Adani Group H1 FY26 results: Breaking records and building futures
Newzdaddy Business Updates
The Adani Group has reported a strong first half of fiscal year 2026 (H1 FY26), driven by record capital expenditure and improved earnings across its infrastructure and utilities portfolio. The group reported a capital expenditure (capex) of INR 67,870 crore (USD 7.6 billion) in this period, which helped increase its gross asset base to around INR 6,77,029 crore (USD 76 billion). This puts the group on track to meet its full-year guidance of INR 1.5 lakh crore in capex.
Earnings before interest, tax, depreciation and amortisation (EBITDA) reached INR 47,375 crore (USD 5.3 billion) for H1 FY26, marking the highest first-half performance ever, and the trailing twelve-month (TTM) EBITDA scaled to INR 92,943 crore (USD 10.4 billion), up about 11.2 per cent year on year.
Much of this growth was driven by what the group describes as its “core infrastructure” businesses—utilities, transport and infra under its flagship units—which accounted for approximately 83 per cent of H1 FY26 EBITDA.
Credit metrics remain strong. Net Debt to EBITDA stood at about 3.0 times, well below the guided range of 3.5-4.5 times. The company also disclosed a cash balance of about INR 57,157 crore (USD 6.4 billion), which is roughly 17 per cent of its gross debt.
It is noteworthy that 90 per cent of EBITDA comes from AA-rated domestic assets or above, and 52 per cent comes from AAA-rated assets. That signals high credit-quality backing to the earnings.
Looking at business segments in detail:
The utility segment (including its power and gas businesses) posted EBITDA of about INR 23,239 crore in H1 FY26, up 3.3 per cent year on year.
The transport business (led by its ports & SEZ business) saw EBITDA of around INR 12,125 crore, a healthy 22 per cent growth year on year.
The adjacency businesses (e.g., cement) showed strong momentum – a 37.9 per cent rise in EBITDA to about INR 4,305 crore.
These figures reflect the group’s conscious strategy to scale up its asset base while preserving returns on assets (ROA). H1 FY26 ROA stood at roughly 15.1 per cent, one of the highest among global infrastructure players
The strong capex has been deployed into new asset additions across its companies. For instance, the incubator arm added assets worth INR 17,595 crore during the half-year.
For stakeholders, the numbers suggest a well-disciplined growth path: accelerated investment, strong earnings, robust credit profile and good liquidity. Industry analysts pointed out that the group’s capex for H1 is the highest ever in its history for the first half.
The Adani Group’s H1 FY26 results reflect a period of strong execution: deploying large investments, generating solid returns, and keeping a steady credit posture. As India enters a new infrastructure investment era, the group appears confident it can deliver both scale and quality.