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The Adani Group announced its strongest-ever quarterly and annual earnings, with portfolio EBITDA crossing the Rs 90,000 crore mark on a trailing twelve-month (TTM) basis for the first time. The group reported TTM EBITDA of Rs 90,572 crore—up around 10 per cent year-on-year—while Q1FY26 EBITDA climbed to a record Rs 23,793 crore.

Infrastructure Remains Key Growth Engine

According to the company, nearly 87 per cent of Q1FY26 EBITDA came from its core infrastructure businesses, which include utilities, transport, and incubating infrastructure ventures under Adani Enterprises. For the first time, incubating infrastructure assets—such as airports, renewable energy manufacturing, and roads—contributed over Rs 10,000 crore to EBITDA.

While Adani Enterprises’ existing business reported a dip in performance due to a decline in trade volumes and price volatility in Integrated Resource Management (IRM), the impact was offset by strong results from other entities, including Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ, and Ambuja Cements.

Financial Position Strengthens with Low Leverage

On the credit side, the group maintained what it describes as “highly conservative leverage.” Net debt to EBITDA stood at 2.6 times as of March 31, 2025—among the lowest ratios in the global infrastructure sector. Liquidity levels remain strong, with a cash balance of Rs 53,843 crore, equivalent to nearly 19 per cent of gross debt.

“These expanding cash flows have enabled consistent investments while keeping the leverage highly conservative,” the company said. Fund flow from operations after tax touched a record Rs 66,527 crore in FY25, while the asset base grew to Rs 6.1 lakh crore after adding Rs 1.26 lakh crore during the year.

Business Highlights: Green Energy, Ports and Airports Lead

Adani Green Energy saw a 45 per cent jump in operational capacity to 15,816 MW, driven by new solar, wind, and hybrid power projects. Adani Energy Solutions secured a new transmission project—the WRNES Talegaon line—taking its under-construction order book to Rs 59,304 crore.

Adani Ports & SEZ handled 121 MMT of cargo in Q1FY26, an 11 per cent rise year-on-year. Meanwhile, Ambuja Cements expanded capacity to 105 MTPA, aiming for 118 MTPA by March 2026.

Adani Enterprises also marked a significant milestone by commissioning India’s first off-grid 5 MW green hydrogen pilot plant and advancing multiple infrastructure projects, including the Ganga Expressway.