Adani Group Reports Record ₹1.53 Lakh Crore Capex and ₹94,834 Crore EBITDA in FY26

Adani Group entered a new phase of infrastructure expansion in FY26, reporting its highest-ever annual capital expenditure and EBITDA.  

The conglomerate invested ₹1.53 lakh crore during the year while generating record operating earnings of ₹94,834 crore, supported by growth across its energy, utilities, transport and logistics businesses. 

Infrastructure Investment Reaches New High 

The group's capital expenditure for FY26 stood at ₹1.53 lakh crore ($16.1 billion), marking the largest annual investment programme undertaken by an Indian corporate group.  

Nearly 80% of this spending was directed towards core infrastructure businesses, including energy, utilities, transport, and logistics. 

As a result of the investment cycle, the portfolio's gross asset base expanded to ₹7.85 lakh crore ($82.8 billion). Several major projects also moved into the operational phase during the year, including 5.1 GW of renewable energy capacity, battery energy storage systems, Navi Mumbai International Airport, the Guwahati terminal, the Ganga Expressway and a copper smelter. 

Earnings Growth Supported by Core Businesses 

Consolidated EBITDA rose 5.6% year-on-year to a record ₹94,834 crore ($10 billion). Core infrastructure businesses contributed ₹82,083 crore, accounting for 87% of the portfolio's total EBITDA. 

The transport segment delivered the strongest performance, with EBITDA increasing 23.2% to ₹25,228 crore, largely driven by Adani Ports. Utility businesses reported EBITDA of ₹45,377 crore, representing growth of 4.6% compared with the previous year. 

The group indicated that projects commissioned during FY26 are expected to contribute more significantly to earnings and cash flows from FY27 onwards. 

Balance Sheet Strength and Business Expansion 

Despite the elevated investment programme, Adani Group maintained its net debt-to-EBITDA ratio at 3.3x, below its stated ceiling of 3.5x.  

Cash and cash equivalents stood at ₹55,852 crore at the end of March, equivalent to 15% of gross debt. The group stated that available liquidity is sufficient to cover debt servicing requirements for at least the next 17 months. 

The average borrowing cost declined to 7.8% in FY26 from 9% two years earlier, supported by rating upgrades across operating companies. The group noted that all its assets now carry domestic credit ratings of A- or higher. 

Portfolio Companies Deliver Operational Milestones 

Adani Green Energy expanded its operational renewable energy capacity by 5.1 GW to 19.3 GW. Battery energy storage capacity reached 1.38 GWh at the end of FY26 and has since scaled to 3.37 GWh at Khavda in Gujarat, one of the largest single-location deployments of its kind. 

Adani Ports handled a record 500.8 million metric tonnes of cargo during the year, up 11% from FY25, and completed the acquisition of NQXT Australia in December 2025, adding 50 million tonnes of capacity. 

Adani Energy Solutions reported an under-construction transmission pipeline worth ₹71,779 crore, crossed one crore smart meter installations and built an order book of 2.5 crore smart meters against a national opportunity of 10.3 crore. 

Adani Enterprises raised ₹24,930 crore through a rights issue, while its airports portfolio handled 95.3 million passengers across eight airports.  

Adani Power outlined plans to reach 42 GW capacity by FY32, with 23.7 GW already locked in against the current 18.2 GW.  

Ambuja Cements completed the acquisition of Orient Cement and increased cement sales volumes by 16.1% to 73.7 million tonnes during FY26. 

Read More: Adani Energy Solutions Share Price in Focus; Incorporates 7 Wholly Owned Subsidiaries for Business! 

Conclusion 

FY26 marked a significant investment year for Adani Group, with record capital expenditure, all-time high EBITDA and expansion across multiple infrastructure businesses. The group's ongoing projects and recently operationalised assets are expected to play a larger role in supporting growth and cash generation in the coming years.   

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