Adani Group Achieves Record Half-Year Performance with Surging Capex and Robust Earnings
Adani Group posts record earnings and accelerates capital expenditure, driven by core infrastructure growth.
The Adani Group has reported a stellar first half performance for fiscal year 2026 (FY26), posting record earnings and an unprecedented level of capital expenditure. The conglomerate invested ₹67,870 crore (USD 7.6 billion) in H1, bringing its total asset base to ₹6.77 lakh crore (USD 76 billion), firmly on track to meet its ambitious full-year capex target of ₹1.5 lakh crore. This rapid growth is primarily powered by the group’s core infrastructure businesses, including utilities, transport, and energy sectors.
Adani’s trailing twelve-month EBITDA reached a record high of ₹92,943 crore (USD 10.4 billion), an 11.2% increase year-on-year. The earnings for H1 FY26 stood at ₹47,375 crore, of which 83% was contributed by the group’s core utilities, transport, and infrastructure verticals. Despite the accelerated investment cycle, the group's net debt to EBITDA ratio improved to 3x, below its previously guided range of 3.5x–4.5x, reflecting robust financial discipline. The group also maintained a cash reserve of ₹57,157 crore (USD 6.4 billion), covering 17% of its gross debt.
The group’s CFO, Jugeshinder Singh, highlighted that the solid performance reflects disciplined expansion amid India's infrastructure-driven capex super-cycle. He stated, "What took 25 years to build, we are now gearing up to replicate within a single year. As new assets come online, we expect to sustain returns on assets of 15–16%." Singh further noted that rising domestic AAA ratings and stable USD ratings have enhanced the global appeal of the group’s long-tenor infrastructure assets.
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Core business segments such as Adani Green Energy , Adani Power , and Adani Ports & SEZ have driven the earnings momentum. The group added ₹67,870 crore worth of new assets in H1 FY26, with Adani Enterprises Ltd (AEL) contributing ₹17,595 crore, followed by Adani Green at ₹12,314 crore and Adani Power at ₹11,761 crore. These verticals continue to generate steady, long-duration cash flows underpinning the group’s expansion strategy.
Cash flow after tax surged to ₹65,016 crore in the first half, underpinning strong operating cash flow and demonstrating financial robustness. Supported by healthy cash flows and strong access to capital, the Adani Group is positioned for continued growth, riding the wave of India’s infrastructure investment cycle with a focus on sustainable, high-return assets.
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