Adani Portfolio Reports Highest Ever Capex by Any Indian Corporate

For FY26

Record CAPEX of INR 1,52,967 Cr (USD 16.1 Bn)

Asset Base at INR 7,85,098 Cr (USD 82.8 Bn)

All Time High EBITDA for FY26 at INR 94,834 Cr (USD 10 Bn)

Editor’s synopsis

• Adani Portfolio delivered the highest annual capex by any Indian corporate at INR 1,52,967 crore (USD 16.1 Bn)
• Nearly 80% of investments were directed towards core infrastructure platforms spanning energy, utilities, transport and logistics.
• Asset base now at INR 7,85,098 crore (USD 82.2 Bn), reflecting accelerated investment cycle
• FY26 EBITDA reached an all-time high of INR 94,834 crore (USD 10 Bn), up 5.6% YoY, with core infrastructure contributing 87% of earnings.
• Balance-sheet discipline remained intact despite elevated capex, with Net Debt/EBITDA at 3.3x, below the guided level of 3.5x.
• Cash at FY26-end stood at INR 55,852 Cr (USD 5.9 Bn), equivalent to 15% of gross debt
• Borrowing costs declined to 7.8% in FY26 from 9% two years ago, supported by consistent rating upgrades
• All Adani assets now carry domestic ratings of A- or higher

Ahmedabad, June 2026: The Adani Portfolio—India’s leading infrastructure and utilities portfolio—today announced its FY26 financial performance and released the Credit and Results Compendium, providing an overview of performance and insights into its credit strength and long-term resilience.

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.

Several strategic assets entered operations during FY26 and since, including 5.1 GW of renewable energy capacity and 1.38 GWh of battery energy storage systems (now increased to 3.37 GWh) in the energy & utility vertical, Navi Mumbai International Airport, Guwahati Terminal and the Ganga Expressway (April 2026) in the transport & logistics vertical and copper smelter in the primary industries vertical. These assets are expected to contribute meaningfully to growth, earnings and cash flows in the years ahead.

Adani Portfolio – Q4 FY26 and FY26 Financial Performance (EBITDA in INR Cr)

Sector EBITDA	FY26	FY25	Y-o-Y Growth	Q4FY26	Q4FY25	Y-o-Y Growth
Utility*	45,377	43,375	4.6%	12,272	10,439	17.6%
Transport	25,228	20,471	23.2%	6,981	5,456	28.0%
AEL – Infrastructure Businesses	11,478	10,085	13.8%	3,163	2,359	34.1%
A. Sub-total (Infrastructure)	82,083	73,931	11.0%	22,416	18,254	22.8%
B. Adjacencies (Cement)	7,586	8,644	(12.2%)	1,847	2,447	(24.5%)
Sub-total (Infra+Adjacencies)	89,669	82,575	8.6%	24,263	20,701	17.2%
C. AEL- Existing Businesses	5,165	7,231	(28.6%)	1,215	2,036	(40.3%)
Portfolio EBITDA (A+B+C)	94,834	89,806	5.6%	25,478	22,737	12.1%

(Utility: Adani Power + Adani Green Energy + Adani Total Gas + Adani Energy Solutions | Transport: Adani Ports & SEZ | AEL: Adani Enterprises)

*Utility segment EBITDA includes prior period incomes in Adani Power of INR 2,146 Cr in FY26 vs INR 2,433 Cr in FY25

EBITDA: PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Gain) + Exceptional Items

FY26 Performance Highlights

• Record Capex: CAPEX reached the highest among any conglomerate in history – INR 1,52,967 Cr. Gross asset base increase to INR 7,85,098 Cr
• Record Earnings: EBITDA touched an all-time high of INR 94,834 Cr, up 5.6% YoY. ‘Core infrastructure’ platform contributed 87% of this, lending a high level of stability and visibility. Several major assets including Navi Mumbai International Airport, 5.1 GW renewable capacity and 3.37 GWh battery energy storage and Ganga Expressway were commissioned in the recent months, and the contribution from these assets will only fully reflect from this year onwards.
• Credit-Ratings: 100% of the Run-rate EBITDA now generated from assets with domestic ratings ‘A-’and above. Consistently improving ratings have led to a consistent decline in the cost of debt. The cost of debt for FY26 was 7.8% against 9% in FY24 and 10.3% in FY19.
• High Liquidity: Sufficient liquidity is maintained across portfolio companies to cover debt servicing requirements for at least the next 17 months. As on 31 March 2026, Adani Portfolio had a cash balance of INR 55,852 Cr, representing 15% of Gross Debt.
• Leverage: Across portfolio companies continues to remain conservative with portfolio-level Net Debt to EBITDA at 3.3x—below guided number of 3.5x, and Equity continuing to remain primary source of funding—60% of Asset Base.

Company-wise Financial Performance (EBITDA in INR Cr)

Entity	FY26	FY25	Y-o-Y Growth	Q4 FY26	Q4 FY25	Y-o-Y Growth
Incubator
Adani Enterprises1	16,643	17,315	(3.9%)	4,378	4,396	(0.4%)
Utility
Adani Green Energy	12,075	10,532	14.6%	3,188	2,697	18.2%
Adani Energy Solutions	8,726	7,747	12.6%	2,373	2,262	4.9%
Adani Power2	23,321	23,917	(2.5%)	6,386	5,199	22.8%
Adani Total Gas	1,254	1,179	6.4%	325	281	15.7%
Transport
Adani Ports & SEZ	25,228	20,471	23.2%	6,981	5,456	28.0%
Adjacencies
Adani Cement	7,586	8,644	(12.2%)	1,847	2,447	(24.5%)
Adani Portfolio	94,834	89,806	5.6%	25,478	22,737	12.1%

1. AEL includes emerging infrastructure businesses and existing businesses of integrated resource management, mining, and mining services.

2. APL includes prior period incomes of INR 2,146 Cr in FY26 Vs INR 2,433 Cr in FY25.

Company-wise Key Highlights for FY26:

Adani Enterprises Ltd

• Raised INR 24,930 Cr via rights issue, strengthening equity base
• Airports handled 95.3 million passengers across 8 assets
• ANIL module sales jumped 15% YoY to 4,904 MW
• Roads construction reached 1,452 lane kms; Ganga Expressway operationalised in April 2026
• Data centre capacity scaled—17 MW Chennai live; 4.8 MW Hyderabad Phase II delivered
• Mining services volumes rose 14.1% YoY to 49.4 MMT

Adani Green Energy Ltd

• Operational capacity expanded by 5.1 GW to 19.3 GW
• BESS capacity of 1.38 GWh at the end of FY26, now scaled to 3.37 GWh at Khavda — one of the largest single-location deployments

Adani Energy Solutions Ltd

• Under-construction transmission pipeline at INR 71,779 Cr
• Crossed 1 crore smart meters installed; order book at 2.5 crore vs national opportunity of 10.3 crore
• Commissioned Mumbai’s VSC-based HVDC—world’s first compact HVDC system

Adani Power Ltd

• PAF at 89% and PLF at 67%, reflecting steady operational performance
• Capacity target of 42 GW by FY32; 23.7 GW already locked-in vs current 18.2 GW

Adani Ports & SEZ Ltd

• Cargo volumes up 11% YoY to 500.8 MMT
• Completed acquisition of NQXT Australia (50 MTPA capacity) in Dec’25

Ambuja Cements Ltd

• Completed acquisition of Orient Cement, strengthening market position
• Cement sales volumes rose 16.1% YoY to 73.7 MT in FY26

About The Adani Portfolio

Headquartered in Ahmedabad, the Adani Portfolio is India’s largest and fastest-growing platform of diversified infrastructure businesses, spanning energy and utilities, transport and logistics, metals and materials, and consumer sectors. It holds leadership positions across its core verticals, guided by its philosophy of ‘Nation Building’ and ‘Growth with Goodness’. The Portfolio focuses on sustainable growth, with its CSR efforts centred on environmental stewardship and community development, grounded in sustainability, diversity and shared values. Further information at www.adani.com

For media queries, please contact: Roy Paul: roy.paul@adani.com

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