Adani Group Outpaces Nifty 50 With More Than Threefold Ebitda Growth In Six Years

The Adani Group's earnings before interest, taxes, depreciation, and amortisation have surged more than 3.6 times over the past six years, from Rs 24,870 crore in fiscal 2019 to Rs 89,806 crore in fiscal 2025, outpacing broader market benchmarks like the Nifty 50.

The compound annual growth rate of the group's Ebitda stood at 24%, significantly ahead of leading Indian benchmarks and global peers. In comparison, the Nifty 50 reported a compound annual growth rate in Ebitda of just 10% over the same period.

At nearly Rs 90,000 crore, the fiscal 2025 Ebitda milestone emphasises the conglomerate's sustained investments across core infrastructure—spanning energy, transport, logistics, and utilities. Over 82% of the group's Ebitda in the previous financial year was driven by its infrastructure and adjacency businesses such as Adani Power, Adani Green Energy, Adani Ports & SEZ, and Ambuja Cements.

Interestingly, even amid global disruptions like the COVID-19 pandemic, the Russia-Ukraine conflict, and commodity volatility, Adani's financial trajectory remained remarkably steady. The group's asset base also expanded nearly four times, from Rs 1.58 lakh crore in fiscal 2019 to over Rs 6 lakh crore in fiscal 2025, while maintaining a stable return on assets profile around 16-18%.

Free cash flows to equity saw a CAGR of 32%. While valuation multiples remain modest, with the Adani portfolio trading at a discount of 11% to the Nifty 50 on an enterprise value per Ebitda basis, the group's management believes the runway for re-rating remains open.