Adani Portfolio EBITDA Hits Record ₹90,000 Crore Mark

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Globally, very few infrastructure groups have managed such consistent double-digit EBITDA growth over the years. This makes Adani one of the top infra players in Asia. Analysts say this growth shows strong investor confidence and rising demand for infrastructure in India. Quarterly records are important for investors because they show short-term resilience. A record Q1 EBITDA means Adani started the year on a strong note. For large infra groups, the first quarter often reflects trends in power, ports, and cement demand in India.

Core infrastructure businesses (utility, transport, and incubating infra businesses under Adani Enterprises) accounted for ~87% of total Q1FY26 EBITDA. This shows that Adani’s main revenue driver is infrastructure, not trading. Globally, infra-focused companies like Brookfield and Vinci also generate stable long-term cash flows. For India, this means a stronger infrastructure backbone in energy and transport.

Incubating Infra assets Airports, Solar & Wind manufacturing, and Roads) cross Rs 10,000 crore EBITDA for the first time. Airports and renewable energy are now fast-growing businesses. India is among the top 3 markets for solar energy expansion globally. This shift shows Adani is aligning with India’s renewable and mobility growth targets.

Strong performance across Infrastructure and Adjacencies offset a dip in the existing AEL’s businesses.(In many large companies, one business slows while another grows. Adani’s cement, ports, and renewable growth helped offset declines in trading businesses. This keeps the portfolio balanced. Fund Flow from Operations or Cash After Tax was at a record INR 66,527 crore. Cash flow is key to debt repayment. For context, this cash flow is larger than the annual budget of some Indian states, showing the scale of Adani’s infra empire.

 Asset base stood at INR 6.1 lakh crore addition of INR 1.26 lakh crore in FY25. Asset expansion at this scale shows how India’s infrastructure capacity is rapidly increasing. Experts believe this is aligned with India’s $5 trillion economy vision. Net Debt to EBITDA was at 2.6x – one of the lowest amongst large global infra players. Global infra players like Vinci (France) and Ferrovial (Spain) often operate with higher ratios. A 2.6x ratio shows Adani is financially disciplined.

Ample liquidity to cover debt servicing for at least the next 21 months—cash balance at INR 53,843 crore—~19% of Gross Debt Liquidity is important to avoid financial stress. Holding nearly 20% of gross debt in cash demonstrates a strong safety buffer, a rarity among global infrastructure companies.

 The Adani Group, India’s largest infrastructure player, today announced the financial performance of the Adani Portfolio for the Trailing-Twelve-Month (TTM) period and Q1 FY26, 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. 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. Globally, infrastructure giants spend billions on capital expenditure to expand. Adani’s planned spend shows confidence in India’s infra boom, including highways, airports, and renewable capacity expansion.

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. Stable leverage is a key rating factor. Credit rating agencies worldwide, like Moody’s and S&P, value such discipline. This boosts Adani’s ability to raise funds globally at competitive rates.

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