The Adani Group has achieved a landmark financial milestone—its trailing twelve-month (TTM) EBITDA surpassed ₹90,000 crore for the first time, reaching ₹90,572 crore in the year through June 2025. This impressive feat highlights the company’s exceptional operational momentum.
Context and Background
TTM EBITDA refers to the sum of earnings before interest, taxes, depreciation, and amortisation over the past twelve months. Previously, Adani had reported a record EBITDA “of nearly ₹90,000 crore” for the fiscal year ending March 31, 2025—marking strong year-on-year performance.
Record Quarterly Performance Drives Growth
In Q1 FY26 (April–June 2025), the Group posted its highest-ever quarterly EBITDA of ₹23,793 crore, up 3.3% from the same quarter last year.
What’s Powering the Growth?
- Infrastructure Strength: Core segments—including utilities, transport, and Adani Enterprises’ incubating infrastructure—accounted for approximately 87% of the Group’s Q1 EBITDA.
- Incubating Infra Businesses: Assets such as airports, solar/wind manufacturing, and roads exceeded ₹10,000 crore in EBITDA for the first time, signaling rapid expansion in emerging verticals.
Financial Stability & Liquidity
The Group’s financial health remains robust:
- Net debt-to-EBITDA ratio is a strong 2.6x, one of the lowest among global infrastructure players.
- Cash reserves stand at ₹53,843 crore, sufficient to cover debt servicing for approximately 21 months.
- Fund flow from operations (cash after tax) reached a record ₹66,527 crore.
- Asset base expanded to ₹6.1 lakh crore following an addition of ₹1.26 lakh crore in FY25.
Strategic Implications
This record-breaking EBITDA, both TTM and quarterly, bolsters Adani’s capacity to continue its ambitious capital expenditure plans, pegged between ₹1.5 lakh crore and ₹1.6 lakh crore annually. It further strengthens investor confidence and positions the Group for sustained expansion across infrastructure, clean energy, and logistics.
