Adani Enterprises launched its maiden public issuance of non-convertible debentures (NCDs) for ₹800 crore, which is first public issue by any private corporate in last decade.
At the centre of an organisation’s sustained, long-term growth lies a strong and resilient core. At Adani Enterprises, we witnessed the realisation of this belief during FY 2024-25, as the company continued to demonstrate long-term strength in performance despite certain short-term challenges. Our execution excellence – backed by best-in-class management practices, state-of-the-art technologies, innovation strength, high credit ratings, fully funded growth strategies and a strong sustainability focus – ensured that the company remained aligned with its strategic growth plans across all business segments.
The record-high consolidated EBITDA of ₹16,722 crore posted during the year – with 60% contribution from incubating businesses – showcased the strength and consistency of our incubation strategy. Driven by this strategy, which centres on creating incremental value for stakeholders and supporting India’s growth journey, our consolidated income for the full year increased by 2% to ₹1,00,365 crore.
A key highlight was that AEL’s incubating business EBITDA of ₹10,025 crore for FY 2024-25 surpassed the Company’s total consolidated EBITDA of ₹10,012 crore in FY 2022-23. For the full fiscal year 2024-25, while the EBITDA touched ₹16,722 crore, consolidated profit before tax rose by 16% to ₹6,533 crore. These figures stand as a testimony to the success of our strategic efforts in driving operational efficiency across all business verticals, while expanding our incubating asset base.
I am pleased to share that Adani Enterprises launched its maiden public issuance of non-convertible debentures (NCDs) for ₹800 crore which is first public issue by any private corporate in last decade. During the year AEL & its subsidiaries raised ₹8,000+ crore (USD ~1 billion) from market with mix of Equity and Debt instruments to support incubation businesses which were well received by diversified set of investors.
The company reported solid growth in emerging core infrastructure businesses, particularly through Adani New Industries Ltd (ANIL) – the Green Hydrogen Ecosystem – and Adani Airport Holdings Ltd (AAHL) – highlighting the scale of opportunities in these sectors. These developments also underscore the strength of our core capabilities, nurtured through strategic investments in high-potential growth areas.
EBITDA for ANIL surged by 108% to ₹4,776 crore, with EBITDA margins rising due to improved realisations and operational efficiencies from integrated cell and module production. Our focus on executing greenfield projects across three giga-scale integrated manufacturing plants was a key driver of this robust performance. The wind turbine manufacturing business marked significant milestones: the 3.3 MW Wind Turbine Generator (WTG) model was listed in the Revised List of Models & Manufacturers (RLMM), expanding our offering to four listed models. During the year the wind turbine business has expanded its capacity to 2.25 GW from 1.5 GW.
I am also happy to share that we received the Letter of Award from SECI for an electrolyser manufacturing facility of 101.5 MW per annum, taking our cumulative awarded capacity to 300 MW per annum – a milestone that greatly boosts our growth confidence. Our focus in this segment will remain on investing in innovative technologies to support its high-growth trajectory.
AAHL also demonstrated operational and financial excellence, with EBITDA increasing 43% to ₹3,480 crore and passenger movement rising by 7% to ₹94.4 million. The accelerated development of greenfield Navi Mumbai International Airport played a vital role, with the airport successfully completing its first commercial flight validation test – bringing it closer to operational readiness.
During the year, 40 new routes, 16 new airlines and 43 new flights were added to the network.
The inauguration of Terminal 3 at Lucknow Airport marked another milestone. Thiruvananthapuram International Airport achieved Level 2 accreditation under Airports Council of India’s Airport Customer Experience Programme. Mumbai Airport became the first in India – and third globally – to achieve Level 5 accreditation, reaffirming its commitment towards customer satisfaction
These developments reflect our commitment to service excellence and stakeholder trust. This trust was evident in AAHL’s successful ₹1,950 crore (USD ~230 million) NCD issuance, subscribed by mutual funds and banks.
In our Data Centre business, AdaniConneX Pvt Ltd, we achieved significant milestones in phased construction. Phase I of the Hyderabad Data Centre (9.6 MW) and Noida Data Centre (10 MW) are now fully operational. The Pune Data Centre has crossed 75% completion for Phase I and II. Construction is also underway at the Navi Mumbai Data Centre (30 MW).
Our Roads business, Adani Road Transport Ltd (ARTL), saw record-breaking progress, with the highest-ever 2,410.1 lane-km constructed in a year. The Ganga Expressway reached 75% completion and three out of ten under-construction projects crossed the 90% milestone. We also achieved provisional COD for the Panagarh–Palsit BOT project in West Bengal and the Kodad–Khammam HAM project in Telangana. ARTL’s SPVs raised ₹1,124 crore (USD ~130 million) through AAA rated NCDs with maturities of up to 11 years.
In the Natural Resources – MDO business, we now have 13 mining service contracts, with six operational. We produced 47 million tonnes of coal and iron ore during the year, meeting all customer schedules. A significant development was the Letter of Award for an iron ore mine (7 MTPA capacity) at Taldih, Odisha. We also signed four new MDO agreements for coal blocks.
With these additions, AEL’s MDO portfolio now comprises 11 coal blocks and 2 iron ore blocks, affirming our ability to deliver value through operational excellence.
In our primary industry incubation portfolio in metals, our Kutch Copper unit at Mundra, with a capacity of 500 KTPA, has commenced operations, with capacity ramping up in phases. The pace of execution highlights our ability to build and scale with a long-term value creation focus.
In the Integrated Resources Management (IRM) business, we continued to nurture a broad base of relationships across end-user industries. We remain India’s no. 1 player and are working to expand into new market segments through initiatives such as the IRM e-portal, which has enhanced ease of doing business for retail customers and expanded our market share with a balanced mix of retail and public sector clients.
Needless to say, our achievements are made possible by the dedication and commitment of our teams — our core engine of success. We will continue to invest in their well-being while exploring new opportunities for sustained and sustainable growth.
Sustainable growth remains central to our future-focused business strategy. AEL posted a sector-leading net score of 60 out of 100 in the S&P Global Corporate Sustainability Assessment (CSA) for 2024 – up from 49 in 2023 – placing us among the top five ESG-performing companies globally out of 180 sector peers. Airports in Mumbai, Ahmedabad, Guwahati, Thiruvananthapuram and Jaipur won several sustainability awards, further reinforcing our ESG commitment. We also strengthened our CSR initiatives, aligned with our ethos of responsible growth.
Operationally, we will continue leveraging our core strengths to scale up incubation through targeted investments and execution excellence. With the continued support of our stakeholders – employees, lenders, shareholders, governments and communities – we remain committed to partnering India in its journey to becoming a global economic powerhouse. I look forward to your continued trust and support in this shared journey of value creation and inclusive growth.
Managing Director
