Adaniks Wallet Just Hit Another Growth Spurt

Ahmedabad, June 2, 2026: The Adani Group on Tuesday announced a record capital expenditure (capex) of **₹1.53 lakh crore ($16.1 billion)** for the financial year 2025–26, describing it as the highest annual capital investment made by any Indian corporate group. The conglomerate also reported an all-time high EBITDA of **₹94,834 crore ($10 billion)**, reflecting continued expansion across its infrastructure businesses. The company said the investments were primarily focused on strengthening India's infrastructure ecosystem through projects in renewable energy, utilities, transport, logistics, and industrial manufacturing. ## Record Capital Investment Across Core Infrastructure According to the group's annual update, nearly **80% of the total capital expenditure** was directed toward its core infrastructure businesses. These investments enabled the company's overall asset base to expand to **₹7.85 lakh crore ($82.2 billion)**, reflecting one of the largest infrastructure expansion programs undertaken by a private corporate group in India. The company stated that the scale of investments made during FY26 is comparable to the cumulative asset base it built during its first 25 years of operations. ## Highest-Ever EBITDA The Adani Group reported an **EBITDA of ₹94,834 crore**, representing a **5.6% year-on-year increase** and the highest operating earnings in the company's history. The group said approximately **87% of its EBITDA** was generated by its core infrastructure businesses, providing greater earnings stability and long-term revenue visibility. According to the company, several projects commissioned during FY26 are expected to contribute more significantly to revenues and profitability beginning in FY27. ## Major Infrastructure Projects Commissioned During the financial year, the group commissioned several large-scale infrastructure assets across multiple sectors. ### Energy & Utilities Key developments included: * Commissioning of **5.1 GW** of renewable energy generation capacity. * Operationalization of **1.38 GWh** of battery energy storage systems during FY26. * Expansion of total battery storage capacity to **3.37 GWh** after the financial year. These projects are expected to strengthen the group's renewable energy portfolio and support India's clean energy transition. ### Transport & Logistics The group also completed several major transportation infrastructure projects, including: * **Navi Mumbai International Airport** * **Guwahati Terminal** * **Ganga Expressway**, which became operational in April 2026. These assets are expected to enhance connectivity and logistics infrastructure while supporting future revenue growth. ### Primary Industries The Adani Group also commissioned its **copper smelter project**, marking another expansion into industrial manufacturing and resource processing. The company said these newly operational assets are expected to contribute significantly to earnings and cash flows over the coming years. ## Strong Liquidity Position The group stated that its portfolio companies maintain sufficient liquidity to comfortably meet debt servicing obligations. As of **March 2026**, the Adani portfolio held **cash reserves of ₹55,852 crore**, representing nearly **15% of its gross debt**. According to the company, this provides adequate financial flexibility to service debt obligations for at least the next **17 months**. ## Equity Strengthened Through Rights Issue During FY26, flagship company **Adani Enterprises** raised **₹24,930 crore** through a rights issue, strengthening the group's equity base and supporting future investment plans. The company said the additional capital provides greater financial flexibility for ongoing and upcoming infrastructure projects. ## Airport Business Continues to Grow Adani Airports handled approximately **95.3 million passengers** across its network of **eight airports** during FY26, reflecting continued growth in aviation demand and airport operations. The company expects further expansion in passenger traffic as recently commissioned airport infrastructure becomes fully operational. ## Borrowing Costs Continue to Decline The group reported that its average borrowing cost declined to **7.8% in FY26**, compared with **9% two years earlier**. According to the company, the reduction was supported by improved credit ratings across its businesses and a broader decline in banking sector interest rates. ## Outlook for FY27 The Adani Group said the large-scale investments made during FY26 position the company for sustained long-term growth as newly commissioned infrastructure projects begin contributing fully to revenues and operating profits. With expanding renewable energy assets, transportation infrastructure, industrial projects, and improved financial metrics, the group expects FY27 to benefit from stronger cash flows generated by assets that became operational during the previous financial year.