Adani Group Credit Update May 2025 FY25 Portfolio

Credit update on the Adani portfolio as of FY25 (March 2025), covering business performance, asset diversification, and leverage discipline. The document evaluates portfolio-wide risk including borrowing leverage under 2.75x EBITDA, liquidity positions, and contracted EBITDA exceeding 70% of total EBITDA with concentration risk mitigation.