In what the group’s release calls the highest annual capex from any Indian corporate, Adani has made no secret of its focus on India’s infrastructure. The portfolio reports that record Rs 1.53 lakh crore spend and an EBITDA of Rs 94,834 crore, both at all-time highs. It’s been a case of higher outlay but with more disciplined leverage and cheaper debt.
Some 80% of that investment has gone to the heart of the business – energy, utilities, transport and logistics. If you ask management, FY26 is an inflection point; they are in a faster gear of expansion but have left the debt metrics where they should be.
Financial reset with record spending
The group has put a figure on the total FY26 capex: Rs 1,52,967 crore. That has brought the gross asset base to Rs 7,85,098 crore. And when the year was done, there was Rs 55,852 crore in cash and equivalents on hand, or roughly 15% of the gross debt.
Even with the kind of outlay we’ve seen, net debt to EBITDA is held at 3.3x, under the 3.5x ceiling. The average cost of a loan has come in at 7.8% for FY26, down from 9% a couple of years back, not least because of some rating upgrades. Every one of the assets is now A- or better, the group says.
The core of the business is where the money is: infrastructure operations brought in Rs 82,083 crore of EBITDA, making up 87% of what the portfolio earned. On a consolidated basis, EBITDA is up 5.6%. As for liquidity, the annual compendium has it that there is enough to service debt for 17 months to come, at a minimum.
Here are the stand-out figures for FY26 from the group:
– Record capex and an EBITDA high
– Leverage at 3.3x, well under 3.5x
– Borrowing cost has softened to 7.8%
Operations show scale across businesses
There is momentum in most of the units. Adani Ports moved 500.8 MMT of cargo, an 11% jump. The airports side saw 95.3 million people through eight of its terminals. Cement is up 16.1% to 73.7 MT, roads built are 1,452 lane km and mining services are up 14.1% in volume.
Transport is the growth engine here. With Adani Ports at the helm, the segment turned in an EBITDA of Rs 25,228 crore, 23.2% more than before. Then you have the utility side, with a 4.6% rise to Rs 45,377 crore, which is to be expected from this type of essential infrastructure.
Energy and grid build-out
Adani Green Energy added 5.1 GW to its renewable capacity in FY26, for a total of 19.3 GW. There is also 3.37 GWh of battery storage now in play. On top of that, BESS capacity was 1.38 GWh at the end of the fiscal, and has since been put to 3.37 GWh at Khavda in Gujarat.
Over at Adani Energy Solutions, they have a transmission pipeline under way worth Rs 71,779 crore and have put in over 10 million smart meters. The order book is 2.5 crore, and with 10.3 crore out there in the country, there is plenty of room to run in digitising distribution.
Pipeline, projects and FY27 catalyst
You will see a few major assets in the wild from FY26 or just after: Navi Mumbai International Airport, the Guwahati terminal, the Ganga Expressway. The group is counting on these, and a copper smelter, to make a difference from FY27 on.
Back in December 2025, Adani Ports wrapped up its take-over of NQXT Australia, a 50 million tonne operation. Meanwhile, Adani Enterprises has put together Rs 24,930 crore via a rights issue to fund its platforms. And Adani Power is on course for 42 GW by FY32; 23.7 GW of that is already in the bag, compared to 18.2 GW today.
Why this matters now
When you have peak capex and credit metrics on the up, it puts the portfolio in a strong spot for the infrastructure cycle to come. Management would have you believe the scale of what was put in place this year is on par with the first 25 years of the company.
With 80% of the capex going to the core, the plan is to make the most of the gains at the ports, in utilities and with clean energy. The 7.8% cost of borrowing and the way the ratings are moving gives some extra room to work with as the new assets in FY27 start to bring in the cash.
