Adani Posts Stellar FY25 Performance; EBITDA Hits All-Time High

Highest ever EBITDA of INR 90,000 cr (USD 10.5 Bn)
Record Capex of INR 126,000 cr (USD 14.7 Bn)
Return on Asset of 16.5%--one of the highest globally in Infrastructure

Editor’s synopsis

Result Highlights

Gross Assets have increased to INR 609,133 lakh cr — 6-year (FY19-FY25) CAGR of over 25%.
Record EBITDA of INR 89,806 cr (USD 10.5 Bn) — 6-year CAGR of 24%
Record PAT of INR 40,565 cr (USD 4.7 Bn) — 6-year CAGR of 48.5%
ROA in FY25 reached 16.5%, one of the highest amongst infrastructure players globally. Prudent Capital allocation has led to steady Return on Asset (ROA) at ~16%, showcasing no compromise on ROA to achieve high growth

Credit Highlights

This accelerated profit growth has reduced leverage—Net Debt-to-EBITDA down from 3.8x in FY19 to 2.6x in FY25
Cash balance of INR 53,843 cr (USD 6.3 Bn), representing 18.5% of Gross Debt
~90% of EBITDA is from the AA-rated category assets, and ~50% of EBITDA from AAA category
Consistently improving ratings have led to declining cost of debt—Average Cost of debt declined to below 8% for the first time in FY25—7.9% in FY25 against 9% in FY24 and 10.3% in FY19

Ahmedabad, 22 May 2025: Adani Portfolio released FY25 Results and Credit compendium covering all its listed entities, summarizing the key developments across the portfolio companies.

“A key highlight of FY25 is the continued industry-beating Return on Assets of 16.5%, 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 Mr. Jugeshinder ‘Robbie’ Singh, GCFO, 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,” he added.

Adani Portfolio – FY25 and Q4 FY25 Financial Performance (EBITDA in INR cr)

Sector	FY25	FY24	Y-o-Y Growth	Q4FY25	Q4FY24	Y-o-Y Growth
Utility*	43,375	44,504	(2.5%)	10,439	9,638	8.3%
Transport	20,471	17,202	19.0%	5,456	4,313	26.5%
AEL - Infrastructure Businesses	10,085	5,945	69.6%	2,359	1,593	48.1%
A. Sub-total (Infrastructure)	73,931	67,651	9.3%	18,254	15,544	17.4%
B. Adjacencies (Cement)	8,644	7,589	13.9%	2,451	1,937	26.5%
Sub-total (Infra+Adjacencies)	82,575	75,240	9.8%	20,705	17,481	18.4%
C. AEL - Existing Businesses	7,231	7,736	(6.5%)	2,036	2,312	(11.9%)
Portfolio EBITDA (A+B+C)	89,806	82,976	8.2%	22,741	19,793	14.9%

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

*Utility segment EBITDA includes prior period incomes in Adani Power of INR 2,433 cr in FY25 Vs INR 9,322 cr in FY24

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

FY25 Performance Highlights

FY25 was a landmark year for the Adani Portfolio, where in EBITDA scaled to an all-time high of INR 89,806 cr (USD 10.5 Bn), up 8.2% YoY. Excluding non-recurring prior period items, the growth stands even higher at 18% YoY.
It should be noted that 82% 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 of Utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas), Transport (Adani Ports & SEZ), and AEL’s incubating Infrastructure businesses.
Cash After Tax (CAT) or Fund Flow from Operations (FFO) increased to INR 66,527 cr (USD 7.8 Bn), up 13.6%, driven by strong operating leverage across businesses.
Profit After Tax (PAT) rose to an all-time high of INR 40,565 cr.
Higher cashflows helped record asset addition of INR 1.26 lakh cr (USD 14.7 Bn)—the highest in the history of Adani Portfolio, taking the total Gross Assets to INR 6.1 lakh crore (USD 71.2 Bn). 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 (ROA) of over 15% in each of the past six years. ROA for FY25 was 16.5%--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.
Robust financial performance across businesses has resulted in consistent ratings improvement with milestone achievement in FY25. Nearly 90% of EBITDA is now generated from assets with domestic ratings of ‘AA- ‘and above, as compared to 63% and 48% two and six years ago, respectively.
As a result, the cost of debt for FY25 was 7.9% against 9% in FY24 and 10.3% 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 31 March 2025, Adani Portfolio had a cash balance of INR 53,843 cr, representing 18.5% 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.

Company-wise Financial Performance (EBITDA in INR cr)

Entity	FY25	Q3FY24	Y-o-Y Growth	Q4 FY25	Q4 FY24	Y-o-Y Growth
Incubator
Adani Enterprises¹	17,316	13,681	26.6%	4,396	3,905	12.6%
Utility
Adani Green Energy	10,532	8,908	18.2%	2,697	2,194	22.9%
Adani Energy Solutions	7,747	6,323	22.5%	2,262	1,770	27.8%
Adani Power²	23,917	28,108	(14.9%)	5,199	5,368	(3.1%)
Adani Total Gas	1,179	1,166	1.15%	281	307	(8.7%)
Transport
Adani Ports & SEZ	20,471	17,202	19.0%	5,456	4,313	26.5%
Adjacencies
Adani Cement	8,644	7,589	13.9%	2,451	1,936	26.6%
Adani Portfolio	89,806	82,976	8.2%	86,789	78,839	10.1%

1. AEL includes emerging infrastructure businesses and existing businesses of integrated resource management, mining, and mining services.

2. APL includes prior period incomes of INR 2,433 cr in FY25 Vs INR 9,322 cr in FY24

FY25 Company-wise Key Highlights:

Adani Enterprises Ltd

ANIL Solar Module sale increased 59% YoY to 4263 MW. Expansion of the TopCon module and cell line for an additional capacity of 6 GW has started.
Pax movements across Adani Airports rose by 7% YoY to 94.4 Mn & Cargo movements was up by 8% YoY to 1.09 MMT.
Highest ever 2,410.1 Lane-KMs were constructed in the road business. 7 out of 8 under-construction projects are now 70% complete.
500 KTPA Copper smelter at Mundra is now operational and will be fully ramped up in the coming months.

Adani Green Energy Ltd

Operational capacity increased by 30% YoY to 14,243 MW with the addition of 2,710 MW solar and 599 MW wind power plants.

Adani Energy Solutions Ltd

Transmission order book increased 3.5x to INR 59,936 crore (USD 7 Bn) from INR 17,000 crore (USD 2 Bn) a year ago.
Won seven new transmission projects during FY25, including Rajasthan Phase III Part-I (Bhadla – Fatehpur HVDC transmission line). This is AESL’s largest order win to date.

Adani Power Ltd

Power generation at 102 Bn units was 20% higher YoY.
Operational capacity has now increased to 17.5 GW, taking Adani’s total utility portfolio to over 30 GW.

Adani Ports & SEZ Ltd

Volumes increased 7% YoY to 450 MMT, driven by strong growth in the container volume, up 20%.
Vizhinjam crossed the 100,000 TEUs milestone in March 2025, just four months after becoming operational.

Ambuja Ltd