Adani Group delivers strong first half with record capex, EBITDA reaches Rs 47,375 crore

Adani Group said it reported a strong first half for FY26, driven by record investments, higher operating profits and continued improvement in credit quality across its core infrastructure businesses.The portfolio added Rs 67,870 crore in gross assets during the first six months of the year, taking its total asset base to Rs 6.77 lakh crore. The group said it remains on track to meet full-year capex guidance of Rs 1.5 lakh crore, describing the first half of the year as the “highest” first half investment period ever.

EBITDA for the first half of FY26 stood at Rs 47,375 crore, the highest in the first half of the year, while trailing twelve months EBITDA reached Rs 92,943 crore, up 11.2% from a year earlier.According to the group, 83% of its first-half EBITDA came from its core infrastructure businesses, including utilities, transportation and the infrastructure incubation sector under Adani Enterprises.

Jugeshinder Singh, group CFO, said the companies continued to deliver strong double-digit growth even as the group accelerated the rollout of capital investments. He added that leverage remained below target despite the increased capital expenditure programme, and said the company expects to maintain a return on assets of 15 to 16% as new projects become operational.

The group reported a return on assets of 15.1% for the first half of FY26, one of the highest in the global infrastructure sector, and said this metric has remained above 15% for the past six years despite a more than three-fold increase in its gross asset base. Leverage indicators remained stable, with net debt/EBITDA at 3x, below the indicated range of 3.5–4.5x. Cash and cash equivalents stood at Rs 57,157 crore, accounting for 17% of gross debt. The group highlighted an improvement in credit quality, with 52% of portfolio EBITDA now coming from AAA-rated domestic assets and 90% from AA-rated or higher domestic assets.

Utilities including Adani Green Energy, Adani Power, Adani Energy Solutions and Adani Total Gas reported first-half EBITDA of Rs 23,239 crore, up 3.3% year-on-year. Transport, led by Adani Ports and SEZ, grew 22% to Rs 12,125 crore. The infrastructure business incubation under Adani Enterprises delivered 5.4% growth to Rs 5,549 crore.

Among its adjoining businesses, cement (Ambuja Cements and ACC) continued to grow, with EBITDA up 37.9% to Rs 4,305 crore for the first half.

Company-level updates include the inauguration of the Navi Mumbai International Airport, 49% annual growth in operational renewable capacity at Adani Green to 16.7 GW, and a higher order book at Adani Energy Solutions after winning a new transmission project.

Adani Ports saw cargo volume increase 11% to 244 MMT in the first half, while the Colombo terminal handled more than 350,000 TEU since commencing operations in April 2025.

Ambuja Cements reached a capacity of 107 MTPA and recorded a 20% growth in sales volumes during the first half of the year. The group said the disclosures released on Monday include both the first-half 2026 financial report and a credit compendium on performance and debt service trends since 2019.

Headquartered in Ahmedabad, Adani Group operates in the energy, utilities, transportation, logistics, metals, materials and consumer sectors, positioning its growth strategy around national infrastructure development and long-term sustainability initiatives.

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