The group’s portfolio EBITDA rose to an all-time high of ₹94,834 crore in FY26 from ₹89,806 crore a year earlier  | Photo Credit: bl-online Administrator

The Adani Group ramped up capital expenditure to a record ₹1.53 lakh crore in FY26 — the highest annual investment by any Indian corporate — as it accelerated spending across airports, renewable energy, transmission, roads and logistics, even as core operating profit growth remained relatively modest at 5.6 per cent.

The group’s portfolio EBITDA rose to an all-time high of ₹94,834 crore in FY26 from ₹89,806 crore a year earlier, while its asset base expanded to ₹7.85 lakh crore. Earnings growth, however, was tempered by declines at several major businesses, including a 28.6 per cent drop in EBITDA from Adani Enterprises’ existing businesses, a 12.2 per cent decline at Adani Cement and a 2.5 per cent fall at Adani Power.

The numbers highlight the challenge facing the conglomerate as it embarks on its largest-ever investment cycle. Nearly 80 per cent of the spending was directed towards core infrastructure platforms spanning energy, utilities, transport and logistics, with many of the newly created assets yet to make a meaningful contribution to earnings. 

strategic projects

Several strategic projects entered operations during FY26 and in the months thereafter, 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. The company said these assets are expected to contribute significantly to growth, earnings and cash flows going forward.

Despite the record spending, the group maintained that balance-sheet discipline remained intact. Portfolio-level net debt-to-EBITDA stood at 3.3 times at the end of FY26, below its stated guidance of 3.5 times, while cash balances stood at ₹55,852 crore, equivalent to 15 per cent of gross debt. The average cost of borrowing declined to 7.8 per cent in FY26 from 9 per cent two years ago, supported by rating upgrades across group companies. According to the company, all Adani portfolio assets now carry domestic credit ratings of A- or higher.

Among the major business verticals, transport emerged as the strongest performer with EBITDA rising 23.2 per cent to ₹25,228 crore, driven by growth in cargo volumes and logistics operations. Infrastructure businesses housed under Adani Enterprises posted EBITDA growth of 13.8%, while utility businesses, which account for the largest share of group earnings, reported a 4.6 per cent increase.

The utility, transport and infrastructure segments together contributed ₹82,083 crore, or about 87 per cent of the portfolio’s EBITDA, underscoring the group’s increasing reliance on long-gestation infrastructure assets as the primary driver of earnings.

At the company level, Adani Green Energy reported a 14.6 per cent increase in EBITDA to ₹12,075 crore, while Adani Energy Solutions posted a 12.6 per cent rise. Adani Ports & SEZ remained the fastest-growing large business in the portfolio, with EBITDA increasing 23.2 per cent to ₹25,228 crore.

Published on June 2, 2026