The Adani Group, India’s largest infrastructure conglomerate, announced record financial results for its portfolio companies in Q1FY26 and on a trailing twelve-month (TTM) basis.
For the first time, portfolio EBITDA crossed the ₹90,000 crore milestone on a TTM basis, with Q1 EBITDA also touching an all-time high. This growth was driven by strong performances from incubating businesses under Adani Enterprises (AEL), along with Adani Green Energy (AGEL), Adani Energy Solutions (AESL), Adani Ports & SEZ (APSEZ), and Ambuja Cements. These gains offset the decline in AEL’s existing business, which was impacted by lower trade volumes and price volatility in Integrated Resource Management (IRM).
The robust EBITDA expansion strengthens support for the group’s planned annual capex of ₹1.5–1.6 lakh crore. On the credit front, portfolio leverage remains among the lowest globally at 2.6x Net Debt to EBITDA, while liquidity is strong with ₹53,843 crore in cash reserves.
Q1FY26 Business Highlights
Adani Enterprises (AEL):ANIL commissioned India’s first off-grid 5 MW Green Hydrogen pilot plant.Passenger traffic rose 3% YoY to 23.4 million, while cargo volumes grew 4% YoY to 0.28 MMT.
Adani Green Energy (AGEL):Operational capacity grew 45% YoY to 15,816 MW, with new solar and wind projects.
Adani Energy Solutions (AESL):Won a new transmission project — WRNES Talegaon line.
Adani Ports & SEZ (APSEZ):Cargo volumes grew 11% YoY to 121 MMT.
Adani Cements (Ambuja):Cement capacity stands at ~105 MTPA.