Adani Portfolio announced a record annual capital expenditure of Rs 1,52,967 crore ($16.1 billion) in FY26, marking the highest by any Indian corporate. The asset base now stands at Rs 7,85,098 crore ($82.2 billion), showcasing an accelerated investment cycle. EBITDA for FY26 hit an all-time high of Rs 94,834 crore ($10 billion), with core infrastructure contributing 87% of earnings.
Nearly 80% of investments were channeled into core infrastructure platforms covering energy, utilities, transport, and logistics. The conglomerate reported cash reserves of Rs 55,852 crore ($5.9 billion) at the end of FY26, equivalent to 15% of gross debt. Borrowing costs decreased to 7.8% in FY26 from 9% two years ago, supported by consistent rating upgrades.
FY26 represents a significant turning point for the Adani Portfolio as it embarked on the next phase of the capital expenditure cycle. Strategic assets like renewable energy capacity, battery energy storage systems, and key infrastructure projects have been operational since FY26. These assets are expected to contribute significantly to growth, earnings, and cash flows in the future.
Adani Portfolio companies maintain a conservative approach with a portfolio-level Net Debt to EBITDA ratio at 3.3x, below the guided number of 3.5x. Equity remains a primary source of funding, constituting 60% of the asset base. Adani Enterprises Ltd raised Rs 24,930 crore through a rights issue in the last fiscal year, bolstering its equity base.
