Adani portfolio records highest annual capex by Indian corporate at Rs 1.52 lakh crore
New Delhi, June 2
Adani Portfolio delivered the highest annual capex by any Indian corporate at Rs 1,52,967 crore for the financial year 2026. The Indian conglomerate directed nearly 80 per cent of these total investments toward its core infrastructure platforms spanning energy, utilities, transport, and logistics.
According to an Adani release, the massive capital deployment accelerated the total asset base of the portfolio to Rs 7,85,098 crore (USD 82.8 billion).
The financial year saw the operationalization of several strategic assets across multiple verticals. These include 5.1 GW of renewable energy capacity and 1.38 GWh of battery energy storage systems, which later scaled to 3.37 GWh.
In the transport and logistics space, projects like the Navi Mumbai International Airport, the Guwahati Terminal, and the Ganga Expressway entered operations, alongside a new copper smelter in the primary industries sector.
The group mentioned that these assets are expected to contribute meaningfully to growth, earnings and cash flows in the years ahead.
Financially, the portfolio reported an all-time high EBITDA of Rs 94,834 crore (USD 10 billion), representing a 5.6 per cent year-on-year growth. The core infrastructure platform contributed 87 per cent of these total earnings.
Despite the elevated capital expenditure, the balance-sheet leverage remained conservative with a portfolio-level Net Debt to EBITDA ratio of 3.3x, which sits below the guided management level of 3.5x. Equity served as the primary source of funding, accounting for 60 per cent of the asset base.
The release also highlighted that a sufficient liquidity position is maintained across portfolio companies to cover debt servicing requirements for at least the next 17 months. As of March 31, 2026, the cash balance stood at Rs 55,852 crore, which is equivalent to 15 per cent of the total gross debt.
Backed by domestic rating upgrades where all assets now carry a rating of 'A-' or higher, the average borrowing cost for the portfolio declined to 7.8 per cent during the fiscal year, down from 9 per cent recorded two years ago.
The group noted that the period marks an important inflection point for the conglomerate as its businesses entered the next phase of their capital expenditure cycle.
The Adani release stated that the scale of capital deployment during the year is comparable to the asset base built over the first 25 years, reflecting both the infrastructure opportunity before India and the group's confidence in its long-term growth trajectory.
— ANI
Reader Comments
Impressive numbers but I hope these investments actually benefit the common man, not just the corporate bottom line. Let's see how much of this translates into jobs and better services for us. 🤔
The renewable energy push is exactly what India needs. 5.1 GW capacity addition in one year is no joke. We need more private players to step up like this for a sustainable future.
Interesting to see the debt ratio at 3.3x, below management guidance. Shows some financial discipline. But I'd still be cautious about such rapid expansion. History has examples of over-leveraged groups struggling.
The borrowing cost dropping from 9% to 7.8% is a clear sign of improved creditworthiness. Rating upgrades matter a lot in global markets. Good to see Indian companies getting stronger.
Navi Mumbai airport and Ganga Expressway - these are game-changers for connectivity. But I wish more attention was given to smaller cities and rural areas too. Development shouldn't be just metro-centric.
Impressive scale of operations. The EBITDA growth of 5.6% is decent but not spectacular for such a massive capex. Need to see if returns on this investment justify the scale. Time will
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