Adani doubles capex pace, sets record Rs 67,870-cr spend in H1
Portfolio EBITDA hits all-time high as assets surge and ROA stays above 15%, signaling sustained expansion and financial discipline
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Ahmedabad: The Adani Portfolio on Monday said it has delivered a stellar financial performance in the first half this fiscal (H1 FY26), clocking a robust capex of Rs67,870 crore ($7.6 billion) with EBITDA rising to an all-time high of Rs 47,375 crore ($5.3 billion).
Acceleration in capex led to an increase in gross assets by Rs67,870 crore to Rs6,77,029 crore ($76 billion) — on track to achieve the guided Rs 1.5 lakh crore capex. The TTM (trailing twelve months) EBITDA has now scaled to Rs 92,943 crore ($10.4 billion) -- up 11.2 per cent (year-on-year), the company informed, adding that ‘AAA’ rated assets contribute towards 52 per cent of EBITDA.
“Our core infrastructure businesses continue to deliver strong double-digit growth even as we execute one of the largest capex programmes, aligned with India’s Viksit Bharat capex super cycle. Adjacency businesses are also showing momentum,” said Jugeshinder Singh, Group CFO, Adani Group.
“In H1 FY26, we recorded our highest-ever capex in the first half despite seasonal factors. Importantly, our debt metrics continue to remain below the guided range even after doubling capex to Rs1.5 lakh crore — reflecting strong financial discipline,” Singh added.
He further stated that what took 25 years to build, “we are now gearing up to replicate within a single year, and as new assets become operational on schedule, we expect to sustain returns on asset of 15-16 per cent”.
“Our focus remains on flawless execution and world-class operations. With rising AAA domestic ratings and stable USD ratings, our long-tenor infrastructure assets are increasingly attractive to global institutions,” Singh noted.
The highly stable ‘Core Infrastructure’ businesses (utility, transport, and infra businesses under Adani Enterprises) accounted for 83 per cent of total EBITDA in H1 FY26.
Adani Enterprises Ltd (AEL), the flagship incubator of the Adani Portfolio, recorded the largest increase in gross assets of Rs17,595 crore ($2 billion).
Adani Green Energy Ltd and Adani Power Ltd added assets worth Rs12,314 crore ($1.4 billion) and Rs11,761 crore ($1.3 billion), respectively.
“The H1 FY26 ROA (return on assets) stood at 15.1 per cent, despite substantial capital work in progress for new assets. This is one of the highest ROAs globally in the infrastructure sector. Over the past six years, the portfolio has consistently maintained above 15 per cent ROA despite over 3.5 times growth in Gross Assets,” the company informed.
