Adani Group Records Historic Rs. 1.53 Lakh Crore Capex in FY26, Strengthening Infrastructure Expansion

Ahmedabad: The Adani Group on Tuesday announced a record capital expenditure (capex) of ?1,52,967 crore during FY26, marking the highest annual investment by any Indian corporate and signaling an accelerated phase of infrastructure expansion.

The group's total asset base grew to ?7,85,098 crore, reflecting the scale of its ongoing investments across key sectors such as energy, utilities, transport, and logistics. Nearly 80 percent of the total investment was directed toward core infrastructure businesses.

The Adani Portfolio also reported its highest-ever EBITDA of ?94,834 crore in FY26, registering a 5.6 percent increase over the previous year. Core infrastructure businesses contributed 87 percent of the total earnings.

According to the company, its cash reserves stood at ?55,852 crore at the end of FY26, equivalent to about 15 percent of gross debt. The group's average borrowing cost declined to 7.8 percent, compared to 9 percent two years earlier, aided by improvements in credit ratings.

The company described FY26 as a significant turning point, noting that the scale of investments made during the year was comparable to the assets it had built over its first 25 years of existence. It said the investment momentum reflects both India's growing infrastructure needs and the group's confidence in long-term economic growth.

Several major projects became operational during the year, including 5.1 GW of renewable energy capacity and battery energy storage systems in the energy sector. In transport infrastructure, operations commenced at the Navi Mumbai International Airport, the Guwahati Terminal, and the Ganga Expressway. The group also commissioned a copper smelter in its industrial segment.

These newly operational assets are expected to contribute significantly to revenue growth, profitability, and cash generation in the coming years.

The group maintained a relatively conservative financial profile, with a portfolio-level net debt-to-EBITDA ratio of 3.3 times, below its guidance level of 3.5 times. Equity continues to account for around 60 percent of the overall asset base.

Among key developments, Adani Enterprises Limited raised ?24,930 crore through a rights issue during FY26, strengthening its balance sheet. The group's airport business handled 95.3 million passengers across eight airports, while Adani New Industries Limited recorded a 15 percent year-on-year increase in module sales to 4,904 MW.

Meanwhile, Adani Green Energy Limited expanded its operational renewable energy capacity by 5.1 GW to 19.3 GW. Its battery energy storage capacity at Khavda, Gujarat, increased from 1.38 GWh at the end of FY26 to 3.37 GWh, making it one of the largest such deployments at a single location.

Adani Energy Solutions Limited continued to strengthen its transmission business, with projects worth ?71,779 crore under construction and more than one crore smart meters installed.

In the logistics segment, Adani Ports and Special Economic Zone Limited reported cargo handling volumes of 500.8 million metric tonnes in FY26, an 11 percent increase over the previous year. The company also completed the acquisition of Australia's NQXT Australia in December 2025, further expanding its international footprint.

The record investment cycle underscores the Adani Group's continued focus on large-scale infrastructure development across sectors considered critical to India's long-term economic growth.

With inputs from IANS