Adani Group Sees Significant Growth With 25.5% EBITDA Rise In H1 FY25

The Adani Group has reported strong growth for the first half of FY25, posting a 25.5% increase in EBITDA, adjusted for one-time prior period incomes.

The company’s trailing-twelve-month (TTM) EBITDA reached Rs 83,440 crore, marking a solid 17.1% year-on-year (YoY) growth.

After adjusting for previous period incomes, TTM EBITDA growth accelerated to 34.3%, reflecting the Group’s continued operational strength and upward growth trajectory.

The Group has achieved record performance, particularly driven by its core infrastructure sectors like solar and wind manufacturing, airports, and roads.

For H1 FY25, the Adani Portfolio generated an EBITDA of Rs 44,212 crore, a modest YoY increase of 1.2%.

However, the annualized ‘run-rate’ EBITDA, which includes earnings from newly commissioned assets, surged to Rs 88,192 crore, up 22.1% from the previous year, showcasing the Group’s expanding business operations.

In the first half of FY25, the Group’s asset base increased by Rs 75,277 crore, reaching a total of Rs 5.53 lakh crore, further illustrating Adani’s expansive infrastructure portfolio and its stable cash flow.

The growth in the core infrastructure segment – encompassing utilities, transport, and energy—remained a key contributor, accounting for 86.8% of the total EBITDA.

Adani Enterprises’ emerging infrastructure businesses played a significant role in this growth, including solar and wind manufacturing, which is integrated into a green hydrogen production chain, alongside the growth of airports and roads sectors.

These incubating businesses saw a substantial 70.14% YoY increase in EBITDA, reinforcing the Group’s commitment to sustainable energy and infrastructure development.

The utility segment, including Adani Green Energy, Adani Power, and Adani Total Gas, performed strongly, contributing over half of the Group’s total EBITDA.

Adani Group Reports Strong Cash Position & Conservative EBITDA Leverage

The Group’s solid financial management is also evident in its cash position, with Rs 53,024 crore in cash, representing 20.53% of its gross debt. This provides strong liquidity to meet debt servicing requirements for the coming year.

Adani’s conservative approach to leverage is reflected in its Net Debt to EBITDA ratio of 2.46x, well below the targeted range of 3.5x to 4.5x.

The gross assets to net debt ratio improved to 2.7x, up from 2.6x in FY24, signaling an even stronger financial position.

The Group highlighted its strong credit metrics, with 76% of its portfolio’s EBITDA coming from assets rated ‘AA-‘ or higher in India.

Adani Ports & SEZ (APSEZ) continued to demonstrate its market leadership, earning an ‘AAA’ rating from major domestic agencies such as CRISIL, ICRA, CARE, and India Ratings.

The company also saw its outlook upgraded by S&P, further cementing its position in India’s infrastructure sector.

Adani Enterprises has seen significant growth in its infrastructure businesses, including a 91% YoY increase in solar module sales, reaching 2,380 MW.

Passenger movement at Adani airports grew by 6% YoY, reaching 45.1 million.

Adani Green Energy boosted its operational capacity by 34% YoY to 11.2 GW, while also starting construction on a 500 MW hydro pump storage project.

Adani Ports & SEZ also saw a 9% increase in cargo volumes, totaling 220 million metric tons (MMT), and expanded its portfolio by acquiring Gopalpur Port and Astro Offshore, along with securing two new port concession agreements.

In the cement sector, Adani Cement expanded through the acquisition of Penna Cement and Orient Cement, raising its operational capacity to 97.8 million tons per annum (MTPA).

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