The Adani Portfolio, one of India’s major infrastructure and utilities groups, released its H1 FY26 financials along with a credit and results compendium. The disclosures lay out the group’s performance over the past half-year and also place it in context with data going back to 2019, showing how the portfolio has strengthened over time.
According to Group CFO Jugeshinder Singh, the core infrastructure businesses are still posting solid double-digit growth even as the group pushes through one of the country’s largest ongoing capex programs. He noted that the first half of FY26 saw the portfolio’s highest-ever capex for that period, despite seasonal slowdowns. Debt metrics remain below the company’s stated range, even after doubling capex to 1.5 lakh crore, which he said reflects strong financial discipline. As new assets come online, the group expects returns on assets to stay in the 15–16 percent band. Rising domestic AAA ratings and stable dollar ratings, he added, make these long-duration assets increasingly attractive to global investors.
Financial performance
EBITDA for H1 FY26 touched a record 47,375 crore, taking the trailing-twelve-month figure to 92,943 crore, an 11 percent jump year over year. About 83 percent of the half-year EBITDA came from the core infrastructure businesses: utilities, transport, and the young infrastructure ventures housed under Adani Enterprises.
Operating cash generation stayed strong, with Cash After Tax / FFO at 65,016 crore. Net debt-to-EBITDA sits at 3x, still well below the guided band of 3.5–4.5x, even as capex has been accelerated.
The group added assets worth 67,870 crore in the first half, taking the total base to 6.77 lakh crore. It remains on track to deliver the full-year capex target of 1.5 lakh crore, roughly equal to the size of the group’s entire asset base back in FY19. Adani Enterprises accounted for the largest jump in gross assets, followed by Adani Green and Adani Power.
Return on Assets for H1 FY26 came in at 15.1 percent, a level the portfolio has now sustained for six years despite a more than three-and-a-half-fold increase in the asset base.
Credit quality has steadily improved. Today, 52 percent of portfolio EBITDA comes from AAA-rated domestic assets and 90 percent from companies rated AA- or better. Back in 2019, the comparable number for AAA and AA- assets was just over 12,000 crore; it now stands above 91,000 crore.
Company updates• Adani Enterprises: Solar module sales reached 2.44 GW, WTG sales rose to 63 units, and the new Navi Mumbai International Airport was inaugurated with operations set to begin this quarter. The company also secured new road and ropeway projects.
• Adani Green Energy: Operational capacity rose 49 percent to 16.7 GW, supported by new solar, wind, and hybrid plants.
• Adani Energy Solutions: Won a new transmission project, pushing the order book to 60,004 crore.
• Adani Power: Added 4.5 GW in new PPAs and increased its long-term target to 42 GW by 2032.
• Adani Ports & SEZ: Cargo volumes grew 11 percent to 244 MMT. The Colombo West International Terminal is now operational and has already handled more than 350,000 TEUs.
• Ambuja Cements: Capacity reached 107 MTPA, with sales volumes up 20 percent year over year.
