Adani Enterprises posts record ₹1.5 lakh cr capex, builds infrastructure empire
FY26 revenue up 7.4% to ₹2.92 lakh cr, PAT up 13.9%; net debt-to-EBITDA at 3.3x funds expansion into atomic, defense, and data centers.
What's new
- Record capital investment of ₹1.5 lakh cr, 30% of India's private sector capex.
- Successful ₹25,000 cr rights issue demonstrates shareholder conviction.
- Ports handled 500 million tonnes, targeting 1 billion by 2030.
- Atomic energy launched with 10 GW target by 2035.
Themes from the call
Demand
India's infrastructure modernization driving record spend; transmission order book at ₹72,000 cr and power capacity target of 45 GW by 2030.
Margins
EBITDA rose to ₹94,834 cr and PAT to ₹46,376 cr (up 13.9%), with net debt-to-EBITDA at healthy 3.3x.
Capital allocation
₹1.5 lakh cr capex in FY26, funded by ₹25,000 cr rights issue; power segment alone plans ₹2 lakh cr over five years.
Guidance watch
- Targets: 45 GW power by 2030, 10 GW atomic by 2035, 1 billion tonnes port cargo by 2030, 3 GW data center by 2030.
Risk flags
- Execution across seven verticals at unprecedented scale; net debt could rise if any segment underperforms.
- Atomic and defense are long-gestation, with no near-term revenue visibility.
Key quotes
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"We built when it was hardest to build. We believed when it was hardest to believe. And we proved that resilience is a way of life for us."
— CEO/Chairman
The brief
Adani Enterprises' FY26 earnings call was a blueprint for an infrastructure empire. The company invested a record ₹1.5 lakh crore in capital expenditure, accounting for 30% of India's total private sector capex. Revenue rose 7.4% to ₹2.92 lakh crore, PAT climbed 13.9% to ₹46,376 crore, and net debt-to-EBITDA stayed at a manageable 3.3x. The rights issue of ₹25,000 crore was fully subscribed, giving management a capital mandate to fund ambitions across energy, ports, airports, data centers, and now atomic and defense.
The operational strides are tangible. Ports handled 500 million tonnes of cargo, with Vizhinjam crossing 1 million TEUs in its debut year. Navi Mumbai International Airport became operational with 90 million passenger capacity. The data center business signed a binding MOU with Google for a gigawatt-scale facility in Visakhapatnam. In energy, the transmission order book stands at ₹72,000 crore, and the group has entered atomic power with a 10 GW target by 2035. Mining capacity hit 145 million tons, cement 110 million tons, and defense partnerships with Leonardo and Embraer are in place.
The scale is staggering, but so is the execution risk. Managing seven vertically integrated businesses, each with multi-year payback periods, requires flawless execution. Net debt-to-EBITDA at 3.3x is comfortable today, but the cash conversion cycle will be tested as outflows continue. The atomic and defense plays are long-gestation bets with no near-term revenue. The call radiated confidence — the CEO's quote about building when it's hardest set the tone — but monetization proofs are needed as these assets come online.
Adani's infrastructure empire is a bet on India at a scale no private player has attempted. The numbers support the vision, but execution remains the deciding factor.