Adani Portfolio Sets Record With Highest Ever Capex In Indian Corporate History
Adani Portfolio reports highest ever capex by Indian corporate.
The Adani Group has reported what it described as its highest-ever capital expenditure, marking a significant expansion phase across its infrastructure and utilities businesses in FY26. The group said the year represents a key inflection point as it accelerates its next cycle of large-scale asset creation across energy, transport, logistics, and industrial segments.
According to the company’s Credit and Results Compendium, FY26 saw record capital deployment of ₹1,52,967 crore, the highest among any Indian corporate to date. The conglomerate also reported a rise in its gross asset base to ₹7,85,098 crore, reflecting the rapid scale-up of infrastructure development across multiple verticals.
The group said several major projects entered operations during the year and thereafter, including 5.1 GW of renewable energy capacity and battery energy storage systems that have now expanded to 3.37 GWh. In the transport and logistics segment, key assets such as the Navi Mumbai International Airport, Guwahati Terminal, and the Ganga Expressway (commissioned in April 2026) were highlighted as major additions expected to contribute to future earnings.
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On the financial front, the conglomerate reported record EBITDA of ₹94,834 crore, up 5.6% year-on-year. It stated that 87% of EBITDA came from its core infrastructure businesses, indicating stable and recurring cash flow generation. The company also pointed to improved credit metrics, noting that 100% of run-rate EBITDA is now backed by assets rated ‘A-’ or higher, which has helped reduce its cost of debt over time.
Liquidity and leverage indicators were also highlighted as strong, with the group reporting cash balances of ₹55,852 crore, equivalent to 15% of gross debt. It added that liquidity is sufficient to cover debt servicing requirements for at least 17 months. The portfolio-level net debt-to-EBITDA ratio stood at 3.3x, below its guided threshold, while equity funding accounted for 60% of the asset base.
Among key business units, Adani Enterprises reported strong growth across airports, mining, roads, and data centres, alongside a major rights issue that strengthened its equity position. Adani Green Energy expanded its operational renewable capacity significantly, while Adani Energy Solutions advanced its transmission pipeline and smart metering rollout.
Adani Power continued to report stable operational performance with high plant availability and long-term capacity expansion plans targeting 42 GW by FY32. Overall, the group positioned FY26 as a year of accelerated infrastructure buildout, driven by large-scale investments across energy transition, logistics expansion, and digital infrastructure, with management signalling continued focus on long-term capital-intensive growth.
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