Adani group logs highest-ever H1 EBITDA at ₹47,375 cr; 83% comes from core infrastructure

Billionaire Gautam Adani–led Adani Group posted its "highest-ever" operating profit in the half year ended September 30, 2025, driven by strong performance across its core infrastructure businesses under flagship incubator Adani Enterprises , as well as its utilities and transport platforms.

The port-to-power conglomerate reported H1 FY26 EBITDA of ₹47,375 crore, up 7.1% year-on-year, taking trailing twelve-month (TTM) EBITDA to ₹92,943 crore, an 11.2% increase over the previous year.

Core infrastructure businesses—utilities, transport, and infrastructure platforms under Adani Enterprises—accounted for 83% of total EBITDA, Adani group said in a release today.

“Our core infrastructure businesses continue to deliver strong double-digit growth even as we execute one of the largest capex programs, aligned with India’s Viksit Bharat capex super cycle. Adjacency businesses are also showing momentum. In H1FY26, we recorded our highest-ever capex in the first half despite seasonal factors,” said Jugeshinder Singh, Group CFO, Adani Group.

Singh further said that the group’s debt metrics continue to remain below the guided range even after doubling capex to ₹1.5 lakh crore, reflecting strong financial discipline. “What took 25 years to build, we are now gearing up to replicate within a single year, and as new assets become operational on schedule, we expect to sustain returns on asset of 15–16%.Our focus remains on flawless execution and world-class operations.”

In its H1 FY26 update, the Adani Group reported that accelerated capex expanded gross assets by ₹67,870 crore ($7.6 billion) to ₹6,77,029 crore ($76 billion), keeping the conglomerate on track to meet its ₹1.5 lakh-crore capex guidance.

The group also highlighted a net debt-to-EBITDA ratio of 3x, well below its stated comfort range of 3.5x–4.5x, along with a cash balance of ₹57,157 crore ($6.4 billion), equivalent to 17% of gross debt. Additionally, it noted that 90% of EBITDA is generated from domestic AA-rated or higher assets, with 52% contributed by AAA-rated assets.”

“With rising AAA domestic ratings and stable USD ratings, our long-tenor infrastructure assets are increasingly attractive to global institutions,” said Adani Group CFO.

The release noted that credit quality continued to strengthen across the portfolio. 52% of EBITDA now originates from AAA-rated domestic assets, and 90% from assets rated AA- and above. In April 2019, AAA and AA- rated assets together generated ₹12,186 crore in EBITDA; the figure for the latest period has risen to ₹91,879 crore—a more than 7.5-times expansion. AAA-rated assets alone contributed ₹53,086 crore to the run-rate EBITDA, including the annualised performance of mid-year operational additions.

As per the release, Adani group intensified its capex cycle on the back of robust cash flows and access to capital, adding assets worth ₹67,870 crore during the first half—its highest-ever for a six-month period. This expanded the portfolio’s total asset base to ₹6.77 lakh crore. The momentum keeps the group on track to deliver its full-year capex target of ₹1.5 lakh crore for FY26, equivalent to the entire asset base of the portfolio as of FY19.

As of September 30, 2025, the group’s cash after tax stood at ₹65,016 crore ($7.2 bn), reflecting healthy operating cash flow across businesses.

Among individual entities, the group flagship Adani Enterprises recorded the highest addition in gross assets at ₹17,595 crore, followed by Adani Green Energy with ₹12,314 crore and Adani Power with ₹11,761 crore.

The Adani group reported that its return on assets (ROA) for H1 FY26 stood at 15.1%, despite substantial capital work in progress for newly developing assets. This remains one of the highest ROAs globally in the infrastructure sector. Over the past six years, the conglomerate has consistently maintained an ROA above 15%, even as its Gross Assets expanded more than 3.5x, it added.