Adani Group Q4 FY25 Earnings Results: Reported ₹89,806 Crore EBITDA, Up 8.2%

The Adani Group announced a consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) of ₹89,806 crore for FY25, up 8.2% from ₹82,976 crore in FY24. This growth was mainly driven by strong performance in its core infrastructure sectors and better operating cash flows across its businesses.

Highest Ever Capital Investment and Future Plans

During FY25, the group invested ₹1.26 trillion — its largest annual CAPEX so far. Adani also shared plans to invest $100 billion over the next 6 years. The focus will be on building long-term infrastructure projects like renewable energy plants, transmission networks, ports, and a new copper smelter.

Strong Returns and Asset Growth

Adani reported a return on assets of 16.5% in FY25, placing it among the top-performing infrastructure companies globally. Since FY2019, the group’s gross assets have grown over 25% annually, now totalling ₹6.1 trillion ($71.2 billion).

Debt Management and Lower Borrowing Costs

The group also improved its debt profile. Its net debt-to-EBITDA ratio dropped to 2.6x from 3.8x in FY19. Adani has a strong cash balance of ₹53,843 crore ($6.3 billion), which is 18.5% of its total debt. The average cost of borrowing fell below 8% for the first time, thanks to better credit ratings and access to cheaper capital.

Majority of Earnings from High-Rated Assets

About 90% of the group’s EBITDA now comes from assets rated 'AA' or higher in India. The company said improved governance and ESG (Environmental, Social, and Governance) practices also helped reduce borrowing costs.

Infrastructure Sectors Drive Growth

Core infrastructure businesses made up 82% of the group’s total EBITDA. Adani Green Energy increased its power capacity by 30%, and Adani Power grew its electricity production by 20%. The transport division, led by Adani Ports & SEZ, saw a 19% increase in EBITDA due to a 20% jump in container volumes. Ambuja Cements increased its production capacity to 100 million tonnes per year with expansions at multiple plants.

Logistics and New Businesses Expanding

Karan Adani, CEO of Adani Ports & SEZ, said India’s strong consumption and growing manufacturing sector will boost trade volumes. APSEZ aims to become a major integrated logistics player, already handling over 500 million tonnes of cargo annually.

Adani Enterprises, the group’s platform for new infrastructure ventures, posted a 26.6% rise in EBITDA. Key developments included progress in roads, airports, and the launch of a large copper smelter in Mundra.

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Stable Outlook and Financial Strength

Adani Group said its strategy focuses on building large-scale assets efficiently and managing finances carefully. According to CFO Jugeshinder "Robbie" Singh, the group’s assets and operations provide steady returns even as they invest in new projects. The group also confirmed it has enough liquidity to cover debt for the next 12 months and enough resources to meet obligations for over 21 months.

Conclusion

The Adani Group's FY25 performance highlights its continued dominance in infrastructure and logistics. With robust earnings, reduced debt, and aggressive investment plans, the group is well-positioned to lead India’s next phase of economic and industrial growth, especially in clean energy and integrated logistics.

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