AHMEDABAD, India — Adani Portfolio said Tuesday it recorded annual capital expenditure of Rs 1,52,967 crore, or about $16.1 billion, in fiscal 2026, describing it as the highest annual capex by any Indian corporate group.
The company said its asset base stood at Rs 7,85,098 crore, or about $82.2 billion, reflecting an accelerated investment cycle across infrastructure businesses.
Adani Portfolio reported EBITDA of Rs 94,834 crore, or about $10 billion, for FY26, up 5.6% from a year earlier. Core infrastructure businesses accounted for 87% of earnings, the company said.
Nearly 80% of investments during the year were directed toward core infrastructure platforms, including energy, utilities, transport and logistics.
The company said cash at the end of FY26 stood at Rs 55,852 crore, or about $5.9 billion, equivalent to 15% of gross debt. Borrowing costs declined to 7.8% in FY26 from 9% two years earlier, supported by rating upgrades.
“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.
Several strategic assets entered operations during FY26 and afterward, including 5.1 gigawatts of renewable energy capacity and 1.38 gigawatt-hours of battery energy storage systems in the energy and utility segment. The company said the battery storage figure has since increased to 3.37 gigawatt-hours.
In transport and logistics, the company cited Navi Mumbai International Airport, the Guwahati terminal and the Ganga Expressway, which began operations in April 2026. It also highlighted a copper smelter in its primary industries business.
Adani said those assets are expected to support growth, earnings and cash flow in the coming years.
The portfolio’s net debt-to-EBITDA ratio stood at 3.3 times, below its guided level of 3.5 times. The company said equity remained a primary source of funding, accounting for 60% of the asset base.
During the fiscal year, Adani Enterprises Ltd. raised Rs 24,930 crore through a rights issue, strengthening its equity base. The group’s airport business handled 95.3 million passengers across eight assets, while Adani New Industries Ltd. reported a 15% year-over-year increase in module sales to 4,904 megawatts.
Adani Green Energy’s operational capacity expanded by 5.1 gigawatts to 19.3 gigawatts in FY26. Battery energy storage capacity reached 1.38 gigawatt-hours at the end of the fiscal year and later scaled to 3.37 gigawatt-hours at Khavda in Gujarat, which the company described as one of the largest single-location deployments.
Adani Energy Solutions said its under-construction transmission pipeline stood at Rs 71,779 crore and that it had installed more than 1 crore smart meters.
Adani Ports and Special Economic Zone Ltd. reported an 11% year-over-year increase in cargo volumes to 500.8 million metric tons in FY26. The company also completed the acquisition of NQXT Australia, which has 50 million tons per annum of capacity, in December 2025. (Source: IANS)
