The Adani Group, India’s leading infrastructure and utilities conglomerate, today announced stellar H1 FY26 financial results, reporting robust growth across its power, renewable energy, and transport segments, alongside strong capital expenditure (capex) activity.
- Record EBITDA: H1 FY26 EBITDA reached INR 47,375 Cr (USD 5.3 Bn), up 7.1% YoY, while trailing twelve months (TTM) EBITDA rose 11.2% YoY to INR 92,943 Cr (USD 10.4 Bn).
- Capex Acceleration: Gross assets increased by INR 67,870 Cr (USD 7.6 Bn), bringing the total portfolio to INR 6.77 lakh Cr (USD 76 Bn), on track to achieve the guided INR 1.5 lakh Cr FY26 capex.
- Core Infrastructure Strength: Utilities, transport, and AEL infrastructure businesses accounted for 83% of H1 FY26 EBITDA, reflecting stable, long-term cash flows.
- High Returns on Assets: ROA stood at 15.1%, among the highest globally in the infrastructure sector, demonstrating disciplined capital allocation.
- Prudent Leverage and Credit Quality: Net Debt-to-EBITDA remained at 3x, below the guided range of 3.5x–4.5x, while 52% of EBITDA came from AAA-rated domestic assets, underscoring strong financial stability.
The Group’s energy portfolio delivered notable growth, driven by expansion in solar, wind, and hybrid capacities:
- Adani Green Energy Ltd (AGEL): Operational capacity increased 49% YoY to 16.7 GW, including 4.2 GW of solar, 491 MW of wind, and 805 MW of hybrid plants. Capacity Utilization Factor (CUF) reached 24.8% for solar, 37.8% for wind, and 39.1% for hybrid assets.
- Adani Power Ltd: Added 4.5 GW of new Power Purchase Agreements (PPAs), targeting a total generation capacity of 42 GW by 2032, up from 18.15 GW currently.
- Adani Energy Solutions Ltd: Secured a new transmission project – WRNES Talegaon line, raising its order book to INR 60,004 Cr by the end of H1 FY26.
- Adani Ports & SEZ Ltd: Cargo volume increased 11% YoY to 244 MMT. The Colombo West International Terminal commenced operations in April 2025, handling over 350,000 TEUs, including 100,000+ TEUs in August 2025.
- Adani Enterprises Ltd: Delivered significant wins, including the Navi Mumbai International Airport inauguration, new road projects in Munger-Sultanganj and Sultanganj-Sabour, and a ropeway project between Sonprayag and Kedarnath.
- Ambuja Cements Ltd: Achieved 107 MTPA capacity, with cement sales for H1 FY26 at 35 MT, up 20% YoY, supporting the Group’s diversified infrastructure portfolio.
Mr. Jugeshinder Singh, Group CFO, Adani Group, said:
“Our core infrastructure and energy businesses continue to deliver strong double-digit growth, even as we execute one of the largest capex programs aligned with India’s Viksit Bharat initiative. With rising AAA domestic ratings and stable USD ratings, our infrastructure assets remain highly attractive to global investors. Our focus is on flawless execution and world-class operations as we scale India’s clean energy and infrastructure sectors.”
The results underscore Adani Group’s continued leadership in India’s power and renewable energy markets, positioning the Group for sustainable growth and supporting the country’s transition toward a greener and more resilient energy ecosystem.
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