The Adani Group, led by Gautam Adani, has reported an unprecedented financial milestone, posting its highest-ever earnings before interest, taxes, depreciation, and amortization (EBITDA) of Rs 90,572 crore for the trailing twelve months ending June 2025. This remarkable achievement represents a 10% year-on-year growth from Rs 85,502 crore recorded in the same period ending June 2024. The group’s robust performance was driven primarily by its core infrastructure sectors and emerging business verticals, reflecting a strategic masterstroke in expanding and strengthening its portfolio.
Key Highlights of the Financial Performance
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The Adani Group achieved a quarterly EBITDA of Rs 23,793 crore in the April-June 2025 quarter, the highest ever in its history, signaling strong operational momentum.
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Core infrastructure businesses—including utilities, transport, and incubating infrastructure assets like airports, solar, wind manufacturing, and roads—accounted for about 87% of the consolidated EBITDA in the quarter.
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The incubating infrastructure segment, which includes airports and renewable energy assets, crossed Rs 10,000 crore EBITDA for the first time.
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Despite a dip in coal trading business within flagship Adani Enterprises Ltd, the group's overall earnings surged due to diversification and growth in clean energy, ports, cement, and energy solutions.
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The net debt-to-EBITDA ratio improved to a healthy 2.6 times, and the company holds significant cash reserves of Rs 53,843 crore, ensuring strong liquidity.
Strategic Business Contributions and Growth Drivers
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The highest-ever EBITDA milestone reflects the group's sustained focus on core infrastructure and adjacencies, reinforcing its dominant position in sectors vital to India's economy. Key sectors and companies driving this performance include:
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Adani Green Energy: Expanded operational capacity by 45% to 15,816 MW in the quarter, adding considerable solar, wind, and hybrid capacity.
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Adani Ports & SEZ: Reported an 11% increase in cargo volumes to 121 million metric tonnes, bolstering its income base.
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Ambuja Cements: Recorded a 20.6% sales volume increase, contributing strong earnings growth.
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Adani Energy Solutions: Secured significant new transmission projects with a current order book under construction valued at Rs 59,304 crore.
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Airports segment under Adani Enterprises: Passenger movements rose by 3% to 23.4 million, and cargo handled increased by 4% to 0.28 million metric tonnes, reflecting growing operational scale.
Financial Health and Capital Management
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The group's financial discipline is reflected in the improvement of leverage ratios and capital efficiency:
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The Adani Group's portfolio commands strong credit ratings, with about 87% of the EBITDA run-rate generated by assets rated 'AA-' or better.
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Gross assets of the conglomerate expanded to Rs 6.1 trillion by the end of FY25, up Rs 1.26 trillion from the previous year, driven by investments in infrastructure, airports, and renewables.
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The net debt is managed prudently at Rs 2.36 lakh crore, supported by ample liquidity with cash reserves covering debt obligations for nearly 21 months.
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Return on Assets (ROA) stood at 16.5% for FY25, indicating high capital efficiency.
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The group is on an ambitious capital expenditure plan, expecting to invest Rs 1.5-1.6 trillion annually to fuel further growth.
Outlook and Future Plans
Chairman Gautam Adani has outlined a bold investment roadmap, aiming to inject $15-20 billion annually into expanding infrastructure and renewable energy projects over the next five years. These plans aim not only to upscale the group's footprint but also to contribute significantly to India's rapid economic growth and infrastructure development.
The group continues to mark strategic milestones in clean energy transitions, such as commissioning India’s first off-grid 5 MW green hydrogen pilot plant and advancing major construction projects like the Ganga Expressway. With expanding capacities in energy, ports, and cement, the Adani Group is poised for sustained growth and increasing market leadership.
This landmark performance highlights Gautam Adani’s strategic vision and the Group’s vigorous execution, underscoring its position as a powerhouse in India's infrastructure and energy sectors while navigating challenges with a robust financial foundation.
Source: PTI, Rediff, Fortune India, Business Standard, Free Press Journal.
