Adani Group companies reported 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 financial year 2025-26.
The investment programme, which the Ahmedabad-based port-to-power conglomerate claims is the largest annual capex undertaken by an Indian corporate group lifted the portfolio's gross asset base to Rs 7.85 lakh crore (USD 82.8 billion), with nearly 80% of spending directed towards energy, utilities, transport, and logistics businesses.
Consolidated EBITDA rose 5.6% year-on-year, according to the group's annual results and credit compendium released on Tuesday. ‘Core infrastructure’ platform contributed 87% of this.
“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,” said the group in a statement.
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.
Adani Group said that sufficient liquidity is maintained across portfolio companies to cover debt servicing requirements for at least the next 17 months. As of 31 March 2026, Adani Portfolio had a cash balance of Rs 55,852 crore, representing 15% of Gross Debt.
It added that portfolio companies continue to remain conservative with portfolio-level Net Debt to EBITDA at 3.3x, below the guided number of 3.5x, and Equity continuing to remain the primary source of funding, 60% of Asset Base. The 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.
