📌 At a Glance
Reliance Infrastructure just pulled off a full-year financial glow-up that would make even Adani blush:
✅ ₹4,938 Cr PAT in FY25 vs loss of ₹1,609 Cr in FY24
✅ Net worth jumped 70% YoY
✅ Standalone net debt to zero (yes, zero)
✅ EBITDA shot up 154% YoY to ₹12,288 Cr (after excluding those usual Ambani-style ‘exceptionals’)
So naturally, the market response?
📉 Stock fell -3.86%. Classic.
🧾 Full-Year FY25 Financials (Consolidated)
| Metric | FY25 | FY24 | Change |
|---|---|---|---|
| Operating Income | ₹23,592 Cr | ₹22,067 Cr | 🔼 +7% |
| Adjusted EBITDA | ₹12,288 Cr | ₹4,842 Cr | 🔼 +154% |
| PAT | ₹4,938 Cr | (₹1,609 Cr) | 🔼 Profit turnaround |
| Net Worth | ₹14,287 Cr | ₹8,428 Cr | 🔼 +70% |
| External Net Debt/Equity | 0.28x | 0.78x | ✅ Debt slashed |
| Standalone Net Debt | ₹0 | ₹3,300 Cr | 🎉 Debt-free! |
🧠 Edu Note: Even excluding ₹1,100 Cr of “exceptional” gains, EBITDA more than doubled. That’s no longer “engineering profits,” that’s real cash talking.
🔍 Q4 FY25 Financials (Consolidated)
| Metric | Q4 FY25 | Q3 FY25 | QoQ Change |
|---|---|---|---|
| Adjusted EBITDA | ₹8,876 Cr | ₹1,136 Cr | 🔼 +681% |
| PAT | ₹4,387 Cr | (₹3,298 Cr) | 🔼 Stunning comeback |
| Net Worth | ₹14,287 Cr | ₹9,899 Cr | 🔼 +44% QoQ |
“This is the kind of quarterly reversal that deserves a Netflix documentary.”
💡 Key Operational Highlights
🔌 Power & Distribution (Delhi Discoms)
- 🏠 44,549 new households added in Q4
- ⚡ T&D loss <7% — huge win in power efficiency
- 🔼 Peak demand handled: 3,623 MW
- 🏆 A+ rating from REC Ltd. in Consumer Service
🚇 Mumbai Metro One
- 👥 Weekday ridership hits 500,000
- 🚉 99.99% train availability
- 🚦 Trial run of short-loop ops for Andheri–Ghatkopar corridor
💣 The “Exceptional” Items Breakdown
Reliance Infra knows how to pack drama in its numbers:
- ₹514 Cr exceptional gain in Q4
- ₹1,100 Cr exceptional income for FY25
- That means real EBITDA is still strong and not inflated by one-off windfalls
🧠 EduInvesting Take
“When the PAT is up 208% YoY and the stock is down 4%, either investors are blind or the company hasn’t earned their trust back.”
Here’s what’s happening:
- 📉 Investors are still wary of the Anil Ambani legacy baggage
- 🏗️ Despite growth, infra businesses are still capital intensive, and future growth visibility is unclear
- 🧾 Smart money might be waiting for asset monetisation clarity
BUT, let’s give credit where it’s due:
- 🟢 Debt gone
- 🟢 Earnings turnaround real
- 🟢 Metro & Discoms stable
- 🟢 Book value back above ₹300/share
This isn’t a “rescue” anymore — this is a potential rebirth.
🚦Verdict: Reliance Infra 2.0 – Now With Real Profits (and No Debt)
If FY24 was the ICU year, FY25 was the discharge report — and FY26 might just be the reunion party.
But until:
- 🏦 Asset monetisation picks up
- 📈 Consistent EBITDA without “adjustments”
- 💬 Clear guidance from management
…the stock may stay stuck in “infra limbo”.
🗓️ Published: May 26, 2025
✍️ By: Prashant Marathe
Tags: Reliance Infra Q4 FY25, Net debt zero, Anil Ambani comeback, BBMP Smart Infra, Mumbai Metro, Discoms Delhi, SEBI LODR disclosure
