Adani Portfolio Reports Record H1 FY26 Growth Driven By Aggressive Capex

The Adani Portfolio on Monday announced exceptional financial results for the first half of FY26, reporting its highest-ever EBITDA of ₹47,375 crore ($5.3 billion).

The performance underscores the group’s expanding footprint across India’s infrastructure landscape, buoyed by a substantial capex outlay of ₹67,870 crore ($7.6 billion) during the period.

This increase in capital expenditure has elevated the group’s gross assets to ₹6,77,029 crore ($76 billion), keeping it firmly on course to meet its capex guidance of ₹1.5 lakh crore for the fiscal year.

According to the company, trailing twelve-month (TTM) EBITDA has surged to ₹92,943 crore ($10.4 billion), marking an 11.2 per cent year-on-year rise. The group highlighted that 52 per cent of its EBITDA now stems from ‘AAA’ rated assets, underlining its financial strength and stability.

Jugeshinder Singh, Group CFO of the Adani Group, said the core infrastructure verticals continue to sustain strong double-digit growth, supported by one of the largest capex programmes underway in the country as part of India’s ‘Viksit Bharat’ capex cycle.

He noted that even with capex doubling to ₹1.5 lakh crore, the group’s debt metrics remain below the guided range, reflecting disciplined financial management.

Singh added that the pace of development is accelerating, with the company preparing to replicate in one year what previously took 25 years to build.

Infrastructure Businesses Lead EBITDA Contribution

Adani’s ‘Core Infrastructure’ entities, covering utility, transport and infrastructure operations under Adani Enterprises, contributed 83 per cent of total EBITDA in H1 FY26, reinforcing the group’s strategic focus on stable, long-tenor assets.

Rising domestic ‘AAA’ ratings and steady USD ratings have also made the group’s infrastructure portfolio increasingly attractive to global investors.

Adani Enterprises Ltd (AEL), the conglomerate’s flagship incubator, registered the highest addition to gross assets at ₹17,595 crore ($2 billion).

Adani Green Energy Ltd and Adani Power Ltd followed with asset additions of ₹12,314 crore ($1.4 billion) and ₹11,761 crore ($1.3 billion), respectively.

The company reported a return on assets (ROA) of 15.1% for H1 FY26, despite significant capital work in progress. It noted that the portfolio has consistently maintained an ROA above 15 per cent over the past six years, even as gross assets expanded more than three and a half times.

The robust H1 performance places the Adani Portfolio on a solid trajectory as it advances its large-scale infrastructure expansion plans.

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