Adani Portfolio Records Rs 1.53 Lakh Crore Capex and All-Time High EBITDA in FY26

The Quick Take

• Adani portfolio reported record FY26 capex of Rs 1.53 lakh crore, reflecting aggressive infrastructure investment across its ports, energy, airports, and digital businesses.
• Total Adani portfolio asset base expanded to Rs 7.85 lakh crore ($82.2 billion) at the end of FY26.
• EBITDA across the Adani conglomerate reached an all-time high, demonstrating that capex-heavy infrastructure investment is generating return.

The Adani Group conglomerate reported that its aggregate portfolio delivered record capital expenditure of Rs 1.53 lakh crore — approximately $18 billion — in FY26, while simultaneously achieving an all-time high consolidated EBITDA that validates the return on the infrastructure investment cycle. The asset base of the consolidated Adani portfolio expanded to Rs 7.85 lakh crore, equivalent to $82.2 billion, cementing the group's position as one of India's largest privately held infrastructure conglomerates. The simultaneous achievement of record capex and record EBITDA is the critical market signal — it indicates that the group's large-scale infrastructure projects in ports, airports, energy transmission, and green energy are generating operating cash flows that support further investment rather than creating a cash burn cycle.

The scale of Adani's FY26 capex at Rs 1.53 lakh crore places the conglomerate among the largest infrastructure investors in the Asia-Pacific region and has significant macroeconomic implications for India. Large infrastructure capex drives demand for steel, cement, heavy electrical equipment, and construction services across the Indian economy, creating multiplier effects that contribute to industrial output growth. For listed Adani companies — including Adani Enterprises, Adani Ports, Adani Total Gas, Adani Green Energy, and Adani Power — the all-time high EBITDA confirms the revenue-generating capability of the infrastructure buildout, potentially supporting debt servicing capacity that has been a recurring question from credit analysts following the 2023 Hindenburg Research controversy.

Investors tracking the Adani conglomerate should monitor the leverage ratio improvement as elevated EBITDA enables faster deleveraging relative to the capex investment. Net debt-to-EBITDA trajectory across individual listed entities will determine whether the group's credit profile strengthens sufficiently to reduce borrowing costs, improving free cash flow generation. The macro variable is India's infrastructure policy continuity — sustained government support for private infrastructure investment through PPP frameworks, airport privatization, and green energy tender allocations directly determines the Adani portfolio's capex deployment pipeline. Any policy shift that reduces private sector infrastructure opportunities would compress the capex deployment rate and slow EBITDA growth.

Synthesized from 1 source.