Adani Group Reports Over 17 Per Cent Rise In EBITDA in Q3FY25, Here's How Its Portfolio Stocks Traded

Adani Group reported a record Trailing Twelve-Month (TTM) EBITDA of Rs 86,789 crore, registering a 10.1 per cent year-on-year (YoY) increase. In the third quarter of fiscal year 2025 (Q3FY25), the company’s EBITDA rose by 17.2 per cent to Rs 22,823 crore. The company's core infrastructure sectors—utilities, transport, and infrastructure projects under Adani Enterprises Ltd—contributed 84 per cent of the total EBITDA, the company announced in an official release on February 20, 2025.

The company’s infrastructure segment contributed Rs 18,324 crore, a 15.95 per cent increase. Meanwhile, the cement business saw a growth of 58.78 per cent, adding Rs 3,074 crore.

Adani Enterprises Limited (AEL) continued to expand its infrastructure segment, recording an impressive 45.56 per cent YoY growth. Meanwhile, the group’s transport and logistics sector, including Adani Ports and Special Economic Zone (APSEZ), saw steady expansion, with cargo volumes significantly outpacing industry growth rates.

How Did Adani Group Stocks Fare?

Adani Green Energy Ltd remained flat at Rs 864.95 after witnessing one of the steepest declines in the group, trading 60.2 per cent below its 52-week high of Rs 2,174.1. Its market capitalisation stood at Rs 1,36,971.29 crore. Meanwhile, Adani Ports & SEZ Ltd showed signs of recovery, surging 2.7 per cent to Rs 1,111.70. However, it is still 31.44 per cent lower than its 52-week high of Rs 1,621.4, with a market capitalisation of Rs 2,33,910.65 crore.

Adani Power Ltd saw a minor 0.4 per cent gain, closing at Rs 484.30, but remained 45.90 per cent down from its peak of Rs 895.85. Ambuja Cements Ltd also edged up 0.6 per cent, closing at Rs 482.85, but is still 31.68 per cent below its 52-week high of Rs 706.95. Adani Total Gas Ltd gained 0.9 per cent, closing at Rs 587.70, yet is 50.60 per cent below its peak of Rs 1,190.

Among the top gainers of the day, Adani Wilmar Ltd stood out with a 3.7 per cent rise, closing at Rs 263. This too is a long way from recovery, down by 35.66 per cent from its 52-week high of Rs 408.95. NDTV Ltd also saw a 3.1 per cent increase, closing at Rs 127.35, but it has dropped 55.08 per cent from its peak of Rs 283.5.

Adani Group's Stock price witnessed a sharp downturn as a domino effect of multiple events. The first fallout happened from the Hindenburg Research report released in January 2023 and the subsequent regulatory probes by SEBI and the US SEC in 2024 that eroded market confidence, leading to some Adani Group stocks plummeting up to 60 per cent from their 52-week highs.

The initial Hindenburg allegations of stock manipulation and accounting fraud triggered an immediate selloff, wiping out over $100 billion from Gautam Adani’s personal wealth. While Adani Group refuted these claims and attempted to reassure stakeholders, the damage to sentiment was severe, with flagship stocks like Adani Enterprises, Adani Green Energy, and Adani Total Gas witnessing steep corrections.

As SEBI continued its investigation in late 2023, the uncertainty over regulatory findings led to sustained selling pressure. By early 2024, the situation worsened when reports confirmed that the US Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) had launched an inquiry into Adani’s dealings with US-based investors and its financial disclosures.

Debt and Liquidity Management

Adani Group’s financial strategy remained focused on maintaining credit discipline, the company claimed in the release. The company’s net debt-to-EBITDA ratio has improved to 2.46x, significantly below the upper guidance threshold of 4.5x. The group's total gross debt stood at Rs 258,276 crore as of September 2024, with a healthy liquidity position covering over 28 months of debt servicing.

An important pattern in the company’s credit strategy seen was its diversified debt capital book, with exposure balanced between domestic banks (42 per cent), global banks (27 per cent), and capital markets (28 per cent).

As of September 30, 2024, the Adani Portfolio reported a cash balance of Rs 53,024 crore, accounting for 20.5 per cent of its gross debt. The company assures that it maintains sufficient liquidity to cover debt servicing requirements for at least the next 12 months.