Gautam Adani has regained the title of India's richest person with a net worth of $112.7 billion, while Mukesh Ambani fell to second position at $86.3 billion, according to Forbes' 2026 list of India's 100 richest. Adani's wealth surged by $20.7 billion despite a challenging year for Indian markets, making him the biggest dollar gainer on the list. His return to the No. 1 spot comes after three years at the second position. The combined wealth of India's 100 richest remained broadly unchanged at about $1 trillion, Forbes reported, even as both the rupee and stock market declined by 8.5% and 9.5% respectively.
Billionaire Gautam Adani-led Adani Group has completed an ambitious infrastructure acquisition spree worth ₹103,006 crore, securing at least 20 assets across power, ports, airports, transmission and renewables sectors. According to reports from The Economic Times, these deals range from insolvency resolutions and debt reduction sales to strategic purchases that have expanded the group's brownfield footprint. The acquisitions came as banks worked through stress built up during India's 2004-08 investment cycle, when lenders extended large loans to power, roads, ports, steel and telecom companies, leading to project delays, cost overruns and weak financials that pushed several borrowers into insolvency.
The group's approach has proven particularly successful in thermal power assets, where several acquired plants moved from low utilisation or losses to higher EBITDA. As reported by The Economic Times, Prabhudas Lilladher's Vishal Periwal noted that Adani has demonstrated strong track record in acquiring stressed thermal assets and improving performance by leveraging fuel-sourcing, power-selling and operating capabilities. Raipur's EBITDA rose from ₹210 crore in FY20 to ₹2,350 crore in FY26, while Raigarh moved from negative EBITDA of ₹100 crore to ₹1,110 crore over the same period. Mahan's EBITDA nearly tripled from ₹550 crore in FY22 to ₹1,600 crore in FY26. Following turnaround, these assets are being used for additional brownfield capacity expansion, with Prabhudas Lilladher estimating that Adani Power's installed capacity could rise from 18.3 gigawatts in FY26 to about 42 gigawatts by FY32, supported by a 23.72-gigawatt expansion programme costing roughly ₹2 lakh crore.
Following the turnaround, these assets are being used for additional brownfield capacity expansion. According to The Economic Times, Prabhudas Lilladher estimates that Adani Power's installed capacity could rise from 18.3 gigawatts in FY26 to about 42 gigawatts by FY32, supported by a 23.72-gigawatt expansion programme costing roughly ₹2 lakh crore. Around 60% of the planned capacity is being developed at brownfield sites, with the company securing land and ordering equipment for the pipeline. The economics of new projects are stronger, with the average capacity charge for under-construction portfolio at ₹3.9 per kilowatt-hour compared with about ₹1 per kilowatt-hour for existing operating portfolio. About 56% of the upcoming capacity is tied up under long-term power purchase agreements, reducing development risk and shortening the route from investment to operating cash flow.
The group's port strategy includes Adani Ports committing ₹850 crore towards upgrades and capacity expansion at Karaikal, while targeting one billion tonnes of cargo by 2030. As reported by The Economic Times, the strategic value extends beyond existing earnings, with the ports providing Adani additional locations, cargo relationships and logistics linkages that can be integrated into its wider network. Jefferies expects domestic port volumes to reach 850 million tonnes by 2030, while international port volumes are targeted to triple from a low base. The airport platform has developed into a significant asset, with Adani Airport Holdings handling about 23% of India's passenger traffic and 29% of its air cargo. The company has secured ₹98 billion from Alpha Wave Global, Premji Invest, Temasek and BlackRock-managed funds, with the transaction valuing the airport business at about ₹1.7 lakh crore. The proceeds will fund airport expansion and mixed-use Airport City projects worth 22 million square feet in the first phase, with the investment expected to increase the platform's aggregate annual passenger capacity to about 200 million.
The renewable platform has expanded beyond initial acquisitions, with management confident of adding 5 gigawatts of capacity in FY27 and targeting 50 gigawatts by 2030. According to The Economic Times, the company added 3.4 gigawatts of solar, 0.7 gigawatts of wind and 1 gigawatt of hybrid capacity in FY26. Jefferies expects installed capacity to reach 44 gigawatts by FY30, while battery energy storage capacity is expected to rise from 3.6 gigawatt-hours to more than 10 gigawatt-hours by FY27. The group's annual capex has increased from ₹8,500-9,000 crore in 2022 to ₹30,000-35,000 crore in recent years, with cumulative investments of about ₹2 lakh crore planned between FY26 and FY31 across various business segments. Additionally, the Adani Group is making a major push into artificial intelligence infrastructure, with plans to invest $100 billion in the sector.
