Adani Portfolio Achieves Record Rs 67,870 Crore Capex and Rs 47,375 Crore EBITDA in H1 FY26

The Adani Portfolio has announced exceptional financial results for the first half of fiscal year 2026, with capital expenditure reaching Rs 67,870 crore ($7.6 billion) and EBITDA achieving an unprecedented Rs 47,375 crore ($5.3 billion).

The significant acceleration in capital expenditure has expanded gross assets by Rs 67,870 crore to Rs 6,77,029 crore ($76 billion), positioning the company to meet its projected Rs 1.5 lakh crore capex target.

The trailing twelve months EBITDA has grown to Rs 92,943 crore ($10.4 billion), representing an 11.2 percent year-on-year increase. Assets with 'AAA' ratings now contribute 52 percent of the total EBITDA.

Jugeshinder Singh, Group CFO of Adani Group, stated, "Our core infrastructure businesses continue to deliver strong double-digit growth even as we execute one of the largest capex programmes, aligned with India's Viksit Bharat capex super cycle. Adjacency businesses are also showing momentum."

Singh further noted, "In H1 FY26, we recorded our highest-ever capex in the first half despite seasonal factors. Importantly, our debt metrics continue to remain below the guided range even after doubling capex to Rs 1.5 lakh crore — reflecting strong financial discipline."

He emphasized the company's accelerating growth trajectory: "What took 25 years to build, we are now gearing up to replicate within a single year, and as new assets become operational on schedule, we expect to sustain returns on asset of 15–16 percent."

Singh also highlighted the increasing appeal of their assets to international investors: "Our focus remains on flawless execution and world-class operations. With rising AAA domestic ratings and stable USD ratings, our long-tenor infrastructure assets are increasingly attractive to global institutions."

The stable 'Core Infrastructure' segment, encompassing utility, transport, and infrastructure businesses under Adani Enterprises, accounted for 83 percent of total EBITDA in the first half of FY26.

Adani Enterprises Ltd (AEL), the portfolio's flagship incubation entity, recorded the most substantial increase in gross assets at Rs 17,595 crore ($2 billion).

Adani Green Energy Ltd and Adani Power Ltd expanded their asset base by Rs 12,314 crore ($1.4 billion) and Rs 11,761 crore ($1.3 billion), respectively.

Despite substantial ongoing capital investments in new assets, the H1 FY26 return on assets stood at 15.1 percent, ranking among the highest globally in the infrastructure sector. The portfolio has maintained an ROA above 15 percent consistently over the past six years, even as gross assets have grown more than 3.5 times.

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