India’s infrastructure opportunity is a multi-decade growth story: Adani Group

The Adani Group has reiterated its positive outlook on India’s infra growth and its commitment to long-term nation-building, according to a Jefferies report detailing takeaways of day 1 of Adani Conference 2026. The Gautam Adani-led Group hosted multiple panel discussions on the group's performance and the Indian economy.  

A key theme of the conference was the rising importance of energy infrastructure, led by accelerating AI-led demand for Power and Allied Assets. The group achieved a record capex of Rs 1.55 lakh crore in FY26 and remains confident of sustaining growth with a disciplined financial structure.
 
The Group also posted a record EBITDA (including other income) of Rs 94,834 crore in FY26. Cash balances too were the highest at Rs 55,852 crore. 

Here are the key takeaways of the conference, according to a Jefferies report. 

Stronger Confidence in India's Growth Story

The management indicated that confidence in India's long-term growth trajectory has deepened significantly. The discussion has now shifted from identifying opportunities to determining how quickly large-scale projects can be executed while maintaining operational resilience. During FY26, the group recorded its highest-ever annual capital expenditure and reaffirmed its commitment to invest $100 billion in the energy transition. Financial performance remained robust, with EBITDA reaching approximately $10 billion and net debt-to-EBITDA maintained at around 3.3x, resulting in what management described as the strongest balance sheet in the group's history. Looking ahead, the focus is increasingly on green energy and artificial intelligence-led opportunities, with execution emerging as the most critical factor for sustaining growth and shareholder value creation.

Building the World's Lowest-Cost Electron

A key strategic priority is the development of an integrated energy ecosystem spanning conventional power generation, renewable energy assets and energy storage solutions. The objective is to deliver electricity at the lowest possible cost globally. Management highlighted that sustained efforts to strengthen the group's credit profile have significantly reduced borrowing costs, enabling more efficient and profitable infrastructure expansion. Nearly all of the group's debt is now rated AA or higher, compared with less than half of its debt portfolio six to seven years ago. The company continues to emphasise disciplined capital allocation, deploying funds only in projects where execution visibility is high, returns meet predefined thresholds and long-term value creation is evident.

Execution and Policy Stability Critical for India's Next Growth Phase

Industry experts at the panel discussion agreed that India's infrastructure opportunity remains a multi-decade growth story, underpinned by energy transition, transportation, digital infrastructure and financial services. As the economy moves toward the $10 trillion mark, capital availability is unlikely to be a constraint, with strong interest from sovereign wealth funds and global investors. However, challenges remain in areas such as land acquisition, regulatory approvals, execution capabilities and policy consistency. Participants stressed that contract enforcement and tax certainty will be crucial in attracting sustained investment. The next wave of growth is expected to be driven by electrification, renewable energy, digital infrastructure, logistics and manufacturing.

Airports Offer Multiple Growth Engines

The airport sector was highlighted as a significant long-term opportunity with multiple avenues for value creation. While aeronautical revenues will continue to benefit from rising passenger traffic, expanding airline fleets and increased airport capacity, the larger growth potential lies in non-aeronautical businesses. Experts noted that passenger spending at Indian airports remains relatively low compared with global peers, creating substantial room for growth. Airports were described as "toll roads with consumption attached," where retail, hospitality, real estate, digital services and artificial intelligence-driven solutions can significantly enhance revenue generation and passenger lifetime value.

Dharavi Redevelopment to Transform Urban Landscape

The Dharavi redevelopment project was presented as one of India's most ambitious urban transformation initiatives. Spanning nearly 600 acres and impacting more than one million residents, the project envisions around 95 million square feet of rehabilitation space alongside 130-150 million square feet of saleable development. Beyond housing, the redevelopment plan focuses heavily on social infrastructure, improved public amenities and rehabilitation of micro, small and medium enterprises operating in the area. The project also includes broader city infrastructure upgrades aimed at enhancing overall livability. Execution is expected to begin from FY27, with development planned over an eight-to ten-year period.