Adani FY26: Record ₹1.53 lakh crore capex, EBITDA up

Key FY26 takeaway

Adani Portfolio said it delivered the highest annual capital expenditure (capex) by any Indian corporate in FY26, investing ₹1,52,967 crore across businesses. The portfolio also reported an all-time high EBITDA of ₹94,834 crore for FY26, a 5.6% year-on-year (YoY) increase. The group described the FY26 investment programme as the largest annual capex undertaken by an Indian corporate group. It also said the spending cycle expanded the portfolio’s gross asset base to ₹7.85 lakh crore. The update was shared through the group’s annual results and a credit compendium.

What the group reported on FY26 capex

The reported FY26 capex number was ₹1,52,967 crore, also described as about ₹1.53 lakh crore. Adani Portfolio positioned this as the highest annual capex by any Indian corporate. The group linked the spending to an “accelerated investment cycle” across its portfolio. It added that nearly 80% of FY26 investments were directed to energy, utilities, transport, and logistics businesses. This allocation matters because it indicates the capex was concentrated in core infrastructure segments rather than spread evenly across the portfolio.

EBITDA rises to a record level in FY26

Alongside the capex update, Adani Portfolio reported FY26 EBITDA of ₹94,834 crore, calling it an all-time high. The portfolio said EBITDA rose 5.6% YoY. It also stated that core infrastructure contributed 87% of earnings. The combination of record capex and record EBITDA was presented as evidence of scale-up while maintaining operating performance.

Asset base expands after the investment cycle

Adani Portfolio said the investment programme lifted its gross asset base to ₹7.85 lakh crore in FY26. In another disclosure in the same set of information, it put the asset base at ₹7,85,098 crore. The reporting framed the increase as a direct outcome of record annual capex. The group’s emphasis on gross assets is relevant because it links the spending cycle to measurable balance-sheet expansion.

H1 FY26: capex, assets, and earnings snapshot

In a separate performance update dated Ahmedabad, 24 November 2025, Adani Portfolio shared H1 FY26 numbers. It said accelerated capex led to an increase in gross assets by ₹67,870 crore to ₹6,77,029 crore. The portfolio said it recorded its “highest-ever capex in the first half despite seasonal factors.” In the same H1 FY26 update, it reported EBITDA at an all-time high of ₹47,375 crore for the first half. It also reported trailing-twelve-month (TTM) EBITDA of ₹92,943 crore, up 11.2% YoY.

Q1 FY26 and Jun’25 TTM milestones

Adani Portfolio also highlighted a milestone where TTM EBITDA crossed ₹90,000 crore for the first time. It reported highest-ever TTM EBITDA at ₹90,572 crore, up about 10% YoY, and Q1 FY26 EBITDA at an all-time high of ₹23,793 crore. The same material noted that sustained EBITDA expansion supports a planned annual capex of ₹1.5-₹1.6 lakh crore. These quarter and TTM disclosures provide additional context on the trajectory into FY26.

Leverage and funding commentary included in the release

The FY26 reporting and the accompanying narrative referenced leverage discipline. The group stated it maintained leverage below its stated target while executing the larger capex programme. In the H1 FY26 note, it also said debt metrics remained below the guided range even after “doubling capex to ₹1.5 lakh crore,” which it attributed to financial discipline. While the disclosure did not provide a detailed debt schedule in the text provided, the messaging was clearly positioned as a counterbalance to the scale of the capex cycle.

What this means for infrastructure-heavy businesses

With nearly 80% of FY26 spending directed to energy, utilities, transport, and logistics, the group’s update points to continued focus on infrastructure-led expansion. The portfolio also said core infrastructure contributed 87% of earnings in FY26. Together, those two ratios help explain why the company emphasised stability and visibility in earnings even as investments ramped up. The disclosures also suggest that the portfolio is using operating cash flows and access to capital to fund asset additions, as highlighted in the H1 FY26 update.

Summary table: reported metrics across periods

Analysis: why the FY26 numbers matter

The FY26 disclosure stands out mainly for scale: capex of ₹1,52,967 crore and a gross asset base of about ₹7.85 lakh crore. The portfolio also paired this with a record FY26 EBITDA of ₹94,834 crore and a 5.6% YoY rise, which helps frame capex as part of an expansion cycle rather than a one-off surge. Another important detail is concentration: nearly 80% of investments were directed to energy, utilities, transport, and logistics, while core infrastructure contributed 87% of earnings. Those mix disclosures indicate that investment and earnings are aligned around the same core segments.

Conclusion

Adani Portfolio reported record FY26 capex of ₹1,52,967 crore and an all-time high EBITDA of ₹94,834 crore, alongside an expanded gross asset base of about ₹7.85 lakh crore. It also highlighted strong interim indicators, including H1 FY26 EBITDA of ₹47,375 crore and TTM EBITDA of ₹92,943 crore. The group’s next reference points, based on the information provided, remain the capex plan range of ₹1.5-₹1.6 lakh crore and future periodic performance updates in its results and credit compendium disclosures.