The Adani Portfolio has reported an unprecedented financial performance for the fiscal year 2026, setting a new benchmark for capital expenditure by an Indian corporate. The group invested a record Rs 1,52,967 crore ($16.1 billion) across its diverse businesses, signaling a significant expansion phase.
Record Capex and Soaring EBITDA Define FY26
According to the ports-to-energy conglomerate's statement, its asset base swelled to Rs 7,85,098 crore ($82.2 billion) during FY26. This massive capital deployment underpinned an all-time high EBITDA of Rs 94,834 crore ($10 billion), representing a robust 5.6 percent year-on-year growth. Core infrastructure businesses, encompassing energy, utilities, transport, and logistics, were pivotal, contributing 87 percent of total earnings and receiving nearly 80 percent of the year's investments.
A portfolio statement highlighted, "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."
Financial Health and Operational Achievements
The group's financial health remained strong, with cash and cash equivalents reaching Rs 55,852 crore ($5.9 billion) by the end of FY26. Borrowing costs saw a decline to 7.8 percent from 9 percent two years prior, a positive trend supported by recent rating upgrades. The net debt-to-EBITDA ratio stood at 3.3 times, comfortably below the group's guidance of 3.5 times, while equity maintained approximately 60 percent of the asset base. Adani Enterprises Ltd also successfully raised Rs 24,930 crore through a rights issue during the fiscal year.
Several key projects became operational, enhancing the portfolio's capacity and reach:
- Energy & Utilities: Added 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. Adani Green Energy's operational capacity expanded by 5.1 GW to a total of 19.3 GW.
- Airports: Adani Airports managed 95.3 million passengers across its eight operational airports.
- Manufacturing: Adani New Industries Ltd (ANIL) reported module sales of 4,904 MW, a 15 percent year-on-year increase.
- Ports & Logistics: Adani Ports and Special Economic Zone handled cargo volumes of 500.8 MMT, up 11 percent year-on-year, and completed the acquisition of NQXT Australia (50 MTPA capacity) in December 2025.
These achievements underscore the Adani Portfolio's aggressive growth strategy and its commitment to India's infrastructure development.