Adani Group’s Debt Rises as Indian Lenders Now Fund 50% of Borrowings by June 2025

The Adani Group is now relying much more on Indian banks and financial institutions for its borrowings. As of June 2025, 50% of its total debt (over ₹2.6 lakh crore) comes from Indian lenders, compared to 40% a year ago.

This shift happened because borrowing within India has become cheaper after RBI rate cuts and upgrades in Adani’s credit ratings, which reduced loan costs. In the past year, the group’s total debt rose by 20%.

• Breakdown of Debt (June 2025):
  • Indian banks & financial institutions: 50% of borrowings
    • PSU banks: share rose to 18% (from 13% last year)
    • NBFCs & financial institutions: 25% (up from 19%)
    • Private banks: steady at 2%, though lending grew 20%
  • Foreign borrowings:
    • Dollar bonds: down to 23% (from 31%)
    • Loans from foreign banks: 27% (down slightly from 28%)

In the last two years, Indian banks have increased their exposure by about ₹1.3 lakh crore ($15 billion), making them a key source of funding for Adani.

Adani said its improved credit ratings are supported by stable cash flows from long-term contracts in ports and power businesses. The group also holds cash reserves of ₹60,000 crore, which gives it a financial cushion.

Recent Deals

• Adani Airport raised $150 million through loans from Barclays, DBS, First Abu Dhabi Bank and MUFG.
• Adani Ports borrowed $125 million directly from MUFG.
• Some airport loans from Indian lenders were refinanced.

Strong Performance

In FY25, Adani reported:

• Record EBITDA: ₹89,806 crore (up 8.2%)
• Net profit: ₹40,565 crore
• Capex: ₹1.26 lakh crore
• Net debt-to-EBITDA ratio: 2.6, showing debt remains under control

Over 90% of its earnings are linked to AA-rated or higher assets, which has helped Adani secure cheaper funding both in India and abroad.

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International Borrowing

Adani is still India’s largest overseas borrower under the 144A/Reg S route, raising $9 billion with maturities up to 30 years. Over the last seven years, it has refinanced $2.7 billion and gained rating upgrades from Moody’s, Fitch, and S&P.

Its global bond programme has attracted 200+ international investors, mainly from Asia (34%), the US & Canada (31%), and Europe (24%).

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