The Adani Group's financial profile for the first half of financial year 2025 highlighted several strengths.
This includes asset leverage with over 60% equity deployment in assets and a well-distributed cash flow with extremely long-term visibility from stable annuity businesses, according to an investor presentation.
The ports-to-power conglomerate has the best in the industry asset base of Rs 5.53 lakh crore, against a net debt of only Rs 2.58 lakh crore.
The group's Ebitda profile is robust, with approximately 70% of operating income coming from assets rated AA- or above.
Key risk metrics also appear manageable, with leverage risk at under 2.5 times the borrowing as a multiple of Ebitda and liquidity risk mitigated by cash reserves exceeding 20% of borrowings.
Additionally, the group has no exposure to refinancing risk in its portfolio.
Key Internals
The Adani Group's trailing 12 months Ebitda as of September 2024 was Rs 83,440 crore.
Net debt amounted to Rs 2 lakh crore while equity deployed stood at Rs 3.48 lakh crore. The gross asset-to-net debt ratio has improved from 2.21 times in FY23 to 2.63 times in FY24 and to 2.7 times in September 2024.
The cash balance-to-gross debt ratio has improved from 14.58% in FY20 (pre-pandemic) to 20.53% in September 2024.
Among Adani Group companies, Adani Total Gas Ltd. and Adani Power Ltd. have a leverage ratio of 0–1.5 times of Ebitda, while Adani Ports and Special Economic Zone Ltd., Adani Energy Solutions Ltd. and Adani Enterprises Ltd. have 1.5–2.5 times.
Besides, Adani Green Energy Ltd. has a leverage ratio of 2.5–5 times.
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