Adani Portfolio posts record ₹1,52,967 crore capex in FY26, highest by any Indian corporate
Synopsis
Adani Portfolio deployed ₹1,52,967 crore in FY26 — the largest single-year capex by any Indian corporate ever, roughly matching the asset base it built across its first 25 years. With EBITDA at an all-time high, borrowing costs falling, and marquee assets like Navi Mumbai Airport and Khavda BESS now operational, the group is pivoting from a build phase to an earnings harvest.
Key Takeaways
Adani Portfolio deployed a record ₹1,52,967 crore ( $16.1 billion ) in capex in FY26 — the highest by any Indian corporate.
EBITDA reached an all-time high of ₹94,834 crore , up 5.6 per cent YoY ; core infrastructure contributed 87 per cent of earnings.
Asset base stands at ₹7,85,098 crore ; Net Debt to EBITDA held at 3.3x , below the guided 3.5x ceiling.
Adani Green Energy reached 19.3 GW operational capacity; BESS at Khavda scaled to 3.37 GWh .
Adani Ports cargo volumes rose 11 per cent YoY to 500.8 MMT ; group airports handled 95.3 million passengers .
AEL raised ₹24,930 crore via rights issue; borrowing costs fell to 7.8 per cent from 9 per cent two years ago.
The Adani Portfolio on Tuesday, 2 June 2025, reported its highest-ever annual capital expenditure of ₹1,52,967 crore ($16.1 billion) in FY26 — the largest single-year capex deployment by any Indian corporate on record. The group's consolidated asset base now stands at ₹7,85,098 crore ($82.2 billion), reflecting what the conglomerate described as an accelerated investment cycle.
Record Earnings and Financial Metrics
EBITDA for FY26 reached an all-time high of ₹94,834 crore ($10 billion), up 5.6 per cent year-on-year, with core infrastructure contributing 87 per cent of total earnings. Cash at FY26-end stood at ₹55,852 crore ($5.9 billion), equivalent to 15 per cent of gross debt. Notably, borrowing costs declined to 7.8 per cent in FY26 from 9 per cent two years ago, supported by consistent credit rating upgrades.
Portfolio-level Net Debt to EBITDA remained conservative at 3.3x — below the group's self-guided ceiling of 3.5x — with equity continuing to fund 60 per cent of the asset base.
Where the Capital Went
Nearly 80 per cent of investments were directed towards core infrastructure platforms spanning energy, utilities, transport, and logistics. Several strategic assets entered operations during FY26 and subsequently, including 5.1 GW of renewable energy capacity, 1.38 GWh of battery energy storage systems (since scaled to 3.37 GWh), the Navi Mumbai International Airport, the Guwahati Terminal, the Ganga Expressway (operational from April 2026), and a new copper smelter in the primary industries vertical.
These assets are expected to contribute meaningfully to group revenues, earnings, and cash flows in the coming years.
Key Business Unit Highlights
Adani Green Energy expanded its operational capacity by 5.1 GW to reach 19.3 GW in FY26. Battery energy storage at Khavda, Gujarat — one of the largest single-location deployments globally — scaled from 1.38 GWh at FY26-end to 3.37 GWh thereafter.
Adani Ports and SEZ Ltd reported cargo volumes up 11 per cent year-on-year to 500.8 MMT in FY26, and completed the acquisition of NQXT Australia (with a capacity of 50 MTPA) in December 2025. Group airports handled 95.3 million passengers across eight assets.
Adani Energy Solutions crossed 1 crore smart meters installed, with an under-construction transmission pipeline valued at ₹71,779 crore. Adani New Industries Limited (ANIL) reported module sales up 15 per cent year-on-year to 4,904 MW. Adani Enterprises Ltd (AEL) raised ₹24,930 crore via a rights issue last fiscal, strengthening the equity base.
The Group's Strategic Signal
According to the group's statement, 'FY26 marks an important inflection point for the Adani Portfolio, as Adani Portfolio companies began its next phase capex cycle. The scale of capital deployment during the year is comparable to the asset base we had built over our first 25 years, reflecting both the infrastructure opportunity before India and the group's confidence in its long-term growth trajectory.'
This comes amid India's broader infrastructure buildout drive, with the Centre committing record public capex in successive Union Budgets. The Adani group's FY26 deployment alone rivals the annual infrastructure spending of several mid-sized sovereign funds. With strategic assets now operational, the focus is expected to shift from deployment to earnings accretion in FY27 and beyond.
Point of View
52,967 crore is a genuinely extraordinary number — it dwarfs the annual infrastructure budgets of most Indian states and signals that the Adani group has moved from post-Hindenburg repair mode into full-throttle expansion. The more telling metric is the EBITDA margin trajectory: if core infrastructure sustains 87 per cent earnings contribution while new assets like Navi Mumbai Airport ramp up, the debt-to-EBITDA ratio should compress further, reducing refinancing risk. The real question mainstream coverage underplays is execution quality — whether 5.1 GW of new renewable capacity and a copper smelter translate into contracted, bankable cash flows, or remain utilisation-dependent. India's infrastructure gap is real, and the group is clearly betting on it, but the distance between capex deployed and returns delivered is where the story will actually be written.
NationPress
11 Aug 2026
Frequently Asked Questions
What is the Adani Portfolio's FY26 capex record?
The Adani Portfolio deployed ₹1,52,967 crore ($16.1 billion) in capital expenditure in FY26, the highest annual capex by any Indian corporate on record. The group said this single-year deployment is comparable in scale to the entire asset base it built over its first 25 years.
How did Adani's earnings perform in FY26?
EBITDA for FY26 reached an all-time high of ₹94,834 crore ($10 billion), up 5.6 per cent year-on-year. Core infrastructure platforms — spanning energy, utilities, transport, and logistics — contributed 87 per cent of total earnings.
Which new assets became operational during FY26?
Key assets that entered operations include 5.1 GW of renewable energy capacity, the Navi Mumbai International Airport, the Guwahati Terminal, the Ganga Expressway (April 2026), and a copper smelter. Battery energy storage at Khavda, Gujarat, scaled to 3.37 GWh — one of the largest single-location deployments.
How is Adani managing its debt levels?
Portfolio-level Net Debt to EBITDA stood at 3.3x at FY26-end, below the group's self-guided ceiling of 3.5x. Borrowing costs declined to 7.8 per cent from 9 per cent two years ago, aided by rating upgrades, and equity funds 60 per cent of the asset base.
What were the highlights for Adani Ports and Adani Green in FY26?
Adani Ports and SEZ Ltd reported cargo volumes up 11 per cent year-on-year to 500.8 MMT and completed the acquisition of NQXT Australia (50 MTPA capacity) in December 2025. Adani Green Energy expanded operational capacity by 5.1 GW to 19.3 GW during the fiscal year.
