The Adani Group is targeting a 20% year-on-year growth in its earnings before interest, tax, depreciation, and amortization (Ebitda) for FY26, aiming for approximately ₹1.10 lakh crore. This growth is expected to be driven by incremental cash flows from its Navi Mumbai airport, green energy business, and copper smelter. A senior group official indicated that the green energy business alone is projected to contribute about ₹4,000-4,500 crore to the Ebitda.

In FY25, the conglomerate's Ebitda reached an all-time high of ₹89,806 crore but experienced a slower growth rate of 8.2% compared to the previous year. This deceleration was attributed to a reduced contribution from the group's largest segment, the utility businesses. Between FY21 and FY24, the Adani portfolio's Ebitda grew between 18-45%.

The Adani Group also plans to increase its capital expenditure for the current fiscal year by around 10%, amounting to ₹1.40-1.45 lakh crore. A significant portion of these funds will be allocated to Adani Green, Adani Power, Adani Energy Solutions, and Adani Ports and Special Economic Zone. In FY25, the group's capital expenditure reached an all-time high of ₹1,26,000 crore, which was reflected in the gross assets, rising to ₹6.10 lakh crore from ₹4.83 lakh crore in FY24. Approximately three-fourths of the total gross assets have been added in the last six years, with plans to add assets worth ₹1.5 lakh crore this year.

The group's gross debt increased to ₹2,90,409 crore at the end of FY25 from ₹2,41,836 crore a year ago, while net debt also rose to ₹2,36,566 crore from ₹1,82,031 crore. The net debt-to-Ebitda ratio increased to 2.63 times at the end of FY25 from 2.19 times at the end of FY24, as the 30% growth in net debt outpaced the single-digit rise in Ebitda. However, the group's cost of debt fell to a four-year low of 7.9% during the fiscal year.

In FY25, nearly half of the Adani Group's Ebitda came from its utility businesses, but Ebitda from this segment decreased by 2% year-on-year to ₹43,375 crore. Adani Power, Adani Green Energy, Adani Total Gas, and Adani Energy Solutions are included in the company's utility businesses portfolio. The Ebitda from Adani Power decreased by 15% year-on-year, while Adani Total Gas saw a modest increase of 1%. Additionally, Ebitda from the existing businesses of Adani Enterprises fell by 6.5% to ₹7,231 crore during the fiscal year.