Adani Group Lowers Leverage To 2.6x, Maintains Strong Liquidity In FY25
The group said the improvement in credit metrics reflects strong profit growth across its businesses.
The Adani Group reported an improvement in its leverage profile for FY25, with the net debt-to-Ebitda ratio falling to 2.6x, down from 3.8x in FY19, according to the group’s latest financial and credit summary.
The group said the improvement in credit metrics reflects strong profit growth across its businesses. For the year ended March 2025, Adani Portfolio posted a record Ebitda of Rs 89,806 crore, up 8.2% year-on-year. Nearly 82% of the Ebitda came from its core infrastructure platform, which includes utilities, transport, and incubating infrastructure businesses under Adani Enterprises.
Cash reserves stood at Rs 53,843 crore as of 31 March 2025, representing 18.5% of the group’s gross debt. This balance is sufficient to meet 21 months of debt servicing obligations. The group follows a stated policy of maintaining liquidity sufficient for at least 12 months and one day of debt repayments.
The press release noted that nearly 90% of the group’s Ebitda in FY25 came from domestic assets rated AA and above, up from 63% two years ago and 48% six years ago. The share of Ebitda from AAA-rated assets was approximately 50%.
The average cost of debt fell to 7.9% in FY25 from 9% in FY24 and 10.3% in FY19.
The group added Rs 1.26 lakh crore in gross assets during the year, taking total assets to Rs 6.1 lakh crore. The improvement in leverage and asset quality was supported by a 13.6% rise in fund flow from operations, which reached Rs 66,527 crore in FY25.
