The Adani Group, India’s largest infrastructure conglomerate, has reported its highest-ever trailing twelve-month EBITDA of Rs 86,789 crore, reflecting a year-on-year growth of 10.1 percent. The financial results for the third quarter of financial year 2025 highlight the company’s continued expansion across core infrastructure sectors, including utilities, transportation, and renewable energy. The group remains in a high capital expenditure phase, similar to its rapid growth between financial year 2020 and financial year 2022, strengthening its infrastructure footprint.
The portfolio’s EBITDA surged by 17.2 percent year-on-year to Rs 22,823 crore in the third quarter of financial year 2025. The infrastructure segment alone generated Rs 72,795 crore on a trailing twelve-month basis, up 10 percent year-on-year. The group’s financial stability is reinforced by a strong balance sheet, with cash reserves amounting to Rs 53,024 crore as of September 30, 2024, ensuring debt servicing obligations for at least the next 12 months. The company’s total asset base reached Rs 5.53 lakh crore, increasing by Rs 75,277 crore since financial year 2024, while its net debt-to-EBITDA ratio remained at a healthy 2.46x.
Adani Enterprises Limited, the group’s flagship incubator, reported an EBITDA growth of 15.6 percent year-on-year to Rs 4,243 crore for the third quarter of financial year 2025. The company strengthened its financial position by raising Rs 4,200 crore (USD 500 million) through a qualified institutional placement. Adani New Industries Limited recorded a 74 percent year-on-year rise in solar module sales, reaching 3,273 megawatts.
Adani’s airport business saw passenger movement increase by 7 percent year-on-year to 69.7 million, while the group’s data center operations expanded with Hyderabad Phase 1 (9.6 megawatts capacity) becoming operational. New data centers in Noida (50 megawatts) and Hyderabad (48 megawatts) are nearing completion.
Adani Green Energy Limited expanded its operational capacity by 37 percent year-on-year to 11.6 gigawatts. The company recently signed a power purchase agreement with Maharashtra State Electricity Distribution Company Limited to supply 5 gigawatts of solar power for 25 years, furthering its renewable energy agenda. Adani Energy Solutions Limited secured five new transmission projects and raised USD 1 billion through a qualified institutional placement, expanding its infrastructure pipeline to Rs 54,700 crore—three times its financial year 2024 level.
Adani Power Limited posted an impressive 21.4 percent year-on-year growth in the third quarter of financial year 2025 EBITDA to Rs 6,078 crore. Its consolidated plant load factor improved to 69 percent in the first nine months of financial year 2025 from 62 percent a year earlier, with electricity sales increasing by 22 percent year-on-year to 69.5 billion units. Adani Total Gas Limited added 58 new compressed natural gas stations, bringing the total to 605. Compressed natural gas volumes grew by 19 percent year-on-year, piped natural gas household connections reached 9.22 lakh, and the company installed 1,914 electric vehicle charging points across 26 states and union territories.
Adani Ports and Special Economic Zone Limited, India’s largest commercial port operator, handled 332 million metric tons of cargo in the first nine months of financial year 2025, reflecting a 7 percent year-on-year increase. Container volumes rose by 19 percent, while bulk cargo shipments increased by 13 percent. The logistics arm handled 0.48 million twenty-foot equivalent units of container volume, marking a 9 percent growth.
Adani Cement Limited, which includes ACC Limited and Ambuja Cements Limited, reported a 9.3 percent increase in clinker and cement sales to 46.6 million metric tons. The company is aggressively expanding its cement capacity, with 21 million metric tons per annum under execution. By March 2025, its total capacity is expected to reach 104 million metric tons per annum, including the recently acquired Orient Cements.
With sustained financial strength, strategic expansion, and a focus on renewable energy, the Adani Group continues to solidify its position as a leader in India’s infrastructure and energy sectors.
