For the half-year ended September 30, 2025, Adani Group’s EBITDA reached a record ₹47,375 crore, up 7.1% year-on-year.
- The company’s trailing 12-month (TTM) EBITDA rose to ₹92,943 crore, an 11.2% increase compared to the previous period.
- A massive capital expenditure (capex) push accompanied this: Adani invested ₹67,870 crore in H1 FY26 — expanding gross assets to ₹6.77 lakh crore. The group remains on track to meet its full-year capex guidance of ₹1.5 lakh crore.
- Notably, 83% of H1 EBITDA came from the group’s core infrastructure businesses — utilities, transport, ports, and related operations — reflecting strong, stable cash flows from these verticals.
🚀 What’s Driving the Growth
• Infrastructure & Utilities Anchoring Performance
Major contributions came from businesses such as power generation/renewables, ports and transportation, and infrastructure under the group’s flagship incubator. These sectors remain central to India’s infrastructure push, benefiting Adani. Fortune India
• Aggressive Asset Expansion via Capex
With ₹67,870 crore spent in H1 alone, Adani is rapidly expanding its asset base. This asset growth — from ports to energy to new infrastructure projects — underpins future revenue and earnings, making the EBITDA jump more sustainable.
• Strong Financial Discipline & Credit Metrics
Despite heavy capex, Adani maintained prudent leverage: net-debt to EBITDA ratio remains within comfortable levels, and a significant share of EBITDA derives from high-rated (AA/AAA) assets — bolstering investor and creditor confidence. Adani
🌍 What This Means for India’s Infrastructure & Investors
- Confidence in India’s infra push: Adani’s strong half-year shows that large-cap infrastructure firms are still very much aligned with India’s growth and development plans — a positive sign for investors betting on infrastructure-led growth.
- Attraction for global and institutional capital: With stable asset-backed earnings and healthy credit metrics, Adani’s infrastructure assets may draw more foreign or institutional investment — especially as long-term infrastructure plays.
- Benchmark for peers: Other infrastructure/utility companies may benchmark against Adani’s performance; the ₹47,375 crore EBITDA sets a high bar for profitability in large-cap infrastructure in India.
- Potential ripple benefits: As Adani expands capex and infrastructure footprint, allied sectors — logistics, renewables, ports, supply chains — may see knock-on growth, benefitting the broader economy.
⚠️ What to Watch: Risks & Challenges
- Capex execution risk: Large-scale capex builds entail execution risk — delays, cost overruns or regulatory/environmental hurdles could affect expected returns.
- Debt markets & interest rates: Infrastructure businesses are sensitive to interest rates and debt conditions; any stress in global/local capital markets might impact financing costs.
- Regulatory, geopolitical & commodity risks: Given exposure to sectors like energy, ports, power — global commodity prices, regulatory changes, and geopolitical tensions could influence profitability.
- Sustainability & ESG scrutiny: As infrastructure scale grows, environmental, social, and governance (ESG) norms and public scrutiny will increase — compliance and transparency will matter.
✅ Conclusion
Adani Group’s ₹47,375 crore EBITDA for H1 FY26 reflects a powerful mix of strong core infrastructure performance, aggressive capex, and financial discipline. The results not only mark a record for the conglomerate, but also underline India’s ongoing infrastructure growth story. For investors, policymakers, and industry watchers, this performance signals confidence — but also underscores the importance of execution, risk management, and long-term strategy as Adani scales up.
