The Adani Group, India’s largest infrastructure player, on Thursday announced the financial performance of the Adani Portfolio for the Trailing-Twelve-Month (TTM) and Q1FY26, along with its Credit performance.
The Adani Portfolio EBITDA has crossed the INR 90,000 crore milestone on a trailing twelve-month basis for the first time, with Q1 EBITDA also reaching a record high. This strong performance was led by sustained growth in incubating businesses (notably Airports under AEL), along with Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ, and Ambuja Cements. Robust contributions from these businesses more than offset the dip in AEL’s existing.
According to an official release, negative growth in AEL existing business is primarily due to a decrease in trade volume and volatility of index prices in IRM (Integrated Resource Management). Sustained EBITDA expansion provides strong support for the planned annual capital expenditure of INR 1.5-INR 1.6 lakh crore, the release said.
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 INR 53,843 crore is maintained in cash.
June’25 TTM and Q1FY26 Performance Highlights
• On a Trailing Twelve-Month basis (TTM), portfolio EBITDA grew by 10% YoY to an all-time high of INR 90,572 crore; Q1FY26 EBITDA increased by 3.3% to record high of INR 23,793 crore.
• Highly stable ‘Core Infrastructure’ portfolio continues to power cash flow generation, with ~87% contribution to the total portfolio EBITDA. This ‘Core Infrastructure’ platform comprises—AEL’s incubating Infrastructure businesses, Utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas), and Transport (Adani Ports & SEZ) businesses.
• The credit profile in Jun’25 has become even more robust with 87% of the Run-rate EBITDA(INR 99,561 crore) now generated from assets with domestic ratings of ‘AA-‘ and above.
• Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ, and Adani Cements (Ambuja) continue to deliver double-digit EBITDA growth.
• Sufficient liquidity is maintained across portfolio companies to cover debt servicing requirements for at least the next 12 months.
• As on 31 March 2025, Adani Portfolio had a cash balance of INR 53,843 crore, representing ~19% of Gross Debt.
• These expanding cash flows have enabled consistent investments while keeping the leverage highly conservative. As of 31 March 2025: − Fund Flow from Operations or Cash After Tax was at a record INR 66,527 crore − Asset base stood at INR 6.1 lakh crore—addition of INR 1.26 lakh crore in FY25 − Net Debt to EBITDA was at 2.6x – one of the lowest amongst large global infra players
Company-wise key highlights for Q1FY26:
• Adani Enterprises’(AEL), incubated businesses are on a high-growth path: − ANIL has successfully commissioned India’s first off-grid 5 MW Green Hydrogen pilot plant, marking a major milestone in the nation’s clean energy transition. − 7 out of 8 under-construction projects are more than 70 % completed (including Ganga Expressway). − Pax movements up by 3% YoY to 23.4 Mn in Q1FY26 & Cargo movements up by 4% YoY to 0.28 MMT in Q1FY26.
• Adani Green Energy’s(AGEL) operational capacity increased by 45% YoY 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 INR 59,304 Cr.
• Adani Ports & SEZ’s (APSEZ) volume grew +11 % YoY to 121 MMT in Q1FY26.
• Adani Cements’ (Ambuja) present Cement Capacity of ~105 MTPA, well poised to achieve the planned capacity of 118 MTPA by March 2026.
The Adani Portfolio of listed companies, founded and managed by the Adani Group, is an Indian conglomerate primarily focused on critical infrastructure, notably energy and transport sectors, with significant holdings in airports, ports, power generation, transmission, data centers, cement, defense, and roads.
A key strength of the portfolio businesses lies in their ability to scale businesses at a pace much faster than the industry average, consistently delivering leading margins and establishing leadership positions across sectors.
The flagship company, Adani Enterprises Limited (AEL), serves as the incubator for emerging businesses, which are later spun off into independent listed entities once they reach maturity.
The portfolio is committed to supporting India’s growth by building robust infrastructure and maintaining a strong emphasis on ESG principles, with a particular focus on advancing the green energy transition.
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