Adani Group Reports ₹67,870 Crore Capex and Strong EBITDA in H1FY26

The Adani Group reported capex of ₹67,870 crore in the first half of the fiscal year, alongside a trailing 12-month EBITDA of ₹92,943 crore, reflecting an 11.2% annual increase.  

Gross assets rose by the same amount to ₹6,77,029 crore, keeping the group on course for its ₹1.5 lakh crore capex target. H1FY26 EBITDA reached an all-time high of ₹47,375 crore, with core infrastructure operations in utilities, transport and other businesses contributing 83% of total earnings. 

Asset Expansion and Credit Strength 

Adani Enterprises recorded the largest addition to gross assets at ₹17,595 crore, followed by Adani Green Energy at ₹12,314 crore and Adani Power at ₹11,761 crore. The group’s return on assets stood at 15.1%.  

According to Group CFO Jugeshinder Singh, “In H1 FY26, we recorded our highest-ever capex in the first half despite seasonal factor, our debt metrics continue to remain below the guided range even after doubling capex to ₹1.5 lakh crore.” The group stated that 52% of portfolio EBITDA now comes from AAA-rated domestic assets, while 90% is derived from AA-rated and above. 

Leverage Metrics and Cash Position 

Net Debt-to-EBITDA remained at 3x, comfortably below the guided range of 3.5x–4.5x, despite a slight increase due to accelerated capex. Free cash on the books stood at ₹65,016 crore, indicating steady operating cash flow across portfolio companies. 

Read More: Adani Group and Codelco Forge Partnership to Explore Copper Projects in Chile! 

Conclusion 

With record capital expenditure, strong earnings, momentum and solid credit indicators, the Adani Group continues to reinforce its infrastructure-led growth strategy through disciplined financial management and sustained asset expansion. 

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