The Adani Portfolio, India’s largest infrastructure and utilities platform, reported a record capital expenditure of ₹1,52,967 crore ($16.1 billion) in FY26, the highest annual capex undertaken by any Indian corporate, as it accelerated investments across energy, utilities, transport and logistics businesses.
The group said nearly 80% of the investments were directed towards its core infrastructure platforms, helping expand its gross asset base to ₹7,85,098 crore ($82.2 billion).
FY26 EBITDA rose 5.6% year-on-year to an all-time high of ₹94,834 crore, with core infrastructure businesses contributing 87% of total earnings.
Infrastructure-Led Growth
The group described FY26 as a key inflection point, marking the beginning of its next phase of large-scale capital investment.
“FY26 marks an important inflection point for the Adani Portfolio, as portfolio 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,” the management said.
The portfolio comprises businesses spanning energy and utilities, transport and logistics, metals and materials, and consumer sectors.
Several strategic assets were commissioned during the year, including the Navi Mumbai International Airport, 5.1 GW of renewable energy capacity, 3.37 GWh of battery energy storage systems and the Ganga Expressway.
The company said the full financial contribution from these projects would be reflected from FY27 onwards.
Balance Sheet Remains Strong
Despite the record investment programme, the group-maintained balance-sheet discipline, with net debt-to-EBITDA at 3.3 times, below its guided ceiling of 3.5 times.
Cash and cash equivalents stood at ₹55,852 crore at the end of FY26, representing about 15% of gross debt.
The group also reported a continued decline in borrowing costs, which fell to 7.8% in FY26 from 9% two years earlier, supported by consistent credit-rating upgrades.
“All Adani assets now carry domestic ratings of A- or higher,” the company said.
Growth Platform Expands
The Adani Portfolio said its expanding infrastructure asset base positions it to benefit from India’s long-term economic growth and rising demand for energy, logistics and transportation infrastructure.
With major projects now operational and a strong pipeline under execution, the group expects the next phase of growth to be supported by increasing cash flows from newly commissioned assets while maintaining a disciplined capital allocation framework.