Adani Group Posts Record H1 FY26 Performance On Surging Capex, Robust Earnings

The Adani group of companies reported a strong first half of the current fiscal (FY26), delivering record earnings and accelerated capital expenditure, as its core infrastructure businesses continued to drive growth.

The conglomerate invested ₹67,870 crore (USD 7.6 billion) in H1, pushing its gross assets to ₹6.77 lakh crore (USD 76 billion) and keeping it on track to meet its full-year capex guidance of ₹1.5 lakh crore, it said in a statement.

Adani's trailing 12-month EBITDA climbed to an all-time high of ₹92,943 crore (USD 10.4 billion), up 11.2% year-on-year. For H1 FY26, EBITDA stood at ₹47,375 crore, with 83% contributed by the group’s core utilities, transport, and infrastructure operations.

The return on assets rose to 15.1%, among the highest globally for infrastructure players.

Credit metrics remained strong despite the accelerated investment cycle. Net debt to EBITDA improved to 3x, comfortably below the group's guided range of 3.5x–4.5x.

Adani closed the half with a ₹57,157 crore (USD 6.4 billion) cash balance, representing 17% of gross debt. The portfolio's earnings base also strengthened, with 90% of EBITDA coming from domestic AA-rated or better assets, including 52% from AAA-rated entities.

Group CFO Jugeshinder Singh said the results reflect disciplined expansion amid India's 'Viksit Bharat' capex super-cycle.

"Our core infrastructure businesses continue to deliver strong double-digit growth, even as we execute one of the largest capex programmes," he added.

Debt metrics remain below guidance even after doubling capex, demonstrating strong financial discipline, he noted.

"What took 25 years to build, we are now gearing up to replicate within a single year. As new assets come online, we expect to sustain returns on assets of 15–16%." Singh added that rising domestic AAA ratings and stable USD ratings are enhancing the appeal of the group’s long-tenor infrastructure assets to global investors.

A dominant 83% of earnings came from the Group's core infrastructure platform, spanning utilities (Adani Green Energy, Adani Power, Adani Energy Solutions, Adani Total Gas), transport (Adani Ports & SEZ), and infrastructure incubation (businesses under Adani Enterprises Ltd).

These verticals continued to generate steady, long-duration cash flows.

Cash after tax rose to ₹65,016 crore, underlining strong operating cash flow across the portfolio.

Backed by healthy cash flows and strong capital access, the group added ₹67,870 crore in new assets during H1 FY26 - its highest first-half addition ever - taking total assets to ₹6.77 lakh crore.

AEL drove the largest addition with ₹17,595 crore of new assets, followed by Adani Green Energy at ₹12,314 crore and Adani Power at ₹11,761 crore.

The financial and operational performance of the group "reflects the robustness of the underlying businesses, a consistent focus on financial discipline and the highest level of governance", the statement added.