The Adani Group invested a record INR1,529.7bn ($16.1bn) during FY26, marking the largest annual capital expenditure undertaken by any Indian corporate and signalling the start of a new investment cycle focused on infrastructure, energy and logistics, according to a company press release.

The conglomerate said nearly 80% of the spending was directed towards its core infrastructure businesses, including power generation, renewable energy, utilities, transport and logistics. The investment surge lifted the group's gross asset base to INR7,851.0bn ($82.8bn), reflecting the rapid expansion of its operating platform.

The aggressive capital deployment came as the group reported its highest-ever annual EBITDA of INR948.3bn ($10bn), a 5.6% increase from the previous year. Infrastructure businesses contributed 87% of total earnings, underlining the growing importance of regulated and long-term contracted assets within the portfolio, the company said.

FY26 marked a significant operational milestone for the group, with several major projects entering service. These included 5.1 GW of new renewable energy capacity, battery energy storage systems that expanded from 1.38 GWh to 3.37 GWh, the commissioning of Navi Mumbai International Airport, the new terminal at Guwahati Airport, and the opening of the Ganga Expressway in April 2026. A new copper smelter also commenced operations during the year.

The transport business emerged as the strongest performer among the group's major segments, with EBITDA rising 23.2% year-on-year to INR252.3bn, driven by higher cargo volumes at ports and logistics facilities. Infrastructure businesses under Adani Enterprises (NSE: ADANIENT) posted EBITDA growth of 13.8%, while utility operations recorded a 4.6% increase in earnings.

Among listed entities, Adani Ports and Special Economic Zone (NSE: ADANIPORTS) delivered one of the strongest performances, handling a record 500.8mn tonnes of cargo, up 11% from the previous year. The company also completed the acquisition of Australia's North Queensland Export Terminal, adding a 50mn tonnes-per-year export asset to its portfolio.

Renewable energy arm Adani Green Energy (NSE: ADANIGREEN) expanded operational capacity by 5.1 GW to 19.3 GW and continued scaling battery storage infrastructure at its Khavda project in Gujarat. Meanwhile, Adani Energy Solutions (NSE: ADANIENSOL) reported a transmission project pipeline worth INR717.8bn and crossed the milestone of installing more than 10mn smart meters.

Thermal power producer Adani Power (NSE: ADANIPOWER) reported EBITDA of INR233.2bn for FY26, while city gas distributor Adani Total Gas (NSE: ATGL) recorded EBITDA of INR12.5bn. Cement business Ambuja Cements (NSE: AMBUJACEM) generated EBITDA of INR75.9bn despite softer profitability during the year.

The group maintained that its balance sheet remained resilient despite the record investment programme. Net debt-to-EBITDA stood at 3.3 times, below its guidance level of 3.5 times, while cash reserves at the end of March totalled INR558.5bn, equivalent to around 15% of gross debt.

Improving credit quality also helped lower borrowing costs. The group's average cost of debt declined to 7.8% in FY26 from 9% in FY24 and 10.3% in FY19. All operating assets within the portfolio now carry domestic credit ratings of A- or higher.

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