Adani Group Accelerates Capex… Invests ₹67,870 Crore in Just Six Months

During the first half of FY 2025–26 April to September, the Adani Group increased capital expenditure significantly, driving consistent growth across its core infrastructure businesses. The company also reported record revenue during this period.

The group invested ₹67,870 crore (USD 7.6 billion) within six months, taking its total gross assets to ₹6.77 lakh crore (USD 76 billion). The company stated that it is on track to meet its full-year capital expenditure target of ₹1.5 lakh crore.

The return on assets (ROA) stood at 15.1%, one of the highest among global infrastructure companies. The group’s 12-month EBITDA reached ₹92,943 crore (USD 10.4 billion), marking an 11.2% annual increase. EBITDA for the first half stood at ₹47,375 crore.

About 83% of this EBITDA came from utilities Adani Green Energy, Adani Power, Adani Energy Solutions, Adani Total Gas, transportation Adani Ports & SEZ, and infrastructure Adani Enterprises.

The net debt-to-EBITDA ratio improved significantly, standing at 3x, below the group’s guided range of 3.5–4.5x. The group holds cash reserves of ₹57,157 crore (USD 6.4 billion), which equals 17% of its gross debt.

In terms of asset growth, Adani Enterprises topped the list with an increase of ₹17,595 crore, followed by Adani Green Energy ₹12,314 crore and Adani Power ₹11,761 crore.