Adani Portfolio delivers highest annual capex by any Indian corporate at Rs 1,52,967 crore in FY26
Ahmedabad, June 2
Adani Portfolio on Tuesday announced it has delivered the highest annual capex by any Indian corporate at Rs 1,52,967 crore in FY26, with asset base now standing at Rs 7,85,098 crore, reflecting accelerated investment cycle.
EBITDA for FY26 reached an all-time high of Rs 94,834 crore ($10 billion), up 5.6 per cent year-on-year -- with core infrastructure contributing 87 per cent of earnings.
Nearly 80 per cent of investments were directed towards core infrastructure platforms spanning energy, utilities, transport and logistics, according to India's leading infrastructure and utilities portfolio.
According to the conglomerate, cash at FY26-end stood at Rs 55,852 crore ($5.9 billion), equivalent to 15 per cent of gross debt, while borrowing costs declined to 7.8 per cent in FY26 from 9 per cent two years ago, supported by consistent rating upgrades.
"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," said the company.
Several strategic assets entered operations during FY26 and since, including 5.1 GW of renewable energy capacity and 1.38 GWh of battery energy storage systems (now increased to 3.37 GWh) in the energy and utility vertical, Navi Mumbai International Airport, Guwahati Terminal and the Ganga Expressway (April 2026) in the transport and logistics vertical and copper smelter in the primary industries vertical.
These assets are expected to contribute meaningfully to growth, earnings, and cash flows in the years ahead.
Across Adani Portfolio, companies continue to remain conservative with portfolio-level Net Debt to EBITDA at 3.3x - below a guided number of 3.5x, and Equity continuing to remain a primary source of funding - 60 per cent of asset base.
Last fiscal, Adani Enterprises Ltd (AEL) raised Rs 24,930 crore via rights issue, strengthening equity base. Airports handled 95.3 million passengers across eight assets, and ANIL (Adani New Industries Limited) module sales jumped 15 per cent YoY to 4,904 MW.
Adani Green Energy's operational capacity expanded by 5.1 GW to 19.3 GW in FY26. BESS capacity of 1.38 GWh, at the end of FY26, scaled to 3.37 GWh at Khavda in Gujarat - one of the largest single-location deployments.
Adani Energy Solutions, with an under-construction transmission pipeline at Rs 71,779 crore, crossed 1 crore smart meters installed.
Adani Ports and SEZ Ltd reported cargo volumes up 11 per cent year-on-year to 500.8 MMT in FY26 and completed acquisition of NQXT Australia (50 MTPA capacity) in December 2025, according to the statement.
— IANS
Reader Comments
Numbers look solid but let's not forget the controversies around this group. Yes, the infrastructure build is good for the country, but we need to keep checks on corporate governance. Hope SEBI is watching closely.
The Ganga Expressway and Navi Mumbai Airport will be game changers. 95 million passengers at airports shows how much we fly now. But I'm more excited about the copper smelter - reduced import dependency is always welcome. Make in India! 🚀
While the capex is commendable, I'm concerned about debt levels. Net debt to EBITDA at 3.3x is just below 3.5x guidance. One bad quarter could push it over. Diversification is good but let's hope they maintain discipline.
As someone following Indian infrastructure from abroad, this is remarkable. 500 MMT cargo at ports, 19.3 GW green energy capacity - these are world-class numbers. India's infra story is truly accelerating.
Interesting to see the rights issue of Rs 24,930 crore last fiscal. Shows they're willing to tap equity markets rather than just debt. 60% equity funding is conservative indeed. But analysts should watch cash flow generation from those new assets.
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