This massive spending accelerated the portfolio's gross asset base to ₹7.85 lakh crore ($82.8 billion), with nearly 80% directed toward core infrastructure platforms spanning energy, utilities, transport, and logistics. Despite this aggressive expansion cycle, the group maintained disciplined financial metrics, with portfolio EBITDA reaching an all-time high of ₹94,834 crore ($10 billion), up 5.6% year-on-year, and net debt-to-EBITDA at 3.3 times—comfortably below its stated 3.5 times ceiling.
The 80% allocation to core infrastructure reflects the group's strategic focus on building nationally critical assets aligned with India's long-term growth trajectory. Several major projects entered operations during FY26, including 5.1 GW of renewable energy capacity, battery energy storage systems, Navi Mumbai International Airport, the Ganga Expressway, and a copper smelter. These assets are expected to contribute more meaningfully to earnings and cash flows from FY27 onwards, marking an important inflection point as the group transitions from incubation to operational maturity.
The transport segment emerged as the strongest performer, with EBITDA rising 23.2% to ₹25,228 crore, driven by Adani Ports & SEZ's record cargo handling of 500.8 million metric tonnes—up 11% year-on-year. This volume growth was fueled by market share expansion (27.1% of India's cargo), container growth leadership (45.5% market share), and strong contributions from international ports including Colombo and Haifa. Adani Ports' diversified business model—spanning domestic ports, international operations, logistics, and marine services—enabled margin expansion and operational efficiency gains. InvestorPresentations +2
The company also scaled battery energy storage system capacity to 3.37 GWh at Khavda, Gujarat—one of the world's largest single-location deployments. However, EBITDA growth faced headwinds from curtailment (₹500 crore impact) and lower merchant power realizations (₹800-1,000 crore impact), resulting in total estimated EBITDA impact of ₹1,300-1,500 crore. Despite these challenges, Adani Green maintained industry-leading EBITDA margins of 91.2% and is positioned for strong growth as new capacity comes online. InvestorPresentations +3
Ambuja Cements presented a contrasting picture. Despite achieving 16.1% volume growth to 73.7 million tonnes and completing the Orient Cement acquisition, the company faced margin compression with EBITDA declining to ₹887 per ton from ₹940 in the previous year. Flat net selling prices at ₹254 per bag, combined with rising power and fuel costs (+4% year-on-year) and integration challenges from recent mergers, weighed on profitability. The stock declined 21%, reflecting investor concerns about margin sustainability and integration overhang despite strong operational execution. InvestorPresentations +2
Adani Group's ability to maintain leverage targets despite record capex stems from a multi-dimensional capital management strategy. The group's portfolio EBITDA growth, coupled with Adani Enterprises' successful ₹24,930 crore rights issue (oversubscribed 30%), strengthened the equity base significantly. Debt diversification across seven funding sources—including global international banks (25%), NBFCs and financial institutions (25%), PSU banks (20%), and USD bonds (19%)—reduced concentration risk and optimized funding costs. InvestorPresentations +2
The group's average borrowing cost declined to 7.8% in FY26 from 9% two years earlier, supported by consistent rating upgrades across operating companies. All Adani assets now carry domestic credit ratings of A- or higher, with 100% of run-rate EBITDA generated from investment-grade assets. This rating improvement, combined with a declining interest rate environment and operational efficiency gains (finance costs as a percentage of EBITDA declined from 42% to 25%), drove the 120 basis point reduction in borrowing costs. InvestorPresentations
Liquidity remains robust with cash and cash equivalents of ₹55,852 crore, equivalent to 15% of gross debt. The group maintains sufficient liquidity across portfolio companies to cover debt servicing requirements for at least 17 months, providing a substantial buffer against near-term market volatility. This strong liquidity position, combined with predictable cash flows from core infrastructure businesses (87% of portfolio EBITDA), positions the group to sustain its current capex cycle while maintaining financial discipline. InvestorPresentations
Stock performance across Adani Group companies exhibited significant divergence in FY26, reflecting varying sector dynamics, operational milestones, and investor sentiment.
The company's ₹2 lakh crore capex commitment and strategic acquisitions, including the Jaiprakash Group assets, reinforced investor confidence in its long-term growth trajectory.
Adani Energy Solutions rallied 75%, correlating strongly with operational milestones including crossing 10 million smart meter installations, commissioning the Mumbai HVDC project, and maintaining an under-construction transmission pipeline worth ₹71,779 crore. The company's Q1 FY26 results showed strong momentum with EBITDA crossing ₹2,000 crore and PAT growing 71% year-on-year. The regulated nature of its transmission and smart metering businesses provides predictable revenue visibility, with EBITDA expected to triple within 3-4 years as projects commission. Transcripts +1
Adani Green Energy gained 44%, benefiting from its position as the world's largest renewable energy utility with industry-leading EBITDA margins of 91.5%, massive capacity expansion (5.1 GW to 19.3 GW), and clear growth trajectory targeting 50 GW by FY30. The company's long-term PPA coverage (78% under 25-year fixed tariffs) and leadership in battery energy storage provided investors with confidence in its earnings visibility and growth prospects. InvestorPresentations +1
The stock experienced significant volatility, rallying nearly 39% in two days following government gas policy announcements before correcting sharply.
Looking ahead, Adani Group's three key growth engines are positioned for significant expansion. Adani Power's 42 GW target by FY32 represents a ₹2 lakh crore investment opportunity, with the majority of expansion capex expected to be funded through internal accruals. The shift toward ultra-supercritical technology (from 9% to 57% of capacity mix) will improve efficiency and reduce emissions, while brownfield development (60% of locked-in capacity) ensures faster execution and cost advantages. InvestorPresentations +2
Adani Energy Solutions' ₹71,779 crore transmission pipeline and 10 million smart meter installations provide highly visible revenue streams, with EBITDA expected to triple in 3-4 years. The regulated framework ensures predictable returns, while the 70:30 debt-equity financing structure provides comfortable leverage levels. The company's transmission EBITDA is projected to reach ₹2,400-3,000 crore once current contracts are fully executed. Transcripts +1
Adani Enterprises' airports portfolio, handling 95.3 million passengers across eight airports, contributes more than 30% of consolidated EBITDA and validates the incubator business model. The commissioning of Navi Mumbai International Airport provides a near-term growth catalyst, while strong non-aero revenue growth (33% year-on-year) demonstrates successful diversification beyond traditional aviation revenue streams. InvestorPresentations +2
As newly commissioned assets begin contributing meaningfully to earnings and cash flows from FY27 onwards, Adani Group is well-positioned to sustain its infrastructure expansion while maintaining the financial discipline that has characterized its growth trajectory.
