AHMEDABAD, India — August 15, 2026
Adani Accelerates Infrastructure Expansion With Record Capital Spending
Adani Group investment reached a record ₹1,52,967 crore in fiscal 2025-26 as the conglomerate accelerated spending across renewable energy, electricity transmission, ports, airports, highways, logistics and other infrastructure businesses.
The FY26 capital expenditure was the highest annual investment disclosed by the Adani portfolio and marked a sharp acceleration in the group’s infrastructure development cycle.
When spending during the second half of FY25 is combined with the FY26 expenditure, the capital deployment cited for the period exceeds ₹2.08 lakh crore.
Nearly 80% of the FY26 investment went toward core infrastructure platforms covering energy, utilities, transportation and logistics, according to the group’s FY26 financial and credit disclosure.
Asset Base Expands More Than 90%
The group’s gross asset base increased from approximately ₹4.12 lakh crore in FY23 to ₹7.85 lakh crore in FY26, representing growth of more than 90% in three years.
Annual capital investment rose from ₹95,554 crore to ₹1,52,967 crore during the same period, reflecting the scale at which the conglomerate expanded its infrastructure portfolio.
The group reported gross assets of ₹7,85,098 crore at the end of FY26. It also recorded earnings before interest, taxes, depreciation and amortization, or EBITDA, of ₹94,834 crore—an increase of 5.6% from the previous year.
Core infrastructure operations generated 87% of total EBITDA, giving the portfolio a relatively stable base of utility, transportation and long-term infrastructure earnings.
Adani Records India’s Largest Corporate Capex
Adani said its ₹1,52,967 crore FY26 capital expenditure was the largest annual capex recorded by an Indian corporate group.
The amount exceeded the ₹1,44,271 crore investment attributed to Reliance Industries for the same financial period. JSW Steel’s capital expenditure was placed at ₹15,595 crore.
The comparisons indicate the scale of Adani’s latest investment cycle. However, differences in accounting classifications and consolidated reporting methods should be considered when comparing capital spending across companies.
Despite the size of its investment program, Adani reported a net debt-to-EBITDA ratio of 3.3 times, below its stated guidance level of 3.5 times.
The group ended FY26 with ₹55,852 crore in cash, equivalent to approximately 15% of gross debt. Its average borrowing cost declined to 7.8%, compared with 9% two years earlier.
Which Major Projects Became Operational?
Several large projects reached operational or commissioning milestones during and shortly after FY26.
Navi Mumbai International Airport
Navi Mumbai International Airport began operations in December 2025, adding a major aviation asset to the group’s transportation portfolio.
The airport is intended to provide additional capacity for the Mumbai metropolitan region and complement the existing Chhatrapati Shivaji Maharaj International Airport.
Guwahati Airport Terminal
A new Terminal 2 at Lokpriya Gopinath Bordoloi International Airport in Guwahati became operational in February.
The terminal expanded passenger-handling infrastructure at one of Northeast India’s principal aviation gateways.
Adani Ports Crosses Major Cargo Milestone
Adani Ports and Special Economic Zone became the first Indian port operator to handle more than 500 million metric tons of cargo during the previous financial year.
The milestone strengthened its position across India’s maritime logistics network.
Renewable-Energy Capacity Exceeds 20 GW
Adani Green Energy crossed 20 gigawatts of operational renewable-energy capacity, supported by the expansion of large solar, wind and hybrid-energy projects.
The group also commissioned 5.1 GW of renewable capacity and 3.37 GWh of battery energy-storage infrastructure during its latest expansion cycle.
Ganga Expressway Opens
The 594-kilometer Ganga Expressway was inaugurated in June 2026. The highway represents one of the largest road projects developed within the group’s infrastructure portfolio.
These projects are expected to contribute more fully to revenue and earnings after completing their initial operating periods.
How Did Market Sentiment Change?
The Adani portfolio experienced a significant market-value decline after the US indictment became public in November 2024.
Its combined market capitalization reportedly fell by approximately ₹2.85 lakh crore during the first four trading sessions following the announcement.
Infrastructure projects nevertheless continued, while the group maintained capital expenditure and reported stronger operating metrics.
By August 2026, the combined market capitalization cited for listed Adani companies had increased to approximately ₹18.5 lakh crore. That was about ₹7.6 lakh crore above its March 2025 low and roughly ₹4 lakh crore higher than the level recorded before the indictment became public.
Market capitalization can fluctuate sharply and does not, by itself, establish that all investor concerns have been resolved. The recovery nevertheless indicates that investors placed greater value on the group’s project execution, operating cash flows, liquidity and asset expansion.
Important Status of the US Criminal Case
The supplied material states that a US district court permanently dismissed the Justice Department’s criminal action against the Adani Group.
However, that claim could not be confirmed through a publicly available dismissal order or updated Justice Department record reviewed for this article.
The Justice Department’s public page continues to display the November 2024 indictment involving Gautam Adani, Sagar Adani and other executives. The charges described there are allegations, and defendants are presumed innocent unless proven guilty through due process. The original Justice Department announcement is available here.
Accordingly, the US proceeding should not be described as permanently dismissed without the relevant court order, docket entry or Justice Department confirmation.
What Drove the Scale of Adani’s Expansion?
The investment cycle was supported by infrastructure earnings, liquidity, access to capital and the group’s effort to maintain leverage within its stated limits.
Adani said all its operating assets now hold domestic credit ratings of A-minus or higher. Improving ratings also contributed to a decline in borrowing costs.
The expansion demonstrates the group’s continued focus on capital-intensive sectors tied to India’s energy demand, transportation growth, urbanization and digital development.
Its longer-term performance will depend on the execution of projects, returns generated by newly commissioned assets, debt management, regulatory conditions and developments in pending legal matters.
