Adani Portfolio reports record FY26 capex of Rs 1.53 lakh crore; EBITDA hits all-time high

Adani Portfolio stated that it delivered the highest annual capital expenditure (capex) by any Indian corporate in FY26, investing Rs 1,52,967 crore ($16.1 billion) across its businesses.

According to the ports-to-energy conglomerate's statement, its asset base expanded to Rs 7,85,098 crore ($82.2 billion) during the fiscal year.

The portfolio reported an all-time high EBITDA of Rs 94,834 crore ($10 billion) in FY26, marking a 5.6 per cent year-on-year (YoY) increase. Core infrastructure businesses accounted for 87 per cent of total earnings.

Nearly 80 per cent of the investments made during the year were directed towards the group's core infrastructure platforms, including energy, utilities, transport and logistics.

"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," the portfolio stated.

Cash and cash equivalents stood at Rs 55,852 crore ($5.9 billion) at the end of FY26, equivalent to around 15 per cent of gross debt. Borrowing costs declined to 7.8 per cent in FY26 from 9 per cent two years earlier, supported by rating upgrades, it said.

Several projects became operational during FY26 and thereafter. These included 5.1 GW of renewable energy capacity and 1.38 GWh of battery energy storage systems (BESS), which have since expanded to 3.37 GWh, in the energy and utilities segment.

At the portfolio level, net debt-to-EBITDA remained at 3.3 times, below the group's stated guidance of 3.5 times, while equity continued to account for about 60 per cent of the asset base. During the last financial year, Adani Enterprises Ltd raised Rs 24,930 crore through a rights issue.

Among business-specific highlights, Adani Airports handled 95.3 million passengers across eight airports, Adani New Industries Ltd (ANIL) reported module sales of 4,904 MW, up 15 per cent YoY, and Adani Green Energy expanded operational capacity by 5.1 GW to 19.3 GW. Adani Ports and Special Economic Zone handled cargo volumes of 500.8 MMT, up 11 per cent YoY, and completed the acquisition of NQXT Australia (50 MTPA capacity) in December 2025.