Adani group companies reported a record capital expenditure of ₹1.53 lakh crore ($16.1 billion) and an all-time high EBITDA of ₹94,834 crore ($10 billion) in the 2025-26 fiscal year, underscoring an accelerating infrastructure expansion cycle while maintaining leverage below its stated target.
The investment programme-the largest annual capex undertaken by an Indian corporate group-lifted the portfolio’s gross asset base to ₹7.85 lakh crore ($82.8 billion), with nearly 80% of spending directed towards energy, utilities, transport, and logistics businesses.
Consolidated EBITDA rose 5.6% year-on-year, according to the group’s annual results and credit compendium released on Tuesday.
Nearly 80% of FY26 investments were directed toward core infrastructure businesses, including energy, utilities, transport, and logistics, underscoring the group’s continued focus on sectors linked to India’s infrastructure build-out.
The investment cycle comes as several large projects entered operations, including 5.1 GW of renewable energy capacity, battery energy storage systems, Navi Mumbai International Airport, the Guwahati terminal, the Ganga Motorway, and a copper smelter.
The ports-to-energy conglomerate said these assets are expected to contribute more meaningfully to earnings and cash flows FY27 onwards.
Core infrastructure businesses generated ₹82,083 crore of EBITDA during FY26, accounting for 87% of portfolio earnings. The transport segment, led by Adani Ports, recorded the strongest growth, with EBITDA rising 23.2% to ₹25,228 crore. Utility businesses reported EBITDA growth of 4.6% to ₹45,377 crore.
Despite the sharp increase in capital spending, the group maintained net debt-to-EBITDA at 3.3 times, below its stated ceiling of 3.5 times. Cash and cash equivalents stood at ₹55,852 crore at the end of March, equivalent to 15% of gross debt.
Sufficient liquidity is maintained across portfolio companies to cover debt servicing requirements for at least the next 17 months.
The group’s average borrowing cost declined to 7.8% in FY26 from 9% two years earlier, supported by rating upgrades across operating companies. Adani said all of its assets now carry domestic credit ratings of A- or higher.
Among key businesses, Adani Green Energy expanded operational renewable capacity by 5.1 GW to 19.3 GW, while Adani Ports handled a record 500.8 million metric tonnes of cargo, up 11% from a year earlier.
Adani Energy Solutions reported an under-construction transmission pipeline worth ₹71,779 crore and crossed 10 million smart meter installations.
Adani Enterprises, the group’s incubator business, raised ₹24,930 crore through a rights issue during the fiscal year under review, while its airports portfolio handled 95.3 million passengers across eight airports.
The results highlight the group’s transition into a new investment phase after years of rapid balance-sheet expansion, with management positioning infrastructure, energy transition and logistics as the primary drivers of future growth.
“FY26 marks an important inflection point for the Adani Portfolio, as group companies began their 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,” according to the compendium, which provided an overview of performance and insights into its credit strength and long-term resilience.
Giving operational details, it said renewable energy arm Adani Green Energy Ltd saw operational capacity expand by 5.1 GW to 19.3 GW. It had a BESS capacity of 1.38 GWh at the end of FY26, now scaled to 3.37 GWh at Khavda in Gujarat-one of the largest single-location deployments.
Electricity transmission company Adani Energy Solutions Ltd had an under-construction transmission pipeline of ₹71,779 crore and crossed 1 crore smart meter installations. It has an order book at 2.5 crore as against a national opportunity of 10.3 crore.
Adani Power is targeting a capacity of 42 GW by FY32, with 23.7 GW already locked in vs the current 18.2 GW.
Adani Ports & SEZ Ltd handled 11% more cargo at 500.8 million tonnes. It completed the acquisition of NQXT Australia (50 million tonnes capacity) in December 2025.
Ambuja Cements completed the acquisition of Orient Cement, strengthening its market position. Cement sales volumes rose 16.1% to 73.7 million tonnes in FY26.
Headquartered in Ahmedabad, the Adani Portfolio is the country’s largest and fastest-growing platform of diversified infrastructure businesses, spanning energy and utilities, transport and logistics, metals and materials, and consumer sectors.
Here’s how the stocks performed
On a year-on-year (YoY) basis Adani Power shares jumped 112.5% while Adani Ports shares have surged 24%.
Among other group stocks, Adani Enterprises shares gained 21.5% YoY, and Adani Green Energy shares rallied 44%.
Adani Energy Solutions jumped 75%, while Adani Total Gas shares increased 7%. Further, Ambuja Cements has tanked 21% YoY, while ACC declined 27%.