Adani Group plans to reduce its debt burden over the next five years and will refrain from tapping international bond markets until at least 2027, according to Chief Financial Officer Jugeshinder Singh, who spoke in an interview in London.
The Indian conglomerate, led by billionaire Gautam Adani, will focus on improving its balance sheet discipline after facing pressure from investors following a damaging short-seller report in 2023 and a U.S. Department of Justice bribery probe the following year, which the group has denied. India’s market regulator recently cleared Adani of some allegations raised by the short-seller.
Singh said the next offshore bond sale will likely be in U.S. dollars, but not before 2027. In the meantime, the company will continue to raise funds in India’s domestic market and through Reg D issuances, which allow securities sales without SEC registration.
“Adani aims to reduce the leverage level of portfolio companies to a level similar to established utilities in OECD member countries rather than emerging markets,” Singh noted, adding that excess leverage has become “counterproductive,” particularly after favorable credit rating upgrades.
Adani’s net debt rose to about 2.37 trillion rupees ($26.9 billion) in the 2025 fiscal year. However, stronger earnings growth has lowered its net debt-to-EBITDA ratio to 2.63 times, down from a peak of 3.81 times in 2022, according to a company credit update published in August. Earlier this year, Adani Ports began repurchasing some of its outstanding debt as part of the group’s broader deleveraging effort.
Still, the group faces the challenge of balancing debt reduction with heavy capital expenditure plans. Founder Gautam Adani has pledged to invest $15–20 billion annually over the next five years, including $10 billion in U.S. energy security and infrastructure projects. Singh emphasized that the U.S. investment does not require external borrowing, as it falls within the group’s “cash envelope” — the cash generated internally by its companies.
Despite deleveraging efforts, Adani has also struck several private debt deals with lenders such as Apollo Global Management Inc., Metlife Inc., and BlackRock Inc., underscoring the delicate balance between financial discipline and expansion.
