Adani Group EBITDA crosses ₹90,000 crore in 12 months to June; Adani stocks trade mixed

Adani stocks were seen mixed on Thursday, August 28, after the Group reported its highest-ever trailing twelve-month EBITDA of ₹90,572 crore, driven by strong performance in its core infrastructure and clean energy businesses, along with contributions from its emerging airports segment, the conglomerate said on Thursday.

The group reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of ₹90,572 crore for the period from July 2024 to June 2025, up from ₹85,502 crore pre-tax profit in the trailing twelve months ending June 2024, it said in a statement.

The ports-to-energy group posted highest ever quarterly EBITDA of ₹23,793 crore in April-June, with core infrastructure businesses of utility, transport, and incubating infra businesses under Adani Enterprises accounting for about 87% of this.

Incubating infra assets such as airports, solar and wind manufacturing, and roads crossed ₹10,000 crore EBITDA for the first time.

Strong performance across infrastructure and adjacencies offset a dip in the coal trading business of flagship Adani Enterprises Ltd (AEL).

"The Adani Portfolio EBITDA has crossed the ₹90,000-crore milestone on a trailing twelve-month basis for the first time, with Q1 EBITDA also reaching a record high," the statement said.

This strong performance was led by sustained growth in incubating businesses (notably airports under AEL), along with renewable energy firm Adani Green Energy, electricity transmission arm Adani Energy Solutions, Adani Ports and SEZ, and Ambuja Cements.

"Robust contributions from these businesses more than offset the dip in AEL's existing business. Negative growth in AEL existing business is primarily due to a decrease in trade volume and volatility of index prices in IRM (commodity trading)," it said.

Following this, shares of Adani Enterprises were trading higher despite a weak market. The stock had surged 2.4% to touch an intraday high of ₹2,327.9 apiece on the National Stock Exchange. Last seen, share of Adani Enterprises were trading at ₹2,284.40 apiece, gaining 0.55%.

Adani Group said sustained EBITDA expansion provides strong support for the planned annual capital expenditure of ₹1.5 lakh crore to ₹1.6 lakh crore.

"On the credit side, the portfolio-level leverage continues to remain one of the lowest globally at 2.6 times net debt to EBITDA, while high liquidity of ₹53,843 crore is maintained in cash," it said.

As on March 31, 2025, fund flow from operations or cash after tax was at a record ₹66,527 crore while asset base stood at ₹6.1 lakh crore with the addition of ₹1.26 lakh crore in FY25.

Net debt to EBITDA was at 2.6x—one of the lowest amongst large global infra players.

The conglomerate had "ample liquidity to cover debt servicing for at least the next 21 months," it said, adding that cash balance at ₹53,843 crore was about 19 per cent of gross debt.

Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ, and Adani Cements (Ambuja) continue to deliver double-digit EBITDA growth.

Giving operational highlights, the group said AEL's incubated businesses are on a high-growth path—Adani New Industries Ltd (ANIL) commissioned India's first off-grid 5 MW green hydrogen pilot plant, 7 out of 8 under-construction projects are more than 70% completed (including Ganga Expressway), airport passenger movements up 3% year-on-year to 23.4 million in Q1 and cargo movements up 4% to 0.28 million tonnes.

Adani Green Energy's (AGEL) operational capacity increased 45% year-on-year to 15,816 MW with the addition of 3,763 MW solar, 585 MW wind power plants and 534 MW hybrid power plants.

Adani Energy Solutions (AESL) secured one new transmission project—WRNES Talegaon line—taking the under-construction order book to ₹59,304 crore.

Adani Ports & SEZ's (APSEZ) volume grew 11% to 121 million tonnes in the first quarter.

Adani Cements' (Ambuja) present cement capacity of 105 million tonnes per annum is on track to be raised to 118 million tonnes by March 2026.

Shares of Adani Green Energy (-0.81%), Adani Energy Solutions (-1.92%) and Ambuja Cements (-1.81%) were seen under pressure, while Adani Ports (0.51%) were trading higher.