Adani Group Ebitda To Grow At 22% Compound Annual Growth Through FY27, Says Jefferies

Jefferies has highlighted that the Adani Group's Ebitda is expected to grow at a compound annual growth rate of 22% through the financial year ending March 2027. The previous financial year marked a year of consolidation for the Adani Group, with Ebitda growing by 14% year-on-year, driven by strong performance across its core infrastructure portfolio.

During the previous financial year, the Adani Group's Ebitda for its seven listed companies grew by 14% year-on-year to approximately Rs 74,000 crore. Notably, 82% of the total Ebitda came from the core infrastructure portfolio, the brokerage noted.

It further added that Adani Enterprises saw a 25% year-on-year Ebitda growth, led by over 100% growth in new incubating businesses such as Adani New Industries Ltd. and Airports. Adani Ports reported a 16% Ebitda growth, driven by a sharp rise in domestic port realisations, logistics, and margin expansion, despite only a 7% year-on-year volume growth.

Adani Green Energy achieved a 22% growth, supported by the addition of 3.3 3.3GW capacity and improved utilisations, particularly in January-March quarter. Adani Energy Solutions also saw a 22% growth due to new line additions. Adani Power's Ebitda grew by 12%, driven by merchant sales and acquisitions, Jefferies said.

Adani Enterprises commenced expansion at its solar cell facility and increased wind turbine set capacity. Ambuja Cement acquired significant capacities from Penna and Orient Cement.

Adani Ports began operations at Vizhinjam port and acquired Astor Offshore. Adani Power added 2.3 GW capacity, primarily through acquisitions, and successfully integrated these assets, it further said.

Adani Green added 3.3 GW renewable energy capacity, with a visible ramp-up in Khavda, Gujarat. Adani Energy Solutions commissioned 6,187 circuit kilometres of transmission lines, while Adani Total Gas added 100 CNG stations and 142,000 domestic PNG customers.

Looking ahead Jefferies noted that Adani Enterprises' work-in-progress projects like Navi Mumbai Airport, Ganga Motorway, and Copper smelter plant are expected to see commissioning.

Ambuja Cement plans organic capacity additions of approximately 19 MTPA, with profitability recovery amid industry-wide recovery. Adani Ports aims to become an integrated logistics solutions provider, targeting a threefold rise in Ebitda over FY25-27.

Adani Green's capacity is projected to increase by 30% year-on-year the preceding financial year, with a focus on achieving its 50 GW target by 2030.