The Adani Group has unveiled its Q1 FY25 financial results and Credit Compendium, highlighting a remarkable performance. The group's EBITDA surged by 32.87% year-on-year to ₹22,570 crore, contributing to a trailing twelve-month EBITDA of ₹79,180 crore—an impressive 45.13% increase from the previous year.

This significant growth is mainly fueled by Adani Group's core infrastructure platform, which makes up over 80% of the portfolio’s EBITDA. This platform includes AEL’s Infrastructure businesses, as well as Utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas) and Transport (Adani Ports & SEZ) sectors.

Emerging businesses, such as solar and wind manufacturing, airports, and roads, now contribute 13.3% to the portfolio’s EBITDA, up from 7.2% last year. Notably, Adani Enterprises’ solar module manufacturing saw a 125% increase in sales year-on-year. Its airport sector also experienced a surge in passenger traffic, new routes, and enhanced consumer services. Meanwhile, the transport segment saw a strong performance with Adani Ports & SEZ achieving a 29.62% increase in EBITDA and securing new port concession agreements.

The utility sector experienced a 41.44% rise in EBITDA, driven by Adani Power’s 53.6% growth and Adani Green Energy’s 30.3% increase in operational capacity. Infrastructure development also progressed, with key projects like the Khavda-Bhuj Transmission Line and the commissioning of Vizhinjam port.

Key Highlights:

The solar manufacturing sector, India’s largest vertically integrated solar PV manufacturer, launched MSPVL (Mundra Solar PV Ltd.) cell lines.

Passenger movement across seven airports exceeded 90 million for the first time. The quarter also saw the introduction of eight new routes, six new airlines, and 13 new flights. Additionally, Lucknow airport added 25 new brands following the inauguration of Terminal 3.

The roads division achieved its highest-ever construction output of 730 lane-km during the quarter.

Construction of a 500 MW hydro pump storage project has begun.

Vizhinjam port, India's first transshipment port equipped with South Asia's most advanced container-handling technology, was formally commissioned in July and is set to start operations in November.

The Adani Portfolio reported 33% EBITDA growth and 50% earnings growth after adjusting for prior period income and one-offs. The trailing twelve-month (TTM) EBITDA now stands at ₹79,180 crore, a 45% increase from the previous year.

Despite managing a diverse portfolio of 11 companies across 25+ businesses, the group’s growth rate remains exceptional compared to the 5% earnings growth of Nifty 50 companies.

The core infrastructure segment, with a 42% year-on-year growth, contributed 86% of the group’s EBITDA, ensuring long-term stability and predictability.

The Adani Portfolio's net debt to EBITDA ratio is low at 2.2x, with a cash balance of approximately ₹60,000 crore.

Despite significant EBITDA growth, the Adani Portfolio’s growth-adjusted valuation remains attractive relative to the broader market index, Nifty.

On an EV/EBITDA basis, the Adani Portfolio is valued at around 23x, compared to Nifty's 20x, making the companies appealing investment opportunities.