Adani Group said on Monday that it had a cash balance of Rs 57,157 crore at the end of September 2025. This is about 17% of its gross debt which now has grown to Rs 3.36 lakh crore. The port-to-power conglomerate’s gross debt stood at Rs 290,409 crore at the end of financial year 2024-25 on a cash balance of Rs 53,843 crore.
In its total debt of Rs 335,747 crore, 50% borrowings come from domestic banks. Share of global banks in the debt mix is 23% and the global capital market is 18%. Among companies, flagship Adani Enterprises has a debt of Rs 70,002 crore, Adani Green Energy has a debt of Rs 86,715 crore, Adani Power has a debt of Rs 47,053 crore and Adani Ports & Special Economic Limited has a debt of Rs 50,495 crore.
The group stated that its metrics remained strong despite the accelerated investment cycle. Its net debt to EBITDA ratio grew to 3x at the end of September but was below the group's guided range of 3.5x-4.5x. The number, according to Adani, grew as the portfolio companies have now accelerated their capex programs.
“Importantly, our debt metrics continue to remain below the guided range even after doubling capex to Rs 1.5 lakh crore—reflecting strong financial discipline…Our focus remains on flawless execution and world-class operations. With rising AAA domestic ratings and stable USD ratings, our long-tenor infrastructure assets are increasingly attractive to global institutions,” said Jugeshinder Singh, Group CFO, Adani Group.
The Adani group of companies reported a strong first half of the current fiscal (FY26), delivering record earnings and accelerated capital expenditure, as its core infrastructure businesses continued to drive growth.
The conglomerate invested Rs 67,870 crore in H1, pushing its gross assets to Rs 6.77 lakh crore and keeping it on track to meet its full-year capex guidance of Rs 1.5 lakh crore, it said in a statement.
Adani's trailing 12-month EBITDA climbed to an all-time high of Rs 92,943 crore, up 11.2% year-on-year. For H1 FY26, EBITDA stood at Rs 47,375 crore, with 83% contributed by the group's core utilities, transport, and infrastructure operations.
“Our core infrastructure businesses continue to deliver strong double-digit growth even as we execute one of the largest capex programs, aligned with India’s Viksit Bharat capex super cycle. Adjacency businesses are also showing momentum. In H1FY26, we recorded our highest-ever capex in the first half despite seasonal factors,” stated Singh.