Adani portfolio sees record EBITDA, PAT, Capex in FY25 financial results

The Adani Group has announced its financial results and credit compendium for FY25, delivering its strongest-ever performance across its portfolio of listed companies. The Adani portfolio reported its highest-ever EBITDA of Rs 90,000 crore ($10.5 billion) and a record Capex of Rs 1.26 lakh crore, underscoring its aggressive infrastructure push and capital discipline.

Unprecedented growth in profits and assets

The Adani portfolio’s gross assets rose to Rs 6.09 lakh crore, recording a CAGR of over 25% from FY2019 to FY2025. The group also posted a record profit after tax (PAT) of Rs 40,565 crore ($4.7 billion)—reflecting a CAGR of 48.5% over six years.

Complementing the record profitability, the conglomerate achieved a Return on Assets (RoA) of 16.5% in FY25, amongst the highest in the global infrastructure sector.

Financial discipline drives down leverage

The group has remarkably reduced its financial leverage on the back of robust profitability. The net debt-to-EBITDA ratio improved to 2.6x in FY25, down from 3.8x in FY19. The group maintained a cash balance of INR 53,843 crore, ensuring strong liquidity for future obligations.

The majority of EBITDA (90%) comes from high-quality AA-rated assets, with around 50% generated from top-tier AAA-rated assets.

FY25 financial highlights at a glance

All-time high EBITDA: FY25 was a landmark year for the Adani portfolio, where EBITDA scaled to an all-time high of Rs 89,806 crore, up 8.2% YoY. Excluding non-recurring prior period items, the growth of the Adani Group stands even higher at 18% YoY.

Core infrastructure leads the way: 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.

This platform includes Adani Green Energy, Adani Power, Adani Energy Solutions, Adani Total Gas, Adani Ports & SEZ, and AEL’s infrastructure businesses.

Increased operating cash flow: Cash After Tax (CAT) or Fund Flow from Operations (FFO) increased to Rs 66,527 crore, up 13.6%, driven by strong operating leverage across businesses.

Massive asset additions: Higher cash flows helped record asset additions of Rs 1.26 lakh crore, the highest in the history of Adani Portfolio, taking the total Gross Assets to Rs 6.1 lakh crore. Three-fourths of this was added in the past six years.

Sustained return on assets: Prudent capital allocation, complemented by strong execution, has helped the Adani portfolio consistently achieve an 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.

De-leveraging success: 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.

Stronger credit ratings: 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.

Falling cost of debt: As a result, the cost of debt for FY25 was 7.9% against 9% in FY24 and 10.3% in FY19.

Strong liquidity buffer: In line with the group's conservative credit policies, sufficient liquidity is maintained across portfolio companies to cover debt servicing requirements for at least the next 12 months. As of 31 March 2025, the Adani portfolio had a cash balance of INR 53,843 crore, representing 18.5% of gross debt and is sufficient to cover 21 months of debt servicing requirements comfortably above our stated 12 months+1 days of debt servicing policy.

A standout year for the Adani portfolio

With consistent growth across earnings, assets, and cash flow, FY25 marks a transformative year for the conglomerate led by tycoon Gautam Adani. The performance reflects its strategic focus on core infrastructure, disciplined capital allocation, and strong execution across verticals.