New Delhi: The Adani Group reported a strong first half of FY26, delivering record earnings, robust cash flows and its highest-ever H1 capital expenditure, driven largely by its core infrastructure businesses.
The group invested Rs 67,870 crore ($7.6 billion) in H1, taking its gross assets to Rs 6.77 lakh crore ($76 billion) and keeping it on track to meet its full-year capex target of Rs 1.5 lakh crore.
Trailing 12-month EBITDA hit an all-time high of Rs 92,943 crore, up 11.2 per cent year-on-year, while H1 EBITDA stood at Rs 47,375 crore, with 83 per cent coming from utilities, transport and infrastructure operations.
Return on assets rose to 15.1 per cent, among the strongest globally for infrastructure firms.
Despite the aggressive capex cycle, leverage improved. Net debt-to-EBITDA fell to 3x, below the guided 3.5x–4.5x range. The group ended the half with Rs 57,157 crore in cash, amounting to 17 per cent of gross debt. About 90 per cent of EBITDA now comes from domestic AA-rated or above assets, including 52 per cent from AAA-rated entities.
Group CFO Jugeshinder Singh said the performance reflects disciplined growth during India’s “Viksit Bharat” capex super-cycle. He noted that the group is preparing to replicate in one year what previously took 25 years to build, and aims to sustain returns on assets of 15–16 per cent.