Adani Group companies reported their highest-ever annual capital expenditure of INR 1.53 lakh crore (USD 16.1 billion) in FY26, alongside a record EBITDA of INR 94,834 crore (USD 10 billion), reflecting an accelerated investment cycle across key infrastructure sectors. 
According to the group's annual results and credit compendium released this week, the investment programme was the largest annual capex undertaken by any Indian corporate group. The spending increased the portfolio's gross asset base to INR 7.85 lakh crore (USD 82.8 billion), with nearly 80 per cent of investments directed towards energy, utilities, transport and logistics businesses. 
Consolidated EBITDA increased by 5.6 per cent year-on-year, while core infrastructure businesses contributed INR 82,083 crore, accounting for 87 per cent of the group's total earnings. The figures underline the growing contribution of infrastructure-led businesses within the group's diversified portfolio. 
The investment phase coincided with the commissioning and progress of several large projects. These included 5.1 GW of renewable energy capacity, battery energy storage systems, Navi Mumbai International Airport, the Guwahati terminal, the Ganga Expressway and a copper smelter. The group stated that these assets are expected to contribute more significantly to earnings and cash flows from FY27 onwards. 
Within the business segments, the transport vertical delivered the strongest performance. Led by Adani Ports, the segment recorded a 23.2 per cent increase in EBITDA to INR 25,228 crore. Utility businesses reported EBITDA growth of 4.6 per cent, reaching INR 45,377 crore. 
Despite the sharp rise in capital spending, Adani Group maintained its net debt-to-EBITDA ratio at 3.3 times, remaining below its stated ceiling of 3.5 times. Cash and cash equivalents stood at INR 55,852 crore at the end of March, representing around 15 per cent of gross debt. The group also stated that sufficient liquidity has been maintained across portfolio companies to cover debt servicing obligations for at least the next 17 months. 
Its average borrowing cost declined to 7.8 per cent in FY26 from 9 per cent two years earlier, supported by improvements in credit ratings across operating businesses. According to the group, all assets now carry domestic credit ratings of A- or above. 
Among major businesses, Adani Green Energy increased its operational renewable energy capacity by 5.1 GW to 19.3 GW. Battery Energy Storage System (BESS) capacity stood at 1.38 GWh at the end of FY26 and has since expanded to 3.37 GWh at the Khavda renewable energy park in Gujarat, one of the largest single-location deployments globally. 
Adani Energy Solutions reported an under-construction transmission pipeline worth INR 71,779 crore and crossed 1 crore smart meter installations. The company currently has an order book of 2.5 crore smart meters against a national opportunity estimated at 10.3 crore units. 
Adani Power continued to advance its long-term expansion plans and is targeting a generation capacity of 42 GW by FY32. The company stated that 23.7 GW has already been secured compared to its current operational capacity of 18.2 GW. 
Adani Ports and Special Economic Zone handled a record 500.8 million tonnes of cargo during FY26, marking an 11 per cent increase over the previous year. The company also completed the acquisition of NQXT Australia, adding cargo handling capacity of 50 million tonnes. 
In the building materials segment, Ambuja Cements completed the acquisition of Orient Cement during the year, strengthening its market presence. Cement sales volumes increased 16.1 per cent to 73.7 million tonnes, reflecting continued demand from infrastructure and construction activity across the country. 
Adani Enterprises, the group's incubation platform for new businesses, raised INR 24,930 crore through a rights issue during the fiscal year. Meanwhile, the airports business handled 95.3 million passengers across its network of eight airports, supported by rising domestic and international air travel demand. 
The group stated that FY26 represented an important turning point as companies across the portfolio entered their next phase of capital expenditure. Management indicated that the scale of investments made during the year was comparable to the asset base built during the group's first 25 years, highlighting its long-term focus on infrastructure creation and expansion. 
Source PTI