Adani Enterprises FY25 results: Incubation model powers 26% EBITDA growth amid infra push

How Did Adani Enterprises Perform Financially in FY25?

Adani Enterprises Limited (NSE: ADANIENT), the flagship incubator of the Adani Group, reported consolidated revenue of ₹1,00,365 crore in FY25, up 2% from the previous fiscal. Consolidated EBITDA surged 26% year-on-year to ₹16,722 crore, supported by strong momentum across its incubating businesses. Profit before tax rose 16% to ₹6,533 crore. The bottom line was bolstered by an exceptional pre-tax gain of ₹3,946 crore from the partial sale of a 13.5% stake in Adani Wilmar Limited, taking profit after tax (PAT) for FY25 to ₹7,112 crore.

Chairman Gautam Adani attributed the company’s strong performance to disciplined execution, strategic investments, and a focus on high-growth infrastructure domains. The financial results underscored the firm’s evolving role as a developer of India’s next-generation infra platforms, from green hydrogen to digital data infrastructure.

Which Businesses Drove the Profit Surge?

Adani’s incubating business portfolio—including Adani New Industries Ltd (ANIL), AdaniConnex, and Adani Airport Holdings Ltd—was the principal growth engine in FY25, contributing ₹10,025 crore in EBITDA, a steep 68% rise from FY24. ANIL, which anchors the green hydrogen value chain, doubled its EBITDA to ₹4,776 crore on the back of a 59% increase in solar module sales and a tripling of WTG units dispatched to 164.

The airports segment also delivered a 27% revenue jump to ₹10,224 crore and a 43% rise in EBITDA to ₹3,480 crore, with total passenger movement increasing 7% year-on-year to 94.4 million. Meanwhile, AdaniConnex commissioned its Noida data centre and expanded build-outs in Pune, Chennai, and Hyderabad as it advances toward its 1 GW data infrastructure ambition by 2030.

What Role Did the Adani Wilmar Stake Sale Play?

Adani Enterprises monetised part of its stake in Adani Wilmar Ltd through a 13.5% stake sale, earning an exceptional pre-tax gain of ₹3,946 crore. This contributed significantly to Q4 and full-year profitability, raising PAT to ₹7,112 crore from ₹3,240 crore in FY24. The move aligns with the company’s strategic roadmap to exit non-core segments like FMCG and reinvest in emerging infrastructure platforms.

The stake sale is being interpreted by analysts as a proactive monetisation event rather than a distress-driven exit, with the resulting capital likely being channelled into growth areas such as airports, roads, data centres, and energy transition projects.

What Happened to Established Business Segments?

Adani Enterprises’ legacy segments, including mining services and Integrated Resource Management (IRM), had a mixed year. Mining volumes rose 40% year-on-year to 43.3 MMT, supporting a moderate uplift in mining services revenue. However, IRM volumes dropped sharply by 31% to 56.5 MMT, affecting earnings contribution from this segment.

These subdued numbers from the established businesses partially offset gains from the newer verticals. The company also faced increased borrowing costs, which impacted PBT margins from traditional business lines.

What Are the Key Operational Highlights from FY25?

Operational momentum was robust across incubating segments. The ANIL ecosystem saw solar module sales grow 59% to 4,263 MW and expanded its manufacturing footprint with a new 6 GW module and cell line under construction. The wind business reached 2.25 GW capacity and won the ICC Green Urja Award in February 2025.

Airport traffic across eight airports reached 94.4 million, a 7% annual increase, while Mumbai Airport earned a Diamond Rating in emission reduction from the Global Energy and Environment Foundation. Adani Road Transport Ltd recorded a 3.7x year-on-year jump in road construction to 2,410 lane-kilometres, with 14 projects under execution or operation.

What Is Adani’s Debt Position and Capital Strategy?

Total consolidated debt rose from ₹50,124 crore in FY24 to ₹76,236 crore in FY25, with significant allocations toward capex-heavy projects like the Navi Mumbai International Airport, copper and PVC manufacturing facilities, and the Ganga Expressway. Net debt increased to ₹49,306 crore.

The company’s net debt-to-EBITDA ratio stands at 2.9x, reflecting a manageable leverage level given the capital-intensive nature of its infrastructure build-out. Adani Enterprises continues to attract infrastructure-focused long-term funding, including project finance, infrastructure bonds, and external commercial borrowings.

What Are Investors and Institutions Saying?

As of May 2, 2025, Adani Enterprises’ stock was trading at ₹2,308.20, marking a 10% year-to-date decline and a 25% drop over the past 12 months. However, the stock has delivered a staggering 1,519% return over the past five years, making it one of the top long-term wealth creators on the Indian exchanges.

Despite recent volatility, investor sentiment is showing signs of stabilisation. The Q4 FY25 results, which saw PAT jump 752% to ₹3,845 crore, have been positively received, especially given the underlying strength from operational businesses and not merely financial one-offs.

Institutional shareholding data for March 2025 reveals a marginal uptick in confidence: institutional investors now hold 18.57% of Adani Enterprises, up from 18.33% in the prior quarter. Domestic mutual funds increased their stake from 2.37% to 2.49%, and domestic institutional investors (DIIs) raised their exposure from 6.6% to 6.9%. Foreign institutional investors (FIIs) retained a stable 11.7% holding.

Investment sentiment has been further supported by CARE Ratings and ICRA upgrading the company’s rating to AA-/Stable, highlighting execution strength and balanced capital allocation.

Buy/Sell/Hold Recommendation: Analysts suggest a ‘Hold’ stance for near-term investors, with attention to execution milestones and macro risks. For long-term investors, the company’s forward-looking asset base in renewables, airports, data centres, and core infra could present significant upside.

What Lies Ahead for Adani Enterprises?

The company is poised to deepen its presence in strategic verticals with high annuity potential and ESG relevance. FY26 will see continued momentum in scaling up green hydrogen infrastructure, airport traffic recovery, and road construction delivery. The copper and PVC projects are expected to drive medium-term topline and asset base expansion.

Given its proven incubation model and execution capacity across capital-intensive sectors, Adani Enterprises remains one of India’s key vehicles for infrastructure-led growth.