Why 2025 was a landmark year for the Adani Group's infra initiatives

For Adani Group, the year 2025 opened with a marquee infra project - the full operationalisation of the first phase of India’s first gateway international transhipment port at Vizhinjam in Kerala, and closed with the commencement of another marquee infrastructure project - commercial operations at the first phase of the Navi Mumbai International Airport—set to become one of the world’s largest greenfield airports.

To power India’s AI-driven future, the Group partnered with Google in October 2025 to develop India’s largest AI data centre campus and support green energy infrastructure in Visakhapatnam, Andhra Pradesh, with a planned investment exceeding $5 billion.

The year also witnessed over 6 GW of renewable capacity addition, including at Khavda, Gujarat, the world’s largest single-location renewable energy project; take-off of production at the world’s largest copper smelter and metallurgical complex; and expansion across thermal power, transmission capacity, data centres and defence manufacturing infrastructure.

In a strategic realignment, the Group fully exited its FMCG joint venture with Wilmar International, selling its entire 44% stake in Adani Wilmar (now AWL Agri Business) for about $2 billion, sharpening its focus on core infrastructure.

“In asset expansion, our gross block expanded from ₹4,12,318 crore in FY23 to ₹6,09,133 crore in FY25—an addition of nearly ₹2 lakh crore, representing 48% growth in just two years,” Chairman Gautam Adani told shareholders on 24 September, summing up the scale of expansion happening in the last two years, almost over Rs 1.5 lakh crore capex planned for the current fiscal.

Despite the aggressive capex cycle, operating performance remained robust. “EBITDA rose from ₹57,205 crore in FY23 to ₹89,806 crore in FY25—an increase of ₹32,601 crore, or 57% absolute growth, translating into a two-year CAGR of 25%,” Adani added.

Core businesses flourish

For the 12 trailing months (TTM) ended September 2025, the Group reported revenues of $31.19 billion, of which $19.72 billion (TTM growth of 12%) came from infrastructure businesses—comprising Adani Ports and SEZ (APSEZ), Adani Power , Adani Green Energy ,  Adani Total Gas , Adani Energy Solutions and infrastructure businesses under  Adani Enterprises .

Utility businesses grew 6.3% to ₹44,113 crore, while Transport businesses under APSEZ and Adani Enterprises surged 20.2% to ₹22,658 crore. By its first anniversary in December 2025, the Vizhinjam port alone handled 1.32 million TEUs and 615 vessels. The Colombo West International Terminal (CWIT), which commenced operations in April, handled over 350,000 TEUs, including 100,000 TEUs in August.

Adani Enterprises’ infrastructure business grew 24.5% to ₹10,371 crore, while adjacency businesses such as cement posted a strong 40.6% growth to ₹9,829 crore. Overall, infrastructure and related businesses recorded a 14.9% increase, reaching ₹86,971 crore for the 12 months ended September 2025.

Adani Power, after completing the acquisition of the 600 MW Vidarbha Power project, announced plans for a 2,400 MW greenfield ultra-supercritical plant at Pirpainti, Bihar and a 3,200 MW greenfield ultra-supercritical plant in Assam.

Adani Green Energy (AGEL) added 2.4 GW in 1HFY26 and plans to add 5 GW in FY26. It commissioned 2,437 MW of greenfield capacity, accounting for 74% of total FY25 additions. Greenfield additions over the past year totalled 5,496 MW, including large-scale solar, wind and hybrid projects at Khavda, Rajasthan, and Andhra Pradesh. AGEL also announced two pumped storage projects in Assam, with a combined capacity of 2,700 MW, involving an investment of ₹15,000 crore.

Adani Energy Solutions (AESL) posted 16% YoY growth in 1HFY26 revenues to ₹13,793 crore, commissioned three new transmission lines, and crossed 74 lakh smart meters installed—the highest by any player in India.

Incubating businesses gaining momentum

Several incubating businesses under Adani Enterprises continued to scale, like its airport business. Adani Airports Holdings Ltd (AAHL) recorded 32% revenue growth in 1HFY26 to ₹5,882 crore, handling 46 million passengers. Mumbai airport alone handled 55.4 million passengers in CY2025 and Navi Mumbai International Airport handled over 26,000 passengers within five days of starting commercial operations during Christmas.

Adani New Industries Ltd (ANIL), which is into hydrogen ecosystem creation, saw revenues dip 5% to ₹7,233 crore, even as solar module and wind turbine sales grew. Module sales are tracking at 1 GW per quarter, with 6 GW of additional cell and module capacity under construction.

In data centres (AdaniConnex), data centre projects in Hyderabad (Phase II) and Pune (Phases I & II) are nearing completion, while the Google partnership in Visakhapatnam marked the biggest strategic milestone in the segment.

Adani Road Transport Ltd (ARTL), now with seven operational projects, won marquee orders including the 12.9-km ropeway between Sonprayag and Kedarnath, and key road projects in Bihar, in the first half. Mining and water businesses also continued to expand steadily.

As 2025 drew to a close, the Adani Group’s infrastructure-led growth story remained firmly on track—anchored in scale, capital discipline and a sharp focus on India’s long-term development needs.