**Adani Group Achieves Record Ebitda Amid Rising Debt Levels**
The Adani Group has reached a significant milestone, with its consolidated earnings before interest, tax, depreciation, and amortization (Ebitda) exceeding ₹90,000 crore for the first time on a trailing twelve-month basis during the September quarter. However, this achievement comes alongside a notable increase in borrowings, resulting in the conglomerate’s net debt now standing at three times its record Ebitda.
Based in Ahmedabad, the Adani Group encompasses 13 listed companies involved in diverse sectors, including cement manufacturing and airport operations. For the 12-month period ending September 30, the group reported a consolidated Ebitda of ₹92,943 crore, an increase from ₹89,806 crore in FY25, as highlighted in a recent presentation. Performance across most of its businesses improved, although one of its oldest sectors, resources trading and mining, faced challenges due to declining coal prices.
The group generated ₹65,016 crore in free funds from operations over the past year after accounting for interest and tax expenses. This cash flow can be utilized for debt servicing, expansion projects, or dividends to shareholders. Jugeshinder Singh, Group CFO of Adani Group, emphasized that the core infrastructure businesses continue to show robust double-digit growth, even as the company embarks on one of the largest capital expenditure programs in alignment with India’s Viksit Bharat capex super cycle.
In the first half of FY26, the conglomerate recorded its highest capital expenditure for that period. Despite this, Singh noted that the group’s debt metrics remain within the guided range. He expressed confidence in the group’s ability to replicate 25 years of growth within a single year, anticipating returns on assets of 15–16% as new projects come online.
However, the group’s net debt rose to ₹2.79 trillion from ₹2.37 trillion at the end of FY25, increasing the net debt-to-Ebitda ratio to three times, the highest level in two years. The most significant rise in borrowings was observed at Adani Green Energy Ltd, which is aggressively expanding its renewable energy capacity. This company, known for developing the world’s largest single-location renewable energy park in Khavda, Gujarat, has a net long-term debt of nearly ₹70,000 crore and a net-debt-to-Ebitda ratio of 5.45 times.
Despite the increase in debt, the Adani Group’s cash flows are more than adequate to manage its maturing obligations, with an average maturity of seven years for its long-term debt, which is approximately 3.82 times its free cash flow.
**FAQ**
**What is the current financial status of the Adani Group?**
The Adani Group has achieved a record Ebitda of ₹92,943 crore while facing increased borrowings, resulting in a net debt that is three times its Ebitda.
