Ahmedabad: The Adani Portfolio has reported the highest annual capital expenditure (capex) by any Indian corporate in the FY25-26, investing Rs 1,52,967 crore ($16.1 billion) across its businesses. The group said the record investment reflects its accelerating infrastructure expansion strategy and confidence in India’s long-term growth prospects.
According to the company’s latest announcement, the Adani Portfolio’s total asset base rose to Rs 7,85,098 crore ($82.2 billion) by the end of FY26. A significant portion of the investment, nearly 80 per cent, was directed towards core infrastructure sectors, including energy, utilities, transport, and logistics.
The group also reported its highest-ever annual EBITDA of Rs 94,834 crore ($10 billion), representing a 5.6 per cent YoY increase. Core infrastructure businesses accounted for approximately 87 per cent of the earnings, underscoring the growing contribution of these sectors to the portfolio’s overall performance.
Commenting on the development, the company described FY26 as a crucial milestone in its growth journey. It stated that the scale of capital deployment during the year was comparable to the total asset base built during its first 25 years of operations, highlighting the magnitude of its current expansion phase.
Several major projects became operational during FY26 and shortly thereafter. In the energy and utilities segment, the group commissioned 5.1 GW of renewable energy capacity and 1.38 GWh of battery energy storage systems (BESS), which has since expanded to 3.37 GWh. In transport and logistics, key additions included the Navi Mumbai International Airport, Guwahati Terminal, and the Ganga Expressway, which commenced operations in April 2026. The company also operationalised a copper smelter in its primary industries vertical.
These assets are expected to strengthen future revenue streams, earnings growth, and cash flow generation.
On the financial front, the Adani Portfolio maintained what it described as a conservative leverage profile. Portfolio-level Net Debt to EBITDA stood at 3.3 times, below its guidance level of 3.5 times. Equity continued to be the primary source of funding, accounting for around 60 per cent of the asset base.
The group’s liquidity position remained strong, with cash reserves of Rs 55,852 crore ($5.9 billion) at the end of FY26, equivalent to about 15 per cent of gross debt. Borrowing costs also declined to 7.8 per cent, compared to 9 per cent two years earlier, supported by credit rating upgrades.
Among individual businesses, Adani Green Energy expanded its operational renewable capacity to 19.3 GW, while Adani Energy Solutions crossed the milestone of installing over one crore smart meters and maintained a transmission project pipeline worth Rs 71,779 crore.
Meanwhile, Adani Ports and Special Economic Zone (APSEZ) handled a record 500.8 MMT of cargo during FY26, marking an 11 per cent increase from the previous year. The company also completed the acquisition of NQXT Australia, which has a cargo-handling capacity of 50 MTPA, in December 2025.
The group’s airport business handled 95.3 million passengers across eight airports, while Adani New Industries Limited (ANIL) recorded a 15 per cent YoY rise in module sales, reaching 4,904 MW during the fiscal year.
