Did Adani Portfolio Achieve Impressive H1 FY26 Results with Capex of Rs 67,870 Crore?
Synopsis
Key Takeaways
- Capex of Rs 67,870 crore in H1 FY26.
- EBITDA reached Rs 47,375 crore, a record high.
- 52% of EBITDA from AAA rated assets.
- Return on assets projected at 15-16%.
- Core infrastructure businesses account for 83% of total EBITDA.
Ahmedabad, Nov 24 (NationPress) On Monday, the Adani Portfolio announced its remarkable financial results for the first half of this fiscal year (H1 FY26), achieving a significant capex of Rs 67,870 crore ($7.6 billion) while EBITDA surged to a record Rs 47,375 crore ($5.3 billion).
The acceleration in capex contributed to a growth in gross assets by Rs 67,870 crore to reach Rs 6,77,029 crore ($76 billion), positioning the company to meet its target of Rs 1.5 lakh crore in capex.
The trailing twelve months (TTM) EBITDA has now risen to Rs 92,943 crore ($10.4 billion), marking an increase of 11.2 percent year-on-year, as reported by the company, which noted that assets rated 'AAA' account for 52 percent of EBITDA.
“Our core infrastructure sectors continue to showcase strong double-digit growth while we implement one of the largest capex initiatives, in line with India’s Viksit Bharat capex super cycle. Adjacent businesses are also gaining momentum,” stated Jugeshinder Singh, Group CFO of Adani Group.
“In H1 FY26, we achieved our highest-ever capex in the first half despite seasonal influences. Notably, our debt metrics remain below the targeted range, even after increasing capex to Rs 1.5 lakh crore, demonstrating our commitment to financial discipline,” Singh added.
He also mentioned that what took 25 years to establish, “we are now poised to replicate within a single year, and as new assets become operational as planned, we anticipate maintaining an asset return of 15–16 percent.”
“Our focus is on impeccable execution and top-tier operations. With increasing AAA domestic ratings and stable USD ratings, our long-term infrastructure assets are becoming more appealing to global institutions,” Singh remarked.
The consistently stable 'Core Infrastructure' sectors (utility, transport, and infrastructure businesses under Adani Enterprises) represented 83 percent of total EBITDA in H1 FY26.
Adani Enterprises Ltd (AEL), the flagship entity of the Adani Portfolio, registered the largest gross asset increase of Rs 17,595 crore ($2 billion).
Adani Green Energy Ltd and Adani Power Ltd contributed assets worth Rs 12,314 crore ($1.4 billion) and Rs 11,761 crore ($1.3 billion), respectively.
“The H1 FY26 ROA (return on assets) was recorded at 15.1 percent, despite significant capital work in progress on new assets. This is among the highest ROAs globally in the infrastructure sector. Over the last six years, the portfolio has consistently maintained above 15 percent ROA despite a more than 3.5-time increase in Gross Assets,” the company stated.