Adani Portfolio Reports Record FY26 Capex of Rs 1.53 Lakh Crore, Highest by Any Indian Corporate

Adani Portfolio reports the highest annual capex by an Indian corporate for FY26, with Rs 1,52,967 crore invested as core infrastructure sectors drive EBITDA to Rs 94,834 crore. The company notes asset growth, ongoing project completions, and a strong balance sheet that supports future expansion.

The Adani Portfolio has reported the highest-ever annual capital expenditure (Capex) by an Indian corporate, investing Rs 1,52,967 crore during FY26 as it accelerated expansion across its infrastructure, energy, transport, and utilities businesses.

The infrastructure conglomerate also recorded its highest-ever annual EBITDA of Rs 94,834 crore, registering a 5.6% year-on-year growth, according to the company's FY26 financial results and Credit and Results Compendium released on Tuesday.

The group said nearly 80% of its investments during the year were directed toward core infrastructure sectors, including energy, utilities, transport, and logistics. Its total asset base expanded significantly to Rs 7,85,098 crore, reflecting what the company described as an accelerated investment cycle aligned with India's growing infrastructure requirements.

"FY26 marks an important inflection point for the Adani Portfolio as companies across the group entered the next phase of their capital expenditure cycle," the company said in a statement.

Core infrastructure businesses contributed 87% of the portfolio's EBITDA, underscoring the increasing importance of regulated and long-term infrastructure assets in the group's earnings profile.

The infrastructure segment posted EBITDA of Rs 82,083 crore during FY26, up 11% from the previous year. The transport vertical, led by Adani Ports & SEZ, recorded the highest growth among major segments with EBITDA rising 23.2% year-on-year to Rs 25,228 crore. The utilities business generated EBITDA of Rs 45,377 crore, up 4.6%.

Quarterly performance also remained strong, with portfolio EBITDA rising 12.1% year-on-year to Rs 25,478 crore in the fourth quarter of FY26.

Major Projects Commissioned

The group commissioned several strategic assets during FY26 and the months immediately following the fiscal year.

These include 5.1 GW of renewable energy capacity and 1.38 GWh of battery energy storage systems, which have since expanded to 3.37 GWh. In the transport sector, the Navi Mumbai International Airport, Guwahati International Airport's new terminal, and the Ganga Expressway became operational. The company also commissioned its copper smelter project as part of its industrial expansion strategy.

The newly operational assets are expected to contribute significantly to earnings and cash flows in the coming years.

Balance Sheet Remains Strong

Despite undertaking record capital expenditure, the Adani Portfolio maintained financial discipline. The group's net debt-to-EBITDA ratio stood at 3.3 times at the end of FY26, below its guided level of 3.5 times.

Cash reserves stood at Rs 55,852 crore, equivalent to about 15% of gross debt. The company said it has maintained sufficient liquidity to meet debt servicing obligations for at least the next 17 months.

The group's borrowing cost also declined to 7.8% during FY26 from 9% in FY24 and 10.3% in FY19, supported by consistent credit-rating upgrades.

According to the company, all Adani assets now carry domestic credit ratings of A- or higher.

Company-wise Performance

Among individual businesses, Adani Ports & SEZ reported EBITDA growth of 23.2% to Rs 25,228 crore, while Adani Green Energy posted a 14.6% increase to Rs 12,075 crore. Adani Energy Solutions recorded EBITDA of Rs 8,726 crore, up 12.6% year-on-year.

Adani Power generated EBITDA of Rs 23,321 crore, while Adani Total Gas reported EBITDA of Rs 1,254 crore. Adani Cement posted EBITDA of Rs 7,586 crore.

Adani Enterprises, the group's incubator business, reported EBITDA of Rs 16,643 crore and raised Rs 24,930 crore through a rights issue during the year to strengthen its equity base.

Expansion Across Key Businesses

Adani Green Energy expanded its operational renewable energy capacity by 5.1 GW, taking total capacity to 19.3 GW. Adani Energy Solutions crossed the milestone of installing over one crore smart meters and maintained an under-construction transmission pipeline worth Rs 71,779 crore.

Adani Ports handled cargo volumes of 500.8 million metric tonnes during FY26, marking an 11% increase from the previous year. Ambuja Cements completed the acquisition of Orient Cement and reported a 16.1% rise in cement sales volumes to 73.7 million tonnes.

The Adani Group said the scale of investments made during FY26 reflects its confidence in India's long-term growth prospects and its commitment to building infrastructure assets that support the country's economic development.