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
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