The conglomerate also reported a record EBITDA of Rs 94,834 crore ($10 billion) for FY26, representing a 5.6 per cent year-on-year increase. Core infrastructure businesses accounted for 87 per cent of total earnings, reflecting the growing contribution of the group’s energy, utilities, transport, and logistics platforms.
According to the company, nearly 80 per cent of total investments during the year were directed toward core infrastructure assets. The group stated that FY26 marked a significant turning point as portfolio companies entered the next phase of their capital expenditure cycle.
“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,” the company said.
The group maintained a strong financial position despite the aggressive investment cycle. Cash reserves at the end of FY26 stood at Rs 55,852 crore (.9 billion), equivalent to 15 per cent of gross debt. Borrowing costs declined to 7.8 per cent in FY26 from 9 per cent two years earlier, supported by a series of credit rating upgrades.
Several major projects became operational during FY26 and in the subsequent period. These included 5.1 GW of renewable energy capacity and 1.38 GWh of battery energy storage systems in the energy and utilities segment. Battery storage capacity has since increased to 3.37 GWh. In the transport and logistics sector, the Navi Mumbai International Airport, Guwahati Terminal, and the Ganga Expressway, which became operational in April 2026, were added to the portfolio. The group also commissioned a copper smelter in its primary industries business.
The company stated that these newly operational assets are expected to make substantial contributions to future growth, earnings, and cash flow generation.
Across the portfolio, financial discipline remained a key focus. Net Debt-to-EBITDA stood at 3.3 times, below the group’s guidance level of 3.5 times. Equity continued to be the primary source of funding, accounting for 60 per cent of the overall asset base.
During FY26, Adani Enterprises Limited raised Rs 24,930 crore through a rights issue, further strengthening the group’s equity position. The airport business handled 95.3 million passengers across eight operational assets, while Adani New Industries Limited reported a 15 per cent year-on-year increase in module sales, reaching 4,904 MW.
Adani Green Energy expanded its operational renewable energy capacity by 5.1 GW during the year, taking total capacity to 19.3 GW. Battery Energy Storage System capacity at Khavda in Gujarat increased from 1.38 GWh at the end of FY26 to 3.37 GWh, making it one of the largest single-location deployments globally.
Adani Energy Solutions continued to expand its infrastructure footprint, with an under-construction transmission pipeline valued at Rs 71,779 crore. The company also crossed the milestone of installing more than one crore smart meters.
Meanwhile, Adani Ports and Special Economic Zone reported cargo volumes of 500.8 million metric tonnes during FY26, representing an 11 per cent year-on-year increase. The company also completed the acquisition of NQXT Australia, a port asset with a capacity of 50 million tonnes per annum, in December 2025.
The record-breaking capital expenditure, expansion of strategic infrastructure assets, strengthening financial metrics, and growing operational scale highlight the Adani Group’s aggressive long-term investment strategy as it deepens its presence across India’s critical infrastructure sectors and positions itself for sustained future growth.
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