The Adani Portfolio—India’s leading infrastructure and utilities portfolio—today announced its FY26 financial performance and released the Credit and Results Compendium, providing an overview of performance and insights into its credit strength and long-term resilience.
FY26 marks an important inflection point for the Adani Portfolio, as Adani Portfolio companies began its next phase capex cycle. The scale of capital deployment during the year is comparable to the asset base we had built over our first 25 years, reflecting both the infrastructure opportunity before India and the group’s confidence in its long-term growth trajectory.
Several strategic assets entered operations during FY26 and since, including 5.1 GW of renewable energy capacity and 1.38 GWh of battery energy storage systems (now increased to 3.37 GWh) in the energy & utility vertical, Navi Mumbai International Airport, Guwahati Terminal and the Ganga Expressway (April 2026) in the transport & logistics vertical and copper smelter in the primary industries vertical. These assets are expected to contribute meaningfully to growth, earnings and cash flows in the years ahead.
FY26 Performance Highlights:
- Record Capex: CAPEX reached the highest among any conglomerate in history – INR 1,52,967 Cr. Gross asset base increase to INR 7,85,098 Cr
- Record Earnings: EBITDA touched an all-time high of INR 94,834 Cr, up 5.6% YoY. ‘Core infrastructure’ platform contributed 87% of this, lending a high level of stability and visibility. Several major assets including Navi Mumbai International Airport, 5.1 GW renewable capacity and 3.37 GWh battery energy storage and Ganga Expressway were commissioned in the recent months, and the contribution from these assets will only fully reflect from this year onwards.
- Credit-Ratings: 100% of the Run-rate EBITDA now generated from assets with domestic ratings ‘A-’and above. Consistently improving ratings have led to a consistent decline in the cost of debt. The cost of debt for FY26 was 7.8% against 9% in FY24 and 10.3% in FY19.
- High Liquidity: Sufficient liquidity is maintained across portfolio companies to cover debt servicing requirements for at least the next 17 months. As on 31 March 2026, Adani Portfolio had a cash balance of INR 55,852 Cr, representing 15% of Gross Debt.
- Leverage: Across portfolio companies continues to remain conservative with portfolio-level Net Debt to EBITDA at 3.3x—below guided number of 3.5x, and Equity continuing to remain primary source of funding—60% of Asset Base.
FY26 Performance Highlights:
- Record Capex: CAPEX reached the highest among any conglomerate in history – INR 1,52,967 Cr. Gross asset base increase to INR 7,85,098 Cr
- Record Earnings: EBITDA touched an all-time high of INR 94,834 Cr, up 5.6% YoY. ‘Core infrastructure’ platform contributed 87% of this, lending a high level of stability and visibility. Several major assets including Navi Mumbai International Airport, 5.1 GW renewable capacity and 3.37 GWh battery energy storage and Ganga Expressway were commissioned in the recent months, and the contribution from these assets will only fully reflect from this year onwards.
- Credit-Ratings: 100% of the Run-rate EBITDA now generated from assets with domestic ratings ‘A-’and above. Consistently improving ratings have led to a consistent decline in the cost of debt. The cost of debt for FY26 was 7.8% against 9% in FY24 and 10.3% in FY19.
- High Liquidity: Sufficient liquidity is maintained across portfolio companies to cover debt servicing requirements for at least the next 17 months. As on 31 March 2026, Adani Portfolio had a cash balance of INR 55,852 Cr, representing 15% of Gross Debt.
- Leverage: Across portfolio companies continues to remain conservative with portfolio-level Net Debt to EBITDA at 3.3x—below guided number of 3.5x, and Equity continuing to remain primary source of funding—60% of Asset Base.
