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.
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Adani Portfolio — Q4 FY26 and FY26 Financial Performance (EBITDA in Rs Crore)
Sector EBITDA | FY26 | FY25 | Y-o-Y Growth | Q4FY26 | Q4FY25 | Y-o-Y Growth |
Utility* | 45,377 | 43,375 | 4.6% | 12,272 | 10,439 | 17.6% |
Transport | 25,228 | 20,471 | 23.2% | 6,981 | 5,456 | 28.0% |
AEL - Infrastructure Businesses | 11,478 | 10,085 | 13.8% | 3,163 | 2,359 | 34.1% |
A. Sub-total (Infrastructure) | 82,083 | 73,931 | 11.0% | 22,416 | 18,254 | 22.8% |
B. Adjacencies (Cement) | 7,586 | 8,644 | (12.2%) | 1,847 | 2,447 | (24.5%) |
Sub-total (Infra+Adjacencies) | 89,669 | 82,575 | 8.6% | 24,263 | 20,701 | 17.2% |
C. AEL- Existing Businesses | 5,165 | 7,231 | (28.6%) | 1,215 | 2,036 | (40.3%) |
Portfolio EBITDA (A+B+C) | 94,834 | 89,806 | 5.6% | 25,478 | 22,737 | 12.1% |
FY26 Performance Highlights
- Record Capex: CAPEX reached the highest among any conglomerate in history - Rs 1,52,967 crore. Gross asset base increase to Rs 7,85,098 Crore
- Record Earnings: EBITDA touched an all-time high of Rs 94,834 crore, 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 Rs 55,852 crore, 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.
Company-wise Key Highlights for FY26:
Adani Enterprises Ltd
- Raised Rs 24,930 crore via rights issue, strengthening equity base
- Airports handled 95.3 million passengers across 8 assets
- ANIL module sales jumped 15% YoY to 4,904 MW
- Roads construction reached 1,452 lane kms; Ganga Expressway operationalised in April 2026
- Data centre capacity scaled-17 MW Chennai live; 4.8 MW Hyderabad Phase II delivered
- Mining services volumes rose 14.1% YoY to 49.4 MMT
Adani Green Energy Ltd
- Operational capacity expanded by 5.1 GW to 19.3 GW
- BESS capacity of 1.38 GWh at the end of FY26, now scaled to 3.37 GWh at Khavda - one of the largest single-location deployments
Adani Energy Solutions Ltd
- Under-construction transmission pipeline at Rs 71,779 crore
- Crossed 1 crore smart meters installed; order book at 2.5 crore vs national opportunity of 10.3 crore
- Commissioned Mumbai's VSC-based HVDC-world's first compact HVDC system
Adani Power Ltd
- PAF at 89% and PLF at 67%, reflecting steady operational performance
- Capacity target of 42 GW by FY32; 23.7 GW already locked-in vs current 18.2 GW
Adani Ports & SEZ Ltd
- Cargo volumes up 11% YoY to 500.8 MMT
- Completed acquisition of NQXT Australia (50 MTPA capacity) in December 2025
Ambuja Cements Ltd
- Completed acquisition of Orient Cement, strengthening market position
- Cement sales volumes rose 16.1% YoY to 73.7 MT in FY26
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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