The Adani Group has reported capital expenditure of ₹67,870 crore in the first half of FY26, supported by strong operational performance across its infrastructure-led businesses. The conglomerate’s trailing 12-month EBITDA rose 11.2% to ₹92,943 crore, while H1 FY26 EBITDA touched an all-time high of ₹47,375 crore. Core infrastructure businesses—including utilities, transport and related verticals—contributed 83% of total earnings, underscoring the group’s steady cash-flow profile.
Robust Asset Expansion
The Group’s gross assets expanded by a corresponding ₹67,870 crore, taking the total to ₹6,77,029 crore, reinforcing its trajectory toward the ambitious ₹1.5 lakh crore capex target for the year.
Among portfolio companies, Adani Enterprises led the additions with ₹17,595 crore, followed by Adani Green Energy at ₹12,314 crore and Adani Power at ₹11,761 crore. The Group’s consolidated return on assets stood at a healthy 15.1%.
Group CFO Jugeshinder Singh noted, “In H1 FY26, we recorded our highest-ever capex in the first half despite seasonal factors. Our debt metrics remain below the guided range even after doubling capex to ₹1.5 lakh crore.” The company highlighted that 52% of its portfolio EBITDA now comes from AAA-rated domestic assets, with 90% from AA-rated and above.
Strong Liquidity and Leverage Position
Despite accelerated capital deployment, the Group maintained a stable leverage profile. Net Debt-to-EBITDA stayed at 3x, well below the guided band of 3.5x–4.5x.
Free cash stood at ₹65,016 crore, reflecting healthy operating cash flows across major businesses and a strong liquidity cushion for future expansion.
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