Adani Portfolio Surpasses ₹90,000 Crore EBITDA, Eyes Aggressive Expansion with ₹1.6 Lakh Crore Capex

The Adani Group’s portfolio of listed companies reported a robust Trailing-Twelve-Month (TTM) EBITDA of ₹90,572 crore, up 10 percent year-on-year, while Q1 FY26 EBITDA reached a record ₹23,793 crore, marking a 3.3 percent rise, the conglomerate announced on Thursday (August 28, 2025). The results underscore the group’s continued growth across its energy, infrastructure, and transport businesses, and set the stage for an aggressive capital expenditure plan of ₹1.5-₹1.6 lakh crore in the coming year.

The Adani Portfolio, spanning airports, ports, power generation, transmission, data centers, cement, defense, and roads, has seen strong contributions from incubating businesses such as Adani Enterprises’ (AEL) airport ventures, Adani Green Energy (AGEL), Adani Energy Solutions (AESL), Adani Ports & SEZ (APSEZ), and Ambuja Cements. These high-growth segments more than offset a decline in AEL’s existing business, which faced pressure from lower trade volumes and volatility in Integrated Resource Management (IRM) index prices.

The group maintained one of the lowest leverage ratios globally, with Net Debt to EBITDA at 2.6x, supported by a high liquidity buffer of ₹53,843 crore as of March 31, 2025, representing 19 percent of gross debt. Fund flow from operations reached a record ₹66,527 crore, while the portfolio’s total asset base expanded to ₹6.1 lakh crore, including ₹1.26 lakh crore added in FY25.

Core Infrastructure businesses continue to drive growth, contributing 87 percent to the portfolio’s total EBITDA. AGEL’s operational capacity expanded 45 percent year-on-year to 15,816 MW with additions of 3,763 MW solar, 585 MW wind, and 534 MW hybrid projects. AESL added the WRNES Talegaon transmission project, increasing its under-construction order book to ₹59,304 crore. APSEZ saw cargo volumes grow 11 percent to 121 MMT in Q1 FY26, while passenger movements at Adani airports rose 3 percent to 23.4 million. Ambuja Cements’ capacity is on track to reach 118 MTPA by March 2026 from the current 105 MTPA.

The group is also pushing innovation in clean energy, with India’s first off-grid 5 MW green hydrogen pilot plant commissioned under Anil Ambani-led initiatives. Seven of eight under-construction projects, including the Ganga Expressway, are over 70 percent complete, highlighting the pace of Adani’s infrastructure development.

Looking ahead, the group’s strong liquidity position ensures that all debt obligations can be comfortably serviced over the next 12 months. Sustained EBITDA growth, coupled with continued investments in renewable energy, transport, and core infrastructure, positions the Adani Portfolio for further expansion and long-term resilience.

The combination of robust operational performance, disciplined financial management, and strategic project execution underscores the group’s ability to drive growth across multiple sectors while pursuing ambitious capital expenditure plans, solidifying its position as a leading global infrastructure and energy conglomerate.