Adani group companies reported a record capital expenditure of ₹1.53 lakh crore ($16.1 billion) and an all-time high EBITDA of ₹94,834 crore ($10 billion) in the 2025-26 fiscal year, underscoring an accelerating infrastructure expansion cycle while maintaining leverage below its stated target.

The investment programme — the largest annual capex undertaken by an Indian corporate group — lifted the portfolio’s gross asset base to ₹7.85 lakh crore ($82.8 billion), with nearly 80% of spending directed towards energy, utilities, transport, and logistics businesses.

Consolidated EBITDA rose 5.6% year-on-year, according to the group’s annual results and credit compendium released on Tuesday (June 2, 2026).

Nearly 80% of FY26 investments were directed toward core infrastructure businesses, including energy, utilities, transport, and logistics, underscoring the group’s continued focus on sectors linked to India’s infrastructure build-out.

The investment cycle comes as several large projects entered operations, including 5.1 GW of renewable energy capacity, battery energy storage systems, Navi Mumbai International Airport, the Guwahati terminal, the Ganga Expressway, and a copper smelter.

The ports-to-energy conglomerate said these assets are expected to contribute more meaningfully to earnings and cash flows FY27 onwards.

Core infrastructure businesses generated ₹82,083 crore of EBITDA during FY26, accounting for 87% of portfolio earnings. The transport segment, led by Adani Ports, recorded the strongest growth, with EBITDA rising 23.2% to ₹25,228 crore. Utility businesses reported EBITDA growth of 4.6% to ₹45,377 crore.

Despite the sharp increase in capital spending, the group maintained net debt-to-EBITDA at 3.3 times, below its stated ceiling of 3.5 times. Cash and cash equivalents stood at ₹55,852 crore at the end of March, equivalent to 15% of gross debt.

Sufficient liquidity is maintained across portfolio companies to cover debt servicing requirements for at least the next 17 months.

The group’s average borrowing cost declined to 7.8% in FY26 from 9% two years earlier, supported by rating upgrades across operating companies. Adani said all of its assets now carry domestic credit ratings of A- or higher.

Among key businesses, Adani Green Energy expanded operational renewable capacity by 5.1 GW to 19.3 GW, while Adani Ports handled a record 500.8 million metric tonnes of cargo, up 11% from a year earlier.

Adani Energy Solutions reported an under-construction transmission pipeline worth ₹71,779 crore and crossed 10 million smart meter installations.

Adani Enterprises, the group’s incubator business, raised ₹24,930 crore through a rights issue during the fiscal year under review, while its airports portfolio handled 95.3 million passengers across eight airports.

The results highlight the group’s transition into a new investment phase after years of rapid balance-sheet expansion, with management positioning infrastructure, energy transition and logistics as the primary drivers of future growth.

“FY26 marks an important inflection point for the Adani Portfolio, as group companies began its next phase capex cycle. The scale of capital deployment during the year is comparable to the asset base we had built over our first 25 years, reflecting both the infrastructure opportunity before India and the group’s confidence in its long-term growth trajectory,” according to compendium, which provided an overview of performance and insights into its credit strength and long-term resilience.

Giving operational details, it said renewable energy arm, Adani Green Energy Ltd. saw operational capacity expand by 5.1 GW to 19.3 GW. It had BESS capacity of 1.38 GWh at the end of FY26, now scaled to 3.37 GWh at Khavda in Gujarat — one of the largest single-location deployments.

Electricity transmission company Adani Energy Solutions Ltd had under-construction transmission pipeline of ₹71,779 crore and crossed 1 crore smart meters installation. It has an order book at 2.5 crore as against national opportunity of 10.3 crore.

Adani Power is targeting a capacity of 42 GW by FY32, with 23.7 GW already locked-in vs current 18.2 GW.

Adani Ports & SEZ Ltd handled 11 per cent more cargo at 500.8 million tonnes. It completed acquisition of NQXT Australia (50 milion tonnes capacity) in December 2025.

Ambuja Cements completed acquisition of Orient Cement, strengthening market position. Cement sales volumes rose 16.1% to 73.7 million tonnes in FY26.

Headquartered in Ahmedabad, the Adani Portfolio is the country’s largest and fastest-growing platform of diversified infrastructure businesses, spanning energy and utilities, transport and logistics, metals and materials, and consumer sectors.

Published – June 02, 2026 10:56 pm IST

Adani Ports and Special Economic Zone Ltd said the acquisition will further consolidate the company’s inland logistics presence and service capabilities in North India. File
| Photo Credit: Reuters

The November 2024 indictment in New York accused Gautam Adani and multiple subordinates of deliberately misleading international investors as part of a vast bribery scheme
| Photo Credit: Reuters

Adani Enterprises on Friday responded to queries raised by BSE Limited and NSE following a Bloomberg report titled “US regulator seeking measures to serve Gautam, Sagar Adani legal summons,” stating it is not a party to the legal proceedings and that the matter does not trigger any disclosure requirements under India’s listing regulations.

Adani Enterprises said it had already addressed similar media queries in a clarification issued on November 21, 2024. “There are no allegations made against the Company in, and the Company is not party to, these proceedings,” the company stated in its filing.

The company further said that the contents of the press report do not require any disclosure under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

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The clarification was issued after the stock exchanges sought the company’s response under Regulation 30(11), which requires listed entities to comment on media reports that may impact investor perception or warrant disclosure.

A media report had cited a Bloomberg story stating that the US Securities and Exchange Commission was seeking court permission to use alternative measures to notify Gautam Adani and Sagar Adani of legal proceedings. The report had noted that it had not independently verified the information.

In its filing, Adani Enterprises reiterated that the reported developments do not involve the company and therefore do not have any bearing on its disclosures or compliance obligations. The company requested the exchanges to take the clarification on record.

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SBI’s ‍mutual fund unit has committed to pick up at least ​10% of Adani Power’s nearly $820 million rupee-denominated bond ‌issue. File
| Photo Credit: Reuters

Ahmedabad:

The Adani Group, India’s largest infrastructure player, has announced its financial performance for Q3FY25 along with trailing-twelve-month (TTM) EBITDA, reported a record-breaking TTM EBITDA of Rs 86,789 crore, reflecting a year-on-year (YoY) growth of 10.1 per cent.

According to a media release by Adani group, the company has outlined its plans for a high capital expenditure (Capex) phase, akin to its growth period between FY20 and FY22, as it continues to expand its infrastructure footprint across various sectors.

Adani Portfolio’s financial performance remains driven by its core infrastructure businesses, which include utilities, transport, and incubating infrastructure ventures under Adani Enterprises Ltd (AEL).

These segments contributed 84 per cent of the total EBITDA, underscoring the group’s focus on strengthening India’s infrastructure ecosystem.

The portfolio EBITDA surged 17.2 per cent YoY to Rs22,823 crore in Q3FY25, while on a TTM basis, the infrastructure segment alone generated Rs72,795 crore, up 10 per cent YoY.

With a strong balance sheet and ample liquidity, Adani Group has ensured robust financial stability. As of September 30, 2024, the company maintained a cash balance of Rs53,024 crore, covering its debt servicing obligations for at least the next 12 months.

Furthermore, the group’s asset base stood at Rs5.53 lakh crore, Rs75,277 crore higher than at the end of FY24, while its net debt-to-EBITDA ratio remained at a healthy 2.46x.

Adani Enterprises Ltd (AEL) continues to be a key driver of growth, reporting a 15.6 per cent YoY rise in EBITDA to Rs4,243 crore for Q3FY25.

The company successfully raised Rs4,200 crore (USD 500 million) through a Qualified Institutional Placement (QIP), strengthening its financial position for upcoming infrastructure developments.

Its renewable energy arm, Adani New Industries Ltd (ANIL), recorded a 74 per cent YoY increase in solar module sales, reaching 3,273 MW.

Additionally, Adani’s airports business witnessed a 7 per cent YoY increase in passenger movements to 69.7 million, while its data center operations saw Hyderabad Phase 1 (9.6 MW capacity) becoming operational, with Noida (50 MW) and Hyderabad (48 MW) nearing completion.

Adani Green Energy Ltd (AGEL), a key player in the group’s renewable energy ambitions, expanded its operational capacity by 37 per cent YoY to 11.6 GW. The company recently secured a Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Ltd (MSEDCL) to supply 5 GW of solar power for 25 years, marking another milestone in its sustainability agenda.

Meanwhile, Adani Energy Solutions Ltd (AESL) raised USD 1 billion through QIP and secured five new transmission projects, significantly expanding its infrastructure pipeline, which now stands at Rs54,700 crore–three times the level at the end of FY24.

Adani Power Ltd, a major contributor to the group’s utility segment, reported an impressive 21.4 per cent YoY increase in Q3FY25 EBITDA to Rs6,078 crore.

The company’s consolidated plant load factor (PLF) improved to 69 per cent for 9MFY25 from 62 per cent in the same period last year, with sales growing 22 per cent YoY to 69.5 billion units. Adani Total Gas Ltd also witnessed strong operational growth, adding 58 new CNG stations, bringing the total count to 605.

CNG volumes increased by 19 per cent YoY, while PNG household connections rose to 9.22 lakh, along with 1,914 EV charging points installed across 26 states and UTs.

Adani Ports & SEZ Ltd (APSEZ) maintained its position as India’s largest commercial port operator, handling 332 million metric tons (MMT) of cargo in 9MFY25, marking a 7 per cent YoY increase.

This growth was driven by a 19 per cent rise in container volume and a 13 per cent uptick in bulk cargo shipments. The company’s logistics arm also handled 0.48 million twenty-foot equivalent units (TEUs) of container volumes, reflecting a 9 per cent YoY increase.

Adani Cement Ltd, which includes ACC and Ambuja Cements, recorded a strong performance, with clinker and cement sales volumes growing by 9.3 per cent to 46.6 MMT.

The company is aggressively expanding its capacity, with 21 MTPA under execution. By March 2025, Adani Cement’s total capacity is expected to reach 104 MTPA, including the recently acquired Orient Cements.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

New Delhi:

US President Donald Trump has ordered a pause in the enforcement of a nearly half-century-old law that was used to go after the Adani Group under the previous Biden administration.

The Foreign Corrupt Practices Act (FCPA) bans firms and people with US ties from offering money or gifts to foreign officials to secure business overseas.

President Trump had considered pausing the law during his first term.

“It sounds good on paper, but in [practice] it’s a disaster,” President Trump said on the FCPA, the British daily Financial Times reported. “It means that if an American goes over to a foreign country and starts doing business over there legally, legitimately or otherwise, it’s almost a guaranteed investigation, indictment and nobody wants to do business with the Americans because of it.”

The order marks one of the boldest enforcement policies issued by the Trump administration, FT reported.

The Adani Group – the largest and fastest-growing portfolio of diversified businesses in India – last year strongly denied allegations by the Biden administration that some company officials were part of an alleged scheme to pay over $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts.

“… Over-expansive and unpredictable FCPA enforcement against American citizens and businesses – by our own Government – for routine business practices in other nations not only wastes limited prosecutorial resources that could be dedicated to preserving American freedoms, but actively harms American economic competitiveness and, therefore, national security,” the White House said in a statement on pausing the FCPA.

“It is therefore the policy of my Administration to preserve the Presidential authority to conduct foreign affairs and advance American economic and national security by eliminating excessive barriers to American commerce abroad,” President Trump’s executive order said.

The executive order that President Trump signed asked the US Attorney General to “review in detail all existing FCPA investigations or enforcement actions and take appropriate action with respect to such matters to restore proper bounds on FCPA enforcement and preserve Presidential foreign policy prerogatives”.

Following the executive order to pause the enforcement of the FCPA, stocks of all Adani Group firms saw substantial gains today. The most notable gainer was Adani Enterprises Ltd, whose stock rose 4.28 per cent. Following closely was Adani Power Ltd, which rose 4.17 per cent to Rs 511.90 apiece.

Adani Green Energy Ltd was the third top gainer, as it rose 3.34 per cent to Rs 985.90 apiece. New Delhi Television Ltd (NDTV) stock rose 3.84 per cent to Rs 145 apiece. The shares of Adani Energy Solutions Ltd, Adani Total Gas Ltd, and Adani Ports and Special Economic Zone Ltd also saw gains.

On Monday, six US Congressmen in a letter to Attorney General Pam Bondi said the previous Department of Justice’s (DoJ) action was a “misguided crusade” that came at the “risk of harming” America’s relationship with a “strategic geopolitical partner” like India.

They called it one of the “unwise decisions” by the Biden administration.

“This case rests on the allegation that preparations were made by members of this company in India to bribe Indian officials, also exclusively located in India. Instead of deferring the case to the appropriate Indian authorities, the Biden DoJ decided to push forward and indict the company’s executives without any real injury to US interests being present,” the six Congressmen said.

The Adani Group has interests in logistics (seaports, airports, logistics, shipping and rail), resources, power generation and distribution, renewable energy, gas and infrastructure, agro (commodities, edible oil, food products, cold storage and grain silos), real estate, public transport infrastructure, consumer finance and defence, and other sectors.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

New Delhi:

Adani Group on Tuesday committed to investing Rs 2.3 lakh crore over the next five years across power, cement, industrial parks, aluminium and city gas expansion in Odisha. According to a statement by the group, the investment commitment was made during Utkarsh Odisha 2025 – the state’s investor meeting.

Karan Adani, Managing Director of Adani Ports and SEZ Limited (APSEZ), met state Chief Minister Mohan Charan Majhi and exchanged MoUs for investment in Odisha over the next five years, it added.

“The Adani Group committed to invest Rs 2.3 lakh crore over the next five years across power, cement, industrial parks, aluminium, city Gas etc,” the statement said.

It, however, did not give details.

“This is the biggest investment intent by any group in Utkarsh Odisha 2025.” Also, the first test flight landed at Dhamra Airstrip successfully on Tuesday.

Additionally, on the occasion of Utkarsh Odisha, six projects of ATGL in Odisha were commissioned. These include an EV charging station at Bhubaneswar airport and the completion of the city gate station cum mother station project.

Other projects include the groundbreaking for an LNG cum multi-fuel hub at Bhadrak, a CNG station in Balasore, the first domestic piped cooking gas charging and burner in Bhadrak and a CNG station project completion at Rairangpur (1st in the city) of Mayurbhanj district.

“It will be open to the public soon,” it added.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

New Delhi:

The Adani Group Chairman, Gautam Adani, on Monday met the Israeli Ambassador to India, Reuven Azar, and his wife Rachel Azar along with other officials, and discussed India-Israel collaboration.

In a post on X social media platform, Gautam Adani said the company remains committed to continuing to invest and expand its partnership with Israel.

“Honoured to meet with Israeli Ambassador H.E. @ReuvenAzar and Mrs Rachel Azar, along with their team. Had productive discussions on doing our part for supporting India-Israel collaboration, particularly regarding India-Middle East-Europe Economic Corridor (IMEC) and defence partnerships,” the Adani Group Chairman posted.

Honoured to meet with Israeli Ambassador H.E. @ReuvenAzar and Mrs Rachel Azar, along with their team. Had productive discussions on doing our part for supporting India-Israel collaboration, particularly regarding IMEC and defence partnerships. Through Haifa Port and Adani Israel… pic.twitter.com/9BP5UFsG4A

— Gautam Adani (@gautam_adani) January 20, 2025

“Through Haifa Port and Adani Israel Ltd, the Adani Group remains firmly committed to continuing to invest and expand our enduring partnership with Israel,” he added.

In 2023, The Adani Group acquired the strategic Israeli port of Haifa for $1.2 billion. The Port of Haifa is the second largest port in Israel in terms of shipping containers and the biggest in shipping tourist cruise ships.

The India-Middle East-Europe Economic Corridor (IMEC) is an important initiative that can add to India’s maritime security and faster movement of goods between Europe and Asia.

The IMEC was launched during India’s G20 presidency and aims to integrate India, Europe, and the Middle East through UAE, Saudi Arabia, Jordan, Israel and the European Union.

Lower logistics costs, faster connectivity and secure movement of goods are dependent on better cooperation in this area.

Adani Ports is the largest port developer and operator in India with seven strategically located ports and terminals on the west coast and eight ports and terminals on the east coast, representing 27 per cent of the country’s total port volumes.

The company is also developing a transhipment port at Colombo and Container Terminal 2 at Dar Es Salaam Port in Tanzania.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

New Delhi:

Senior lawyer Mahesh Jethmalani has punctured US short seller Hindenburg Research’s chief Nate Anderson over his announcement that he would wind up the firm. Mr Anderson said the work took a toll on him as it was “rather intense and at times all-encompassing”.

Hindenburg targeted the Adani Group in a case that is now seen as an attack on the ‘India Story’.

“Frankly speaking, I don’t know how old Mr Anderson is, but the fact of the matter is that he’s not had some sterling results. His claim to fame really rests on the Adani hit job, which he was part of. I don’t think he’s done other serious work or businesses of note. So, he is essentially a research analyst,” Mr Jethmalani told NDTV.

One of the reasons for winding up Hindenburg, Mr Anderson said, was it completed the projects it was handling. The announcement comes just days before President-elect Donald Trump’s inauguration event. There is speculation Hindenburg is disbanding to avoid a possible India-US joint investigation.

“I really don’t know his exact line of business. He is a research analyst who provides reports to people, or he is hired by people who need to bear-hammer a few shares for profiteering. In this case, of course, he became a little larger than life because he took on one of the biggest industries in India, which for a couple of days caused serious economic turbulence in the country,” Mr Jethmalani said.

Mr Anderson’s allegations led to panic among investors and wiped out more than $150 billion in the value of the Adani Group shares at their lowest point. A lot of that was money from small-time investors, men and women who put in their hard-earned savings. And now Mr Anderson says ‘I am off, I am done.’

How does one ensure accountability?

“As far as India is concerned, SEBI is on the job. The problem is that this man doesn’t live in India. He is presumably a US national. Now, if he is a US national, all the best we can do is seek the cooperation of the government. But the last government, the ‘Democratic deep state’ as we call it, were hand in glove with this man through the [George] Soros connection,” Mr Jethmalani told NDTV, referring to an investigation by the capital markets regulator Securities and Exchange Board of India (SEBI).

“Soros is the biggest financial contributor to the coffers of the Democratic party and has an overwhelming say in their policies, particularly the economic policies. Now, Soros is known for his anti-India and particularly anti-PM Modi government stand. So, there is not much you can do except now hope that – and I suspect – that the Trump administration may already have started some kind of a probe which led to this man winding up his company,” the senior lawyer said.

“Having said that, whatever aid we can get from the Trump administration, which will be a lot more friendlier to the Indian government on this issue as well, we should undoubtedly invoke that help, and see that this man is brought to justice along with all the others whom he connived with,” Mr Jethmalani added.

Earlier today, another senior lawyer, Mukul Rohatgi, described Hindenburg as a “dubious organisation”. Mr Rohatgi, who is also the former Attorney General for India, told NDTV Hindenburg had been constantly attacking the Indian economy and a company, shaking the confidence of the Indian markets and “affecting the investments of millions of people.”

“Look, I don’t think anybody could accept or, you know, find out anything more about a dubious organisation, an organisation which says that they are short sellers. They say that they are out to create havoc in share markets… And I think they have realised that it is a shoot and scoot policy,” Mr Rohatgi told NDTV.

“And therefore, they want to just close down because they don’t want to face any investigation, either in India or the US or any other jurisdiction. And maybe they fear that when President Trump takes over, he may look into the complaints filed by Indian bodies and industrial houses or Indian government entities,” the senior lawyer said. “Therefore, the idea is to shut shop and run away.”

He said Hindenburg will have to face investigation somehow.

“The people who are behind this dubious organisation, they will certainly be liable and they can certainly be tracked down wherever they are. And they must face the heat and face the action,” Mr Rohatgi said.

The matter had turned political with the Congress and other Opposition parties seeking a joint parliamentary committee (JPC) probe into the Hindenburg report, despite India’s institutions and the Supreme Court completely dismissing Hindenburg’s “findings”.

Adani Group Chairman Gautam Adani at the annual general meeting in June said the group “faced baseless accusations made by a foreign short seller that questioned our decades of hard work.”

“In the face of an unprecedented attack on our integrity and reputation, we fought back and proved that no challenge could weaken the foundations on which your Group has been established,” he said.