Adani Group AGM 2026: FY26 capex at Rs 1.5 lakh cr

What Gautam Adani told shareholders

Adani Group Chairman Gautam Adani said FY2025-26 was a defining period of resilience for the conglomerate as he addressed shareholders at the group’s annual general meeting (AGM). He said the group continued building what he described as the world’s most integrated infrastructure platform despite volatile markets. Adani framed the address around the theme, “Accelerating Infrastructure, Leveraging Intelligence,” arguing that infrastructure and technology are increasingly linked drivers of growth.

The chairman also defended the group’s credibility amid heightened scrutiny, saying investors had reaffirmed their faith when “some tried to create doubt.” Alongside the business update, he outlined organisational changes intended to reduce bureaucracy and improve accountability, while laying out an expansion roadmap across energy, ports, airports, data centres and newer areas such as nuclear power.

Rights issue: “a referendum on our credibility”

A key reference point in Adani’s remarks was the group’s Rs 25,000 crore rights issue earlier in the year. He said it was “more than a capital event” and described it as a “referendum on our credibility.” He also called it one of the largest rights issues in India’s history.

The rights issue, in his telling, served as a test of investor trust at a time of public scrutiny. The chairman did not provide subscription details in the remarks cited, but he linked the capital raise to the group’s capacity to fund ongoing and planned investments.

FY26 spending: record capex and scale-up plans

Adani said the group made record capital expenditure of more than Rs 1.5 lakh crore in FY26, which equals over Rs 150,000 crore. He added that this represented over 30% of India’s total new private sector capital expenditure in the year. The spending was described as being spread across infrastructure businesses including energy, logistics, transport, utilities and industrial operations.

Adani also referred to the group’s FY26 financial figure of Rs 2.92 lakh crore, which equals Rs 292,000 crore, and said it reflected year-on-year growth of 7.4%. He linked financial performance to the group’s ability to fund its expansion pipeline.

Adani Power: Rs 200,000 crore capex and 45 GW target

On thermal power, Adani said Adani Power is implementing what he described as India’s largest-ever private sector power capital expenditure programme, exceeding Rs 2 lakh crore, or more than Rs 200,000 crore. The target outlined was to reach 45 GW of generation capacity over the next five years.

Separately, a published version of his speech text also stated that Adani Power crossed 100 billion units of generation and is “well on track” to reach 31 GW capacity by 2030. These targets sit alongside the near-term five-year capacity plan cited for Adani Power.

Transmission and utilities: order book visibility

For Adani Energy Solutions, Adani highlighted a transmission order book of Rs 72,000 crore. Another excerpt of speech text also mentioned Rs 44,000 crore in transmission orders and Rs 13,600 crore in smart metering, underscoring the group’s focus on grid and utility infrastructure.

While the AGM remarks did not provide project-level timelines, the order book numbers indicate ongoing activity in regulated infrastructure and execution-heavy segments where delivery and working capital discipline are central.

Ports, logistics and the 2030 cargo goal

Adani said Adani Ports handled more than 500 million tonnes of cargo during FY26. He said the group is targeting one billion tonnes of cargo by 2030 through its integrated network spanning ports, logistics assets and maritime services.

Another excerpted speech text referenced Adani Ports handling 450 MMT of cargo, but the FY26 number highlighted in the AGM coverage was more than 500 million tonnes.

Airports: Navi Mumbai and Guwahati milestones

In airports, the chairman said the opening of Navi Mumbai International Airport and the new terminal building at Guwahati Airport were key milestones for the group’s airport business. He did not provide passenger numbers or capex allocations for airports in the cited remarks, but positioned these developments as part of the group’s broader transport infrastructure build-out.

Data centres and AI infrastructure: 3 GW platform by 2030

Adani said the group aims to build a 3 GW data centre platform by 2030 as it positions for a future shaped by artificial intelligence and digital infrastructure. He also highlighted a binding memorandum of understanding for a gigawatt-scale data centre project with Google in Visakhapatnam.

He presented “infrastructure” and “intelligence” as twin engines, indicating that traditional physical assets and digital capacity are being planned in parallel.

Nuclear entry: Adani Atomic Energy targets 10 GW by 2035

One of the biggest announcements cited from the AGM was the group’s entry into nuclear energy through Adani Atomic Energy. The company has identified land for projects and is targeting 10 GW of nuclear power capacity by 2035. Adani said the move is intended to support India’s long-term energy requirements and growing demand for clean, round-the-clock electricity.

Alongside nuclear, the chairman said the group has partnered with Bhutan’s Druk Green Power Corporation to develop 5,000 MW of hydroelectric projects.

Execution focus: three-layer structure at Adani Enterprises

Adani said the “next chapter” of Adani Enterprises would be built on three foundational changes, starting with simplifying the organisation through a three-layer structure. He said the intent is to reduce bureaucracy and bring decision-making closer to execution.

The AGM remarks framed these changes as measures to speed up delivery and improve accountability, particularly relevant for businesses with large multi-year capex and complex approvals.

Defence and Operation Sindoor reference

Adani also praised the Indian Armed Forces for Operation Sindoor. He said Adani Defence’s drones were part of the operation, and other excerpts referenced drones and anti-drone systems being deployed. He also mentioned ambitions in defence and aerospace through partnerships with global aerospace companies Leonardo and Embraer.

Key figures mentioned at the AGM

Why these announcements matter for investors

The AGM message combined three themes: funding access, execution capability, and long-duration growth bets. The rights issue and FY26 capex figure were used to argue that the group can raise capital and deploy it at scale. At the same time, the organisational restructuring comments suggest a push to tighten accountability as projects expand in size and complexity.

The push into data centres and nuclear energy adds to the group’s existing energy and logistics footprint, but these areas also require multi-year planning, regulatory clarity and strong project governance. For listed entities within the Adani ecosystem, the stated targets provide reference points for investors tracking capacity additions, order book conversion and asset commissioning timelines.

Conclusion

Adani’s AGM address positioned FY26 as a year of resilience and used the Rs 25,000 crore rights issue and more than Rs 150,000 crore capex as core proof points. The roadmap highlighted near-term execution in power and transmission, alongside longer-term bets in data centres and nuclear energy. Next milestones for investors to track include progress on the 45 GW power plan, the 3 GW data centre platform, and updates on nuclear project development toward the 10 GW target by 2035.