Adani Group Clocks Record ₹1.53 Lakh Crore Capex, All-Time High EBITDA of ₹94,834 Cr in FY26

Why It Matters

The scale of Adani’s capex underscores the accelerating demand for infrastructure in India while its disciplined leverage signals financial resilience, positioning the group to capture long‑term growth in energy transition and logistics.

Key Takeaways

• Record FY26 capex of ₹1.53 lakh crore ($16.1 bn) across group
• EBITDA reaches ₹94,834 crore ($10 bn), up 5.6% YoY
• Net debt‑to‑EBITDA ratio holds at 3.3x, below 3.5x limit
• 80% of capex directed to core infrastructure sectors
• Adani Green adds 5.1 GW renewables, total 19.3 GW capacity

Pulse Analysis

India’s infrastructure surge is entering a new phase, and Adani Group’s FY26 spending illustrates the scale of opportunity. A ₹1.53 lakh crore ($16.1 bn) capex program dwarfs typical Indian corporate outlays, expanding the portfolio’s asset base to roughly $83 bn. By concentrating almost four‑fifths of the investment in energy, utilities, transport and logistics, Adani is aligning its growth trajectory with the government’s push for renewable power, smart‑meter rollouts, and multimodal freight corridors, positioning itself as a cornerstone of the nation’s development agenda.

Financially, the conglomerate has managed to fund this expansion without compromising balance‑sheet health. Net debt‑to‑EBITDA slipped to 3.3×, comfortably under the 3.5× ceiling, while cash and equivalents cover 15% of gross debt, providing a 17‑month liquidity runway. The average borrowing cost fell to 7.8%, aided by rating upgrades that now see all operating entities rated A‑ or higher. This disciplined leverage, combined with a robust cash position, reduces refinancing risk and enhances the group’s capacity to sustain high‑growth projects.

Operational highlights reinforce the strategic rationale behind the spending. Adani Green’s renewable fleet grew by 5.1 GW to 19.3 GW, bolstering India’s clean‑energy targets, while Adani Ports handled a record 500.8 million tonnes of cargo, an 11% increase. Additional milestones include a 71,779 crore ($950 m) transmission pipeline under construction and 10 million smart‑meter installations. With these assets set to drive earnings from FY27 onward, the group’s focus on energy transition and logistics positions it to capture both domestic demand and global capital flowing into sustainable infrastructure.