Adani Group Reports Strong Capex, Ebitda Growth In Fiscal First Half
Highly stable ‘Core Infrastructure’ businesses which includes utility, transport, and infra businesses under Adani Enterprises Ltd. accounted for 83% of total Ebitda during the six-month period.
The Adani Group reported a strong capex of Rs 67,870 crore ($7.6 billion) and operating income or Ebitda of Rs 92,943 crore ($10.4 billion) in the first half of the current fiscal.
The acceleration in capex led to an increase in gross assets by Rs 67,870 crore to Rs 6,77,029 crore — on track to achieve guided Rs 1.5 lakh crore capex, according to a statement.
The H1FY26 Ebitda at an all-time high of Rs 47,375 crore. The Trailing Twelve Month Ebitda as Rs 92,943 crore, marking an 11.2% year-on-year increase.
Highly stable ‘Core Infrastructure’ businesses which includes utility, transport, and infra businesses under Adani Enterprises Ltd. accounted for 83% of total Ebitda during the six-month period.
Adani Enterprises, the flagship incubator of the Adani Portfolio, recorded the largest increase in gross assets of Rs 17,595 crore. Adani Green Energy Ltd. and Adani Power Ltd. added assets worth Rs 12,314 crore and Rs 11,761 crore, respectively.
The return on assets is at 15.1% — one of the highest amongst infrastructure players globally, displaying consistent growth, maintaining ROAs demonstrates the investment discipline.
"In H1 FY26, we recorded our highest-ever capex in the first half despite seasonal factors. Importantly, our debt metrics continue to remain below the guided range even after doubling capex to Rs 1.5 lakh crore—reflecting strong financial discipline," said Group CFO Jugeshinder Singh.
Credit Position
The Adani Group said 52% of portfolio Ebitda now comes from AAA-rated domestic assets, and 90% from AA- and above. AAA assets alone generated 52% or Rs 53,086 crore of the run-rate Ebitda.
Net Debt-to-EBITDA was at three times, comfortably below the guided 3.5x–4.5x range across portfolio companies, highlighting disciplined capital management. The number has slightly increased from six months ago, as the portfolio companies have now accelerated their capex programs, Adani Group said.
Free cash on the book stood at Rs 65,016 crore, reflecting healthy operating cash flow across businesses.
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