Adani Group Expands Asset Base by Rs 67,870 Crore in H1, Maintains Leverage Below Guidance Amid Growth
Adani Group has announced a remarkable performance for the first half of FY26, showcasing significant growth driven by substantial capital investments and increased earnings across its core infrastructure sectors. The conglomerate reported a gross asset addition of Rs 67,870 crore, bringing its total asset base to Rs 6.77 lakh crore. With a strong focus on meeting its full-year capital expenditure target of Rs 1.5 lakh crore, the company also achieved its highest-ever EBITDA for the first half, amounting to Rs 47,375 crore.
Strong Financial Performance
In the first half of FY26, Adani Group’s EBITDA reached Rs 47,375 crore, marking a record for the company during this period. The trailing twelve-month EBITDA also saw an impressive increase of 11.2%, totaling Rs 92,943 crore. A significant portion of this growth, approximately 83%, was attributed to the utilities, transport, and the incubating infrastructure sectors under Adani Enterprises. Group CFO Jugeshinder Singh emphasized that the businesses are experiencing robust double-digit growth while simultaneously ramping up project investments. Despite the surge in capital expenditure, the group’s leverage remained within the guided range, and projected returns on assets are expected to stay between 15% and 16% as new assets become operational.
Asset Management and Credit Quality
Adani Group reported a return on assets of 15.1% for the first half of FY26, maintaining a consistent performance above the 15% threshold for six consecutive years, even as the asset base has more than tripled during this time. The net debt-to-EBITDA ratio stood at 3x, comfortably below the stated range of 3.5 to 4.5 times. Additionally, the group held cash and cash equivalents amounting to Rs 57,157 crore, which represents 17% of its gross debt. The credit quality indicators also showed improvement, with 52% of the portfolio EBITDA generated from AAA-rated domestic assets and 90% from entities rated AA or higher.
Operational Highlights and Growth Initiatives
Among the various operating segments, the utility businesses, including Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas, reported an EBITDA of Rs 23,239 crore, reflecting a year-on-year increase of 3.3%. The transport sector, primarily driven by Adani Ports and SEZ, experienced a remarkable 22% growth, reaching Rs 12,125 crore. The incubating infrastructure businesses under Adani Enterprises also saw a 5.4% rise in EBITDA to Rs 5,549 crore. Notably, adjacency businesses, led by Ambuja Cements and ACC, achieved a significant 37.9% increase in EBITDA to Rs 4,305 crore. Ambuja Cements expanded its capacity to 107 MTPA and reported a 20% growth in sales volumes.
Strategic Developments and Future Outlook
The operational highlights for the group included the inauguration of the Navi Mumbai International Airport and a 49% year-on-year increase in Adani Green’s operational renewable capacity, which now stands at 16.7 GW. The Adani Energy Solutions order book also expanded following the acquisition of a new transmission project. In terms of logistics, Adani Ports handled cargo volumes of 244 million metric tons in the first half of FY26, while its Colombo terminal processed over 350,000 TEUs since its operational launch in April 2025. Adani Group, headquartered in Ahmedabad, operates across various sectors, including energy, utilities, transport, logistics, metals, materials, and consumer businesses, aligning its growth strategy with long-term national infrastructure development and sustainability goals.
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