Adani Portfolio Crosses Rs 90,000 Crore EBITDA Milestone, Reports Record Q1FY26 Performance

Ahmedabad: The Adani Group has achieved a major financial milestone, with its portfolio EBITDA crossing the Rs 90,000 crore mark on a trailing twelve-month (TTM) basis for the first time. 

Announcing its results for the quarter ending June 2025 (Q1 FY26), the group reported a record performance across its key businesses.

In an official statement on Thursday, the company said, “Adani Portfolio EBITDA has crossed the Rs 90,000 crore milestone on a trailing twelve-month basis for the first time, with Q1 EBITDA also reaching a record high.”

On a TTM basis, the portfolio EBITDA rose 10 per cent year-on-year to Rs 90,572 crore. For Q1FY26, EBITDA stood at Rs 23,793 crore, up 3.3 per cent compared to last year.

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Business Drivers

The performance was mainly driven by incubating businesses under Adani Enterprises (AEL), as well as strong contributions from Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ, and Ambuja Cements. 

These gains helped offset the weakness in AEL’s existing business, which experienced reduced trade volumes and volatility in index prices within its Integrated Resource Management segment.

The group highlighted that its stable infrastructure portfolio, spanning energy utilities such as Adani Green Energy, Adani Power, Adani Energy Solutions, Adani Total Gas, and transport assets like Adani Ports & SEZ, contributed nearly 87 per cent of the overall portfolio EBITDA.

Credit and Liquidity

Adani also reported strong balance sheet metrics, with Net Debt to EBITDA at 2.6 times, one of the lowest leverage levels globally. As of March 31, 2025, liquidity remained strong with a cash balance of Rs 53,843 crore, covering around 19 per cent of gross debt and ensuring debt servicing needs for the next 12 months.

The company said its credit profile has improved, with 87 per cent of its run-rate EBITDA (Rs 99,561 crore) now generated from assets carrying domestic ratings of ‘AA-’ and above.

Company-Wise Highlights

Adani Enterprises (AEL): Commissioned India’s first off-grid 5 MW green hydrogen pilot plant through Adani New Industrial Limited (ANIL). Its key infrastructure projects, including the Ganga Expressway, have crossed 70 per cent completion. Passenger traffic rose 3 per cent to 23.4 million, while cargo volumes grew 4 per cent to 0.28 MMT in Q1FY26.

Adani Green Energy: Expanded operational capacity by 45 per cent year-on-year to 15,816 MW, adding solar, wind, and hybrid projects.

Adani Energy Solutions: Secured the WRNES Talegaon transmission project, taking its order book under construction to Rs 59,304 crore.

Adani Ports & SEZ: Handled 121 MMT of cargo in Q1FY26, marking 11 per cent year-on-year growth.

Ambuja Cements: Reached a production capacity of 105 MTPA, on track to achieve 118 MTPA by March 2026.

Looking Ahead

The group emphasised that sustained EBITDA growth and strong cash generation will help fund its ambitious annual capital expenditure of Rs 1.5–1.6 lakh crore. Fund flow from operations after tax reached a record Rs 66,527 crore, while the asset base expanded to Rs 6.1 lakh crore, an increase of Rs 1.26 lakh crore in FY25.

With strong performance across its energy, infrastructure, and industrial businesses, the Adani Group said it has created a solid foundation for long-term growth and investments.