Adani Portfolio Hits Record INR 1.53 Lakh Cr Capex In Historic FY26 Peak

The Adani Portfolio has set a new benchmark in Indian corporate history by executing an unprecedented investment cycle. The conglomerate deployed an all-time high annual capital expenditure of INR 1,52,967 crore for the fiscal year ending March 31, 2026. This scale of capital deployment indicates an aggressive pivot toward large-scale asset building.

The intensive funding cycle has expanded the group's gross asset base to a staggering INR 7,85,098 crore. Company statements indicate that the volume of capital deployed in FY26 alone matches the entire asset infrastructure built by the group during its first 25 years of operation. Nearly 80% of these targeted investments were directed strictly toward core infrastructure platforms across energy, utilities, transport, and logistics.

Record Earnings

Parallel to the accelerated capital deployment, the portfolio achieved its highest-ever consolidated earnings. Total EBITDA for FY26 reached a record INR 94,834 crore, marking a 5.6% year-on-year growth. The financial core of the group remained anchored by its utility and logistics arms, with core infrastructure businesses contributing 87% of total portfolio earnings.

The group's operational metrics show widespread expansion across its listed verticals. Adani Ports & SEZ witnessed an 11% volume expansion, handling 500.8 million metric tonnes of cargo, while also completing the acquisition of Australia's NQXT. Meanwhile, Adani Green Energy expanded its operational footprint by 5.1 GW, taking its total capacity to 19.3 GW. This was supported by scaling up its Battery Energy Storage Systems to 3.37 GWh at Khavda.

Operational Phase

The fiscal year also served as a critical operational turning point, with several multi-billion-dollar megaprojects successfully moving from construction pipelines to active revenue generation. These assets are positioned to provide steady cash flows in the upcoming quarters.

In the transport and logistics segment, the landmark Navi Mumbai International Airport commenced operations in December 2025, followed closely by the Guwahati Terminal in February 2026. Furthermore, the massive Ganga Expressway project was operationalized in April 2026. In primary industries, the group successfully commissioned its new copper smelter plant, creating a highly diversified operational hedge.

Despite the heavy capital expenditure, the portfolio managed to improve its core balance sheet resilience. Net Debt to EBITDA finished the fiscal year at 3.3x, remaining comfortably below the group's strict internal guidance ceiling of 3.5x.

Financing dynamics showed visible improvement as a result of continuous domestic rating upgrades. Every single asset under the Adani umbrella now holds a domestic credit rating of 'A-' or higher. This systemic de-risking helped the group lower its average cost of debt to 7.8% in FY26, down significantly from 9% two years prior. Additionally, liquidity buffers remained strong, with a closing cash pool of INR 55,852 crore, which is sufficient to cover debt servicing requirements across the portfolio for the next 17 months.

Also read: MPC Rate Stance Signals Long Reset For India Home Loan Repayment Tenures