Adani Portfolio Q1 Review: EBITDA Hits All-Time High; Ambuja Cement, Adani Ports Among Growth Drivers

Adani Portfolio Q1 Review: The Adani Portfolio delivered a record performance in first quarter of financial year 2026, with its Trailing-Twelve-Month Ebitda crossing the Rs 90,000 crore milestone for the first time.

The portfolio’s first quarter Ebitda reached an all-time high of Rs 23,793 crore, a 3.32% increase year-on-year. This performance was driven by sustained growth in core infrastructure businesses, which accounted for approximately 87% of the total Ebitda.

Key contributors to this growth included businesses like Airports, as well as Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ, and Ambuja Cements. Specific business highlights include Adani Ports' volume growing by 11% to 120.6 MMT in the first quarter of fiscal year 2026, and Ambuja Cements' sales volume increasing by 20.6% year-on-year.

Adani Green Energy saw its operational capacity increase by 45% year-on-year to 15.8 GW, while the Adani Gas's overall volume grew by 16%. Adani Energy Solutions achieved a system availability of 99.8% at the portfolio level in the first quarter and secured a new transmission project that has increased its under-construction order book to Rs 59,304 crore.

On the credit front, the portfolio’s credit profile continues to improve, with 87% of its Run-rate Ebitda rated "AA-" and above. The asset base stood at Rs 6.1 lakh crore, and the net debt to Ebitda was at 2.6x. The group maintains ample liquidity with a cash balance of Rs 53,843 crore, which is sufficient to cover debt servicing for at least the next 21 months.

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