Adani Group's gross debt has increased by almost 21% in the past year, with global banks holding nearly a third, reflecting the Indian conglomerate's rapid growth and international expansion. Despite a shift in the creditor mix, a debt metric indicating the ability to pay off borrowings has improved, down from 7.6 in 2013 to 3.2 net debt to earnings before interest, tax, depreciation and amortisation in 2023. Moody's flags the risk of a surge in funding costs and refinancing needs, but the conglomerate has said there is "no material refinancing risk".