Mumbai, Nov. 24 -- The Adani Group's consolidated earnings before interest, tax, depreciation and amortization (Ebitda) surpassed Rs.90,000 crore on a trailing twelve-month basis for the first time during the September quarter. However, an even sharper uptick in borrowings over the last six months means that the conglomerate's net debt is now three times its record Ebitda.

The Ahmedabad-based conglomerate, comprising 13 listed companies and businesses spanning cement manufacturing to running airports, reported consolidated Ebitda of Rs.92,943 crore for the 12-month period ended 30 September, up from Rs.89,806 crore during FY25, as per a presentation published by the conglomerate on Monday.

Performance improved across group companies dur...