Adani Group's record infrastructure spending is increasingly becoming a growth engine for companies well beyond its listed businesses, with contractors, equipment manufacturers and technology providers seeing larger order books, stronger earnings visibility and, in several cases, sharp gains in their stock prices.
The conglomerate spent a record Rs 1.53 lakh crore on capital expenditure in FY26 and plans to increase that to around Rs 2.1 lakh crore in FY27, as part of a broader $125 billion investment programme over the next five years. That spending spans transmission networks, renewable energy, ports, airports, data centres and real estate, creating demand across the engineering, procurement and construction ecosystem.
Speaking at a closed-door meeting with analysts, the group's Chief Financial Officer said Adani no longer sees these companies merely as vendors. Instead, it wants to develop them into long-term strategic partners capable of executing increasingly complex projects as the group's capital expenditure accelerates.
Adani deployed around Rs 1.53 lakh crore of capital expenditure in FY26 and plans to spend more than Rs 2 lakh crore this financial year. Around 80% of last year's capex was executed through external vendors, reflecting the group's increasingly asset-light execution model.
The impact is already visible across the supply chain. PSP Projects has seen its order book expand sharply after Adani acquired a controlling stake, with Adani-linked projects now accounting for roughly two-thirds of its backlog. Cemindia Projects, formerly ITD Cementation, has also reported a larger order book and stronger returns on capital since joining the group's ecosystem.
Technology and equipment companies have also benefited. Hitachi Energy India, BHEL and GE Vernova T&D India have secured large transmission-related contracts linked to Adani Energy Solutions' renewable energy corridor projects.
The strategy is backed by Adani Energy Solutions' own expanding financial firepower. The company has grown its transmission order book from roughly Rs 17,000 crore to more than Rs 80,000 crore over two years through successive fund raises, positioning itself to benefit from India's planned Rs 9 lakh crore investment in transmission infrastructure.
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