Adani Portfolio posts record H1 FY26 earnings

DBT Bureau

Pune, 25 Nov 2025

Result Highlights

Acceleration in capex led to an increase in Gross Assets by INR 67,870 Cr (USD 7.6 Bn) to INR 6,77,029 Cr (USD 76 Bn) — on track to achieve guided INR 1.5 lakh crore capex
H1 FY26 EBITDA at an all-time high of INR 47,375 Cr (USD 5.3 Bn); TTM EBITDA has now scaled to INR 92,943 Cr (USD 10.4 Bn) — up 11.2% YoY
Highly stable ‘Core Infrastructure’ businesses (utility, transport, and infra businesses under Adani Enterprises) accounted for 83% of total EBITDA in H1 FY26
ROA at 15.1% – one of the highest amongst infrastructure players globally; consistent growth, maintaining ROAs demonstrates the investment discipline

Credit Highlights

Net Debt to EBITDA at 3x, well below stated guidance of 3.5x-4.5x
Cash balance of INR 57,157 Cr (USD 6.4 Bn) — 17% of Gross Debt
90% of EBITDA is from domestic AA-rated category assets or above; 52% of EBITDA from AAA category

The Adani Portfolio announced its H1 FY26 Financial Performance and the Credit and Results Compendium. The documents provide an overview of the portfolio’s financial performance and offer detailed insights into its credit strength and long-term resilience.

The disclosures not only provide the latest financial performance but also provide a comprehensive view of the Group’s financial performance, credit strength, and long-term resilience over a longer timeframe, since 2019.

Commenting on the results, Jugeshinder Singh, Group CFO, Adani Group, said: “Our core infrastructure businesses continue to deliver strong double-digit growth even as we execute one of the largest capex programs, aligned with India’s Viksit Bharat capex super cycle. Adjacency businesses are also showing momentum. In H1 FY26, we recorded our highest-ever capex in the first half despite seasonal factors. Importantly, our debt metrics continue to remain below the guided range even after doubling capex to ₹1.5 lakh crore—reflecting strong financial discipline. What took 25 years to build, we are now gearing up to replicate within a single year, and as new assets become operational on schedule, we expect to sustain returns on asset of 15–16%. Our focus remains on flawless execution and world-class operations. With rising AAA domestic ratings and stable USD ratings, our long-tenor infrastructure assets are increasingly attractive to global institutions.”

Adani Portfolio – H1 FY26 and TTM Sept’25 Financial Performance (EBITDA in INR Cr)

H1 FY26 & Sep’25 TTM PERFORMANCE HIGHLIGHTS

Record Earnings: EBITDA reached an all-time high of INR 47,375 Cr (USD 5.3 Bn) in H1 FY26, taking TTM EBITDA to INR 92,943 Cr (USD 10.4 Bn) — an 11.2% YoY increase. 83% of H1 FY26 EBITDA came from the Group’s Core Infrastructure platform, which includes:

Utilities: Adani Green Energy Ltd, Adani Power Ltd., Adani Energy Solutions Ltd., Adani Total Gas Ltd.
Transport: Adani Ports & SEZ Ltd
Incubating Infrastructure businesses under flagship incubator Adani Enterprises Ltd. (AEL)

These segments continue to provide stable, long-term cash flows.

Strong and Stable Cash Generation: Cash After Tax / FFO stood at INR 65,016 Cr (USD 7.2 Bn), reflecting healthy operating cash flow across businesses.

Prudent Leverage: Net Debt-to-EBITDA at 3x, comfortably below the guided 3.5x–4.5x range across portfolio companies, highlighting disciplined capital management. The number has slightly increased from six months ago, as the portfolio companies have now accelerated their capex programs.

Accelerated Capex Cycle: Robust cash flows and continued access to capital, enabled by low leverage, resulted in a record asset addition of INR 67,870 Cr (USD 7.6 Bn) in H1 FY26, bringing the total asset base to INR 6.77 lakh Cr (USD 76 Bn). The Group remains on track to deliver its INR 1.5 lakh Cr FY26 capex plan — equivalent to the Adani portfolio’s total asset base until FY19.

Adani Enterprises Ltd., the flagship incubator of the Adani Portfolio, recorded the largest increase in gross assets of INR 17,595 Cr (USD 2 Bn). Adani Green Energy Ltd. and Adani Power Ltd. added assets worth INR 12,314 Cr (USD 1.4 Bn) and INR 11,761 crore (USD 1.3 Bn), respectively.

High Returns on Assets: H1 FY26 ROA stood at 15.1%, despite substantial capital work in progress for new assets. This is one of the highest ROAs globally in the infrastructure sector. Over the past six years, the portfolio has consistently maintained above 15% ROA despite over 3.5x growth in Gross Assets.

Strengthening Credit Quality: 52% of portfolio EBITDA now comes from AAA-rated domestic assets, and 90% from AA- and above. For comparison, in April 2019, only INR 12,186 Cr was generated from AAA assets and AA- assets. The number has now increased to INR 91,879 crore — more than 7.5x. AAA assets alone generated 52% or INR 53,086 Cr of the run-rate EBITDA (including annualized EBITDA of the assets operationalized in mid-year).

This reflects the robustness of the underlying businesses, a consistent focus on financial discipline and the highest level of governance.

Company-wise Financial Performance (EBITDA in INR Cr)

AEL includes emerging infrastructure businesses and existing businesses of integrated resource management, mining, and mining services.
APL includes prior period incomes of INR 1,075 Cr in H1 FY26 Vs INR 1,020 Cr in H1 FY25.

H1 FY26 Company-wise Key Highlights:

Adani Enterprises Ltd

ANIL solar modules sales stood at 2.44 GW — up 3%.
Wind Turbine Generator (WTG) sales increased to 63 sets, up 13%
The greenfield Navi Mumbai International Airport was inaugurated; to become operational in the current quarter.
Bagged two new road projects — Munger-Sultanganj project and Sultanganj-Sabour project.
Received Letter of Award for Ropeway Project between Sonprayag and Kedarnath

Adani Green Energy Ltd

Operational capacity increased by 49% YoY to 16.7 GW with the addition of 4.2 GW solar, 491 MW wind plants, and 805 MW hybrid plants.
Capacity Utilization Factor (CUF) at 24.8%, 37.8% and 39.1% for solar, wind, and hybrid plants, respectively.

Adani Energy Solutions Ltd

Secured a new transmission project – WRNES Talegaon line, taking the order book to INR 60,004 Cr at the end of H1 FY26.

Adani Power Ltd

Added 4.5 GW of new Power Purchase Agreements
Target increased to 42 GW by 2032, from the current capacity of 18.15 GW

Adani Ports & SEZ Ltd

Volume grew by 11% to 244 MMT (H1 FY26) from 220 MMT (H1 FY25).
Colombo West International Terminal (CWIT) commenced operations in Apr ’25, handling over 350,000 TEUs, including 100,000+ TEUs in Aug ’25.

Ambuja Cements Ltd