The Adani Group said that its listed entities have reported earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Rs 89,806 crore in FY25, an increase of 8 percent on-year, led by increased cash flows across core infrastructure businesses such as Adani Enterprises, Adani Green Energy, Adani Ports and SEZ, and its cement businesses, namely Ambuja Cements and ACC.
The group's gross and net debt both increased year-on-year for FY25. While the gross debt at the group level for the year was higher by 21 percent at Rs 2.90 lakh crore, Adani portfolio's net debt increased by around 30 percent to Rs 2.36 lakh crore.
Despite this, the Adani Group said the levels remain comfortable, owing to continuous cash flows across businesses, synergies between group companies, strong ratings across most group entities - including ratings and outlook upgrades - as well as comfortable cash balances.
The presentation said that 84 percent of group EBITDA and 88 percent of investments in core businesses is providing 'multi-decadal' visibility in terms of cash flow. Of the total EBITDA, 42 percent came from Adani Enterprises and Adani Ports and SEZ, while Adani Power was also a significant contributor to group EBITDA.
Its cash balances, Adani Group said, also remains 'robust' at Rs 53,843 crore, covering 19 percent of gross debt at the group level. The average cost of debt also continued to reduce for the Adani Group from a high of 10.26 percent in FY19 to 7.92 percent at the end of FY25. The average maturity increased to 7.01 years, compared to 6.54 years at the end of both FY23 and FY24.
In terms of distribution of the group's debt profile, domestic banks are exposed to around 47 percent of the Adani Group's debt, while overseas banks have a 24 percent exposure. The group also raised 21 percent of its debt from global capital markets. The Adani Group said that its debt book is 'diversified', with balanced exposure towards various entities.
The increase in gross and net debt is primarily attributable to large capital expenditure by group companies, primarily Adani Enterprises and Adani Green Energy. The Adani Group spent Rs 1.26 lakh crore in FY25 by way of capital expenditure, its highest ever, and various group companies are planning to spend a total of around $100 billion in capital expenditure over the next six years, mainly in the infrastructure sector.
Adani Enterprises is incubating new businesses such as solar cells and wind turbines, copper smelters, and also runs the airports business, while Adani Green Energy is implementing landmark projects such as the Khavda Renewable Energy Park in Gujarat, as well as renewable energy projects elsewhere.
Other major capital expenditure programmes have been planned for the Adani Group's cement business, the transmission vertical under Adani Energy Solutions, as well as the ports and logistics business housed under Adani Ports and SEZ.
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