Adani Portfolio Crosses ₹90,000 Cr EBITDA; Adani Green’s Capacity Soars 45% YoY

Adani Portfolio’s EBITDA has crossed the ₹90,000 crore milestone on a trailing twelve-month basis for the first time, with Q1 EBITDA also reaching a record high.

The company, in a press release, stated, “This strong performance was led by sustained growth in incubating businesses (notably Airports under Adani Enterprises (AEL)), along with Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ, and Ambuja Cements. Robust contributions from these businesses more than offset the decline in AEL’s existing businesses.”

The group clarified that the negative growth in AEL’s existing businesses was primarily due to a decrease in trade volume and volatility of index prices in IRM (Integrated Resource Management). However, it added that sustained EBITDA expansion provides strong support for the planned annual capital expenditure of ₹1.5–₹1.6 lakh crore.

Sector-Wise Growth

Adani Group also shared details of sector-wise performance. It stated, "Adani's strong performance was led by sustained growth in incubating businesses (notably Airports under AEL), along with Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ, and Ambuja Cements. Robust contributions from these businesses more than offset the decline in AEL’s existing businesses."

Whereas Adani's negative growth in Adani Enterprises (AEL’s) existing businesses was primarily due to a decrease in trade volume and volatility of index prices in IRM (Integrated Resource Management). Sustained EBITDA expansion provides strong support for the planned annual capital expenditure of ₹1.5–₹1.6 lakh crore."

On the credit side, the portfolio-level leverage continues to remain one of the lowest globally at 2.6 times Net Debt to EBITDA, while high liquidity of ₹53,843 crore is maintained in cash, it added.

Adani Green Performance

Adani Green in Q1FY26, while sharing the financial performance (EBITDA) it reported earnings of ₹3,364 crore, reflecting 17.0% YoY growth from ₹2,876 crore in Q1FY25. It also recorded ₹11,020 crore in Jun’25 TTM, an increase from ₹9,579 crore in Jun’24 TTM, marking a 15.0% YoY growth.

Sharing the company-wise Key Highlights for Q1FY26, it said, "Adani Green Energy’s (AGEL) operational capacity increased by 45% YoY to 15,816 MW with the addition of 3,763 MW solar, 585 MW wind power plants, and 534 MW hybrid power plants. It also secured one new transmission project—the WRNES Talegaon line—taking the under-construction order book to ₹59,304 crore."

Jun’25 TTM and Q1FY26 Performance Highlights

On a trailing twelve-month (TTM) basis, Adani Group’s EBITDA grew by 10% YoY to an all-time high of ₹90,572 crore; Q1FY26 EBITDA increased by 3.3% to a record high of ₹23,793 crore.

Meanwhile, the company continued to deliver double-digit EBITDA growth in Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ, and Adani Cements (Ambuja).

Adani group said, "Sufficient liquidity is maintained across portfolio companies to cover debt servicing requirements for at least the next 12 months. As of 31 March 2025, Adani Portfolio had a cash balance of ₹53,843 crore, representing ~19% of Gross Debt. These expanding cash flows have enabled consistent investments while keeping the leverage highly conservative."

As of 31 March 2025, "Fund Flow from Operations or Cash After Tax was at a record ₹66,527 crore. Its asset base stood at ₹6.1 lakh crore—an addition of ₹1.26 lakh crore in FY25. Its Net Debt to EBITDA was at 2.6x—one of the lowest among large global infrastructure players."