Adani Group has cut its average cost of funds to about 8.7%, down more than 100 basis points from FY19, according to Group CFO Jugeshinder Singh. The improvement reflects rating upgrades, liability management and diversified funding, even as gross debt has climbed on record capex across ports, power, renewables and airports.
Speaking after the conglomerate reported record operating performance for the first half of FY26, Adani Group’s CFO said the portfolio’s blended cost of funds has declined to roughly 8.7% from levels above 9.7% in FY19. The fall comes despite gross debt swelling to around ₹3.36 lakh crore as the group ramps up a ₹1.5 lakh crore capex plan spanning energy transition, transport infrastructure and logistics.
The CFO attributed the lower cost primarily to a shift towards longer-tenor infrastructure funding, rising domestic AAA ratings, stable dollar bond spreads and active refinancing of older, costlier loans. Portfolio metrics such as net debt‑to‑EBITDA remain near 3x, below the guided band of 3.5–4.5x, helping reassure lenders and bond investors after last year’s scrutiny of the group’s leverage profile.
Key highlights
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Portfolio-wide average cost of funds now ~8.7%, down over 100 bps versus FY19.
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Gross debt stands near ₹3.36 lakh crore, with cash balance above ₹57,000 crore.
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Debt mix: roughly half from Indian banks/NBFCs, remainder from global banks and capital markets.
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Net debt/EBITDA around 3x, still below management’s 3.5–4.5x comfort range.
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Lower funding cost supports a planned USD 100 billion investment pipeline over the next decade in renewables, ports, transmission, airports and adjacent infrastructure.
Sources: Adani Portfolio equity and credit presentations; Adani Group and Adani Green Energy annual reports