Notably, Adani’s core infrastructure businesses accounted for 82% of total EBITDA. Within the utility segment, Adani Green Energy enhanced its operational capacity by 30% year-on-year, while Adani Power experienced a 20% boost in electricity generation.

The conglomerate reached a capital expenditure peak of ₹1.26 trillion and plans to invest $100 billion over the next six years. “These investments will underscore the group’s commitment to developing long-term infrastructure assets, including renewable energy projects, transmission networks, ports, and a new copper smelter facility,” the company stated.

Jugeshinder ‘Robbie’ Singh, CFO of Adani Group, remarked, “A significant highlight of FY25 is our continued industry-leading Return on Assets of 16.5%, one of the highest in the global infrastructure sector. This demonstrates our strong asset base and the execution capabilities of the Adani portfolio in delivering high-quality assets across various subsectors.”

He also noted, “We have implemented various governance and ESG initiatives, including a Tax Transparency report released by all portfolio companies, alongside other measures taken over recent years, resulting in industry-leading ESG scores as recognized by international rating agencies.”

Adani’s net debt-to-EBITDA ratio improved to 2.6x, down from 3.8x in FY19. The group maintains healthy liquidity, with a reported cash balance of ₹53,843 crore ($6.3 billion), equating to approximately 18.5% of gross debt.

The RBI’s May 2025 monthly bulletin noted, “The decline in FY25 indicates a mature market where foreign investors can easily enter and exit, positively reflecting on the Indian economy.”

Despite the drop in net FDI, gross FDI showed resilience, growing 13.7% year-over-year to reach $81 billion in FY25, compared to $71.3 billion in FY24 and $71.4 billion in FY23, as per RBI data.
The report highlighted India’s emerging role as a “connector country,” positioned to be a vital intermediary in sectors like technology, digital services, and pharmaceuticals. “Amid global trade reconfigurations and shifts in industrial policy, India is increasingly set to play a significant role,” it stated.
“Looking ahead, despite the formidable challenges on the horizon, India is well-prepared to navigate ongoing global headwinds, ready to seize emerging opportunities and strengthen its position as a key driver of global growth,” the report concluded. It also mentioned ongoing trade tensions, increased policy uncertainty, and subdued consumer sentiment as persistent challenges to global growth.

However, in the January–March quarter (Q4 FY25), IndiGo saw a remarkable 61.89% year-on-year increase in consolidated net profit, reaching ₹3,067.5 crore, up from ₹1,894.8 crore in Q4 FY24. Excluding foreign exchange effects, net profit grew by 44.7% to ₹2,981.1 crore compared to ₹2,060 crore in the same quarter last year.

In Q4, revenue from operations climbed by 24.3% to ₹22,151.9 crore, compared to ₹17,825.3 crore in the previous year. The airline’s EBITDAR (earnings before interest, taxes, depreciation, amortization, and rent) surged by 57.5% to ₹6,948.2 crore during this period, with an EBITDAR margin improving to 31.4% from 24.8% in the same quarter last year.

IndiGo also experienced a 21% increase in capacity and a 19.6% rise in passenger numbers, serving 3.19 crore travelers. The load factor inched up to 87.4%, compared to 86.3% in Q4 FY24.

CEO Pieter Elbers commented on the airline’s performance, stating it was a “healthy financial result” for both the fourth quarter and the full year, driven by record passenger volumes, operational efficiencies, and the dedicated efforts of IndiGo’s employees. However, he acknowledged challenges, particularly the impact of Pakistan’s airspace closure and the shutdown of 32 airports in May, affecting around 170 daily flights, 11 of which were operated by IndiGo.

While April started on a positive note, Elbers noted that May might be weaker, but there are expectations of traffic recovery beginning in June. He also announced a recommended dividend of ₹10 per share for IndiGo’s shareholders. Furthermore, a prominent international credit rating agency has assigned IndiGo an investment-grade rating, reflecting its robust balance sheet and consistent performance.

Looking forward, the airline intends to maintain its focus on cost leadership and expand its international operations, including launching services in Europe.