 2026