TFP Bureau, Ahmedabad, May 23, 2025: The Adani Group has reported a stellar financial performance for FY25, achieving its highest-ever EBITDA of INR 89,806 crore (USD 10.5 billion) and a record capital expenditure of INR 1.26 lakh crore (USD 14.7 billion). These results solidify Adani’s position as a global infrastructure powerhouse, with a Return on Assets (ROA) of 16.5%—among the highest in the global infrastructure sector.
Releasing its FY25 results and credit compendium, the Group highlighted consistent and strategic capital deployment, strong operating leverage, and disciplined financial management across its portfolio companies, which span utilities, transport, energy, and adjacent businesses like cement.
Highlights of FY25 Performance:
- EBITDA surged 8.2% YoY to an all-time high of INR 89,806 crore, with 82% of it driven by the Group’s core infrastructure businesses including utilities and transport.
- Profit After Tax (PAT) jumped to INR 40,565 crore (USD 4.7 billion), growing at a CAGR of 48.5% over six years.
- Gross Assets rose to INR 6.1 lakh crore (USD 71.2 billion), with three-fourths added in the last six years.
- Fund Flow from Operations (FFO) increased 13.6% YoY to INR 66,527 crore (USD 7.8 billion).
- ROA remained strong at 16.5%, showcasing consistent high-yielding capital efficiency.
“FY25 has been a landmark year for the Adani Portfolio with robust financials, execution excellence, and a global benchmark ROA,” said Mr. Jugeshinder ‘Robbie’ Singh, Group CFO. “Governance and ESG initiatives have also progressed, with all listed entities releasing Tax Transparency reports and achieving top-tier ESG scores globally,” he added.
Credit and Financial Strength:
- Net Debt-to-EBITDA ratio improved from 3.8x in FY19 to 2.6x in FY25, showcasing a healthier balance sheet.
- Cash balance stood at INR 53,843 crore (USD 6.3 billion), covering 21 months of debt service—well above the Group’s stated 12+1 policy.
- The cost of debt declined to 7.9% in FY25, from 10.3% in FY19, driven by improved credit ratings and financial discipline.
- 90% of EBITDA is now from AA-rated or higher assets, with nearly 50% from AAA-rated components.
Company-Wise Highlights:
- Adani Enterprises Ltd (AEL):
- Solar module sales rose 59% YoY; copper smelter at Mundra became operational.
- Airport footfalls rose to 94.4 million; 2,410 lane-kms of roads constructed—a record.
- Adani Green Energy:
- Operational capacity increased 30% to 14,243 MW.
- Adani Energy Solutions:
- Transmission order book rose 3.5x to INR 59,936 crore.
- Secured largest-ever HVDC project under Rajasthan Phase III.
- Adani Power:
- Power generation up 20% YoY to 102 billion units.
- Operational capacity reached 17.5 GW.
- Adani Ports & SEZ:
- Cargo volumes touched 450 MMT; Vizhinjam Port hit 100,000 TEUs in just four months.
- Adani Cement (Ambuja):
- Crossed 100 MTPA capacity—a 21 MTPA increase since FY24.
Outlook:
With sustained high-quality asset creation, sectoral leadership, and a focus on ESG, the Adani Group remains poised for further growth while maintaining fiscal prudence and operational resilience. The Group’s performance in FY25 is seen as a benchmark for large-scale infrastructure enterprises worldwide.
