Adani Group Companies Record Highest Capital Expenditure at $16 Billion, Achieve All-Time High EBITDA of Rs 94,834 Crore in Fiscal Year 2026

Adani Group Reports Record Capital Expenditure and EBITDA Growth

The Adani group, a leading Indian conglomerate, has announced a record capital expenditure of Rs 1.53 lakh crore (USD 16.1 billion) and an all-time high EBITDA of Rs 94,834 crore (USD 10 billion) in the 2025-26 fiscal year. This significant investment programme has lifted the portfolio's gross asset base to Rs 7.85 lakh crore (USD 82.8 billion), with nearly 80 per cent of spending directed towards energy, utilities, transport, and logistics businesses.

Consolidated EBITDA rose 5.6 per cent year-on-year, according to the group's annual results and credit compendium released on Tuesday. The investment cycle comes as several large projects entered operations, including 5.1 GW of renewable energy capacity, battery energy storage systems, Navi Mumbai International Airport, the Guwahati terminal, the Ganga Expressway, and a copper smelter.

The Adani group has maintained a focus on core infrastructure businesses, with nearly 80 per cent of FY26 investments directed towards energy, utilities, transport, and logistics. The transport segment, led by Adani Ports, recorded the strongest growth, with EBITDA rising 23.2 per cent to Rs 25,228 crore. Utility businesses reported EBITDA growth of 4.6 per cent to Rs 45,377 crore.

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Despite the sharp increase in capital spending, the group maintained net debt-to-EBITDA at 3.3 times, below its stated ceiling of 3.5 times. Cash and cash equivalents stood at Rs 55,852 crore at the end of March, equivalent to 15 per cent of gross debt.

The Adani group's average borrowing cost declined to 7.8 per cent in FY26 from 9 per cent two years earlier, supported by rating upgrades across operating companies. Adani said all of its assets now carry domestic credit ratings of A- or higher.

Among key businesses, Adani Green Energy expanded operational renewable capacity by 5.1 GW to 19.3 GW, while Adani Ports handled a record 500.8 million metric tonnes of cargo, up 11 per cent from a year earlier. Adani Energy Solutions reported an under-construction transmission pipeline worth Rs 71,779 crore and crossed 10 million smart meter installations.

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Adani Enterprises, the group's incubator business, raised Rs 24,930 crore through a rights issue during the fiscal year under review, while its airports portfolio handled 95.3 million passengers across eight airports. The results highlight the group's transition into a new investment phase after years of rapid balance-sheet expansion, with management positioning infrastructure, energy transition and logistics as the primary drivers of future growth.

The Adani group is headquartered in Ahmedabad and is the country's largest and fastest-growing platform of diversified infrastructure businesses, spanning energy and utilities, transport and logistics, metals and materials, and consumer sectors.