Adani posts stellar FY25 performance; EBITDA hits all-time high of Rs 90,000 cr

• Record Capex of Rs 126,000 cr (USD 14.7 Bn)
• Return on Asset of 16.5%–one of the highest globally in Infrastructure
• Record PAT of Rs 40,565 cr (USD 4.7 Bn) — 6-year CAGR of 48.5%

NE BUSINESS BUREAU

AHMEDABAD, MAY 23

The Adani Group on Thursday reported a consolidated EBITDA of Rs 89,806 crore in FY25, driven by growth in core infrastructure sectors and higher operating cash flows across its portfolio. Ebitda was up 8.2 per cent compared to Rs 82,976 crore reported by group listed companies in FY24, said Adani in a media statement.

The conglomerate, with interests ranging from energy and logistics to cement and mining, reported a capital expenditure of Rs 1.26 trillion — its highest — and said it plans to invest $100 billion in the next six years. The investments will reflect the group’s focus on building long-term infrastructure assets, including renewable energy projects, transmission networks, ports, and a new copper smelter facility, it said.

Return on assets in FY25 stood at 16.5 per cent, which Adani said places it among the highest-performing infrastructure businesses globally. The group’s gross assets have grown at a compound annual rate of more than 25 percent since FY2019, reaching Rs 6.1 trillion ($71.2 billion).

Alongside growth, the group reduced its leverage. Net debt-to-ebitda declined to 2.6x, down from 3.8x in FY19. Liquidity remains strong, with a reported cash balance of Rs 53,843 crore ($6.3 billion), representing approximately 18.5 percent of gross debt. The average cost of borrowing fell below 8 per cent for the first time, a result the company attributed to improved credit ratings and access to lower-cost capital, the statement said.

Roughly 90 per cent of the Group’s ebitda now originates from assets rated ‘AA’ or above domestically, according to the company. It also cited improvements in environmental, social, and governance scores and governance-related disclosures as contributing factors to the decline in borrowing costs.

Adani’s core infrastructure businesses contributed 82 per cent of total ebitda. In the utility segment, Adani Green Energy increased its operational capacity by 30 percent year-on-year, while Adani Power reported a 20 percent rise in electricity generation. (Ebitda is earnings before interest, taxes, depreciation, and amortisation.)

The transport segment, led by Adani Ports & SEZ, delivered a 19 per cent increase in ebitda, aided by a 20 per cent surge in container volumes. Ambuja Cements, a family-owned business, reported a capacity increase to 100 million tonnes per annum, following expansions across multiple plants.

“India’s consumption engine remains strong,” said Karan Adani, chief executive officer of Adani Ports & SEZ and Chairman of ACC Ltd. “As manufacturing grows, trade volumes will surge. For us, any trade — import or export — is good business.” APSEZ plans to build a fully integrated logistics platform spanning factory gates to end consumers, with an eye on becoming the largest player not just in ports but across the supply chain. “We’re already moving over 500 million tonnes annually,” said Karan Adani.

“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  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)

(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

Company-wise Financial Performance (EBITDA in INR cr)

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