The Adani group ended 2023 with a 12-month trailing EBITDA of ₹78,823 crore, up 34.4 per cent, with its core infrastructure businesses contributing ₹66,208 crore, up 35.4 per cent on year.

The group, which is focused on infrastructure and renewable energy, plans to spend around $100 billion in green energy transition over the next several years.

In a statement, the group said that it ended 2023 with cash balance of $4.5 billion. During the first nine months of FY24, companies within the group have raised funds to the tune of ₹91,290 crore from both domestic and overseas markets.

The group EBITDA in Q3 of the current fiscal was ₹19,475 crore, up 63.6 per cent on year. Of this, around 81 per cent was contributed by the infrastructure business.

In FY25 and FY26, it has debt maturities close to ₹42,000 crore, and ₹38,662 crore in FY27.

The group’s total debt is at around ₹2.3-lakh crore, with Adani Green Energy and Adani Ports and Special Economic Zone carrying the most debt on their books. Of its total long-term debt of $25.5 billion, global banks account for 30 per cent and domestic banks 29 per cent.

Adani Enterprises

Adani Enterprises is the incubator in the group and all emerging businesses such as airports, green hydrogen, roads, data centres, and defence that make up around 45 per cent of its EBITDA, fall under it.

The seven airports in its portfolio saw a 23 per cent rise in passenger movements at 65.6 million in FY24 so far and forecast to reach 85 million by the year-end. The upcoming airport in Navi Mumbai is set to commence its first phase at the end of 2024, while city side developments have also commenced.

Four out of 10 road projects are partially completed, while one data centre is operational in Noida.


Green energy is a major thrust area for the group and under Adani Green Energy, it has a renewable capacity of 9 GW expected to go to 45 GW by 2030.

Adani Energy Solutions runs the power utility business, the biggest component of which is Adani Electricity Mumbai that distributes power in Mumbai. It is planning to distribute power in Navi Mumbai, Greater Noida and Mundra. It is also supplying smart meters and has a pipeline worth ₹25,000 crore to supply smart meters in Andhra Pradesh and Uttarakhand.

Logistics, Cement

Adani Ports and Special Economic Zone handled 311 million tonnes (mt) of cargo in the first nine months of FY24, and the management has raised the annual volume guidance to 400 mt from the earlier 370-390 mt.

The total capacity of Adani Cements was over 77 mt at the end of December.