Adani Group’s portfolio companies posted their highest-ever quarterly earnings before interest, taxes, depreciation, and amortisation (EBITDA) of ₹23,793 crore in the June quarter of FY26. On a trailing twelve-month (TTM) basis, EBITDA climbed 10% year-on-year (YoY) to a record ₹90,572 crore, the conglomerate said on Thursday.

“The Adani Portfolio EBITDA has crossed the ₹90,000 crore milestone on a trailing twelve-month basis for the first time, with Q1 EBITDA also reaching a record high,” the billionaire Gautam Adani-led conglomerate said in a release today.

As per the company, the strong performance was driven by sustained growth in incubating businesses (notably Airports under Adani Enterprises), along with Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ, and Ambuja Cements. The group said core infrastructure businesses—including utilities, transport, and Adani Enterprises’ infrastructure vertical—contributed 87% to consolidated EBITDA in Q1.

Incubating infrastructure assets such as airports, renewables, and roads crossed the ₹10,000 crore EBITDA mark for the first time, while cement adjacencies delivered strong growth, with TTM EBITDA rising 26.9% year-on-year to ₹9,249 crore, the release noted.

As per the release, robust contributions from these businesses more than offset the dip in Adani Enterprises’ (AEL) existing. The flagship’s existing businesses reported a 19% decline in EBITDA during the quarter, impacted by lower 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 ₹1.5-₹1.6 lakh crore,” it added.

Posts robust cash flow

Adani group highlighted that its cash flow generation remained robust, with record fund flow from operations of ₹66,527 crore in FY25. The asset base rose to ₹6.1 lakh crore as of June 2025, up ₹1.26 lakh crore over the previous fiscal. The group’s consolidated net debt-to-EBITDA ratio stood at 2.6x, among the lowest in the global infrastructure sector.

Liquidity remained strong, with cash reserves of ₹53,843 crore—equivalent to 19% of gross debt—which provides coverage for debt servicing obligations of at least to 21 months, the group highlighted.

As on 31 March 2025, fund flow from operations or cash after tax was at a record ₹66,527 crore, while asset base stood at ₹6.1 lakh crore, with an addition of ₹1.26 lakh crore in FY25. The net debt to EBITDA was at 2.6x, which claimed to be one of the lowest amongst large global infra players.

AEL, Green, Ports, Cement drive growth

Segment wise, Adani Enterprises reported TTM EBITDA of ₹16,536 crore, driven by its infrastructure projects pipeline. The company commissioned India’s first 5 MW off-grid green hydrogen pilot project and noted that seven of its eight large-scale infra projects were more than 70% complete.

Adani Green Energy posted a 45% YoY increase in operational capacity to 15,816 MW, while Adani Energy Solutions reported an order book of ₹59,304 crore.

Adani Ports and SEZ handled cargo volumes of 121 MMT in Q1FY26, up 11% year-on-year, while the cement business, anchored by Ambuja, delivered record TTM EBITDA of ₹9,249 crore. With a combined cement capacity of around 105 million tonnes per annum (MTPA), the group is on track to scale up to 118 MTPA by FY26, it said.

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