The group’s portfolio EBITDA rose to an all-time excessive of ₹94,834 crore in FY26 from ₹89,806 crore a 12 months earlier
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The Adani Group ramped up capital expenditure to a record ₹1.53 lakh crore in FY26 — the very best annual funding by any Indian company — because it accelerated spending throughout airports, renewable power, transmission, roads and logistics, at the same time as core working revenue growth remained comparatively modest at 5.6 per cent.
The group’s portfolio EBITDA rose to an all-time excessive of ₹94,834 crore in FY26 from ₹89,806 crore a 12 months earlier, whereas its asset base expanded to ₹7.85 lakh crore. Earnings growth, nonetheless, was tempered by declines at a number of main companies, together with a 28.6 per cent drop in EBITDA from Adani Enterprises’ current companies, a 12.2 per cent decline at Adani Cement and a 2.5 per cent fall at Adani Energy.
The numbers spotlight the problem going through the conglomerate because it embarks on its largest-ever funding cycle. Practically 80 per cent of the spending was directed in direction of core infrastructure platforms spanning power, utilities, transport and logistics, with lots of the newly created property but to make a significant contribution to earnings.
strategic initiatives
A number of strategic initiatives entered operations throughout FY26 and within the months thereafter, together with 5.1 GW of renewable power capability, battery power storage programs, Navi Mumbai Worldwide Airport, the Guwahati terminal, the Ganga Expressway and a copper smelter. The corporate mentioned these property are anticipated to contribute considerably to growth, earnings and money flows going ahead.
Despite the record spending, the group maintained that balance-sheet self-discipline remained intact. Portfolio-level internet debt-to-EBITDA stood at 3.3 instances on the finish of FY26, beneath its said steerage of three.5 instances, whereas money balances stood at ₹55,852 crore, equal to 15 per cent of gross debt. The common value of borrowing declined to 7.8 per cent in FY26 from 9 per cent two years in the past, supported by ranking upgrades throughout group corporations. In accordance to the corporate, all Adani portfolio property now carry home credit score scores of A- or increased.
Among the many main enterprise verticals, transport emerged because the strongest performer with EBITDA rising 23.2 per cent to ₹25,228 crore, pushed by growth in cargo volumes and logistics operations. Infrastructure companies housed below Adani Enterprises posted EBITDA growth of 13.8%, whereas utility companies, which account for the biggest share of group earnings, reported a 4.6 per cent improve.
The utility, transport and infrastructure segments collectively contributed ₹82,083 crore, or about 87 per cent of the portfolio’s EBITDA, underscoring the group’s rising reliance on long-gestation infrastructure property as the first driver of earnings.
On the firm stage, Adani Inexperienced Vitality reported a 14.6 per cent improve in EBITDA to ₹12,075 crore, whereas Adani Vitality Options posted a 12.6 per cent rise. Adani Ports & SEZ remained the fastest-growing giant enterprise within the portfolio, with EBITDA rising 23.2 per cent to ₹25,228 crore.
Revealed on June 2, 2026
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