The group reported earnings before interest, tax, depreciation and amortisation (EBITDA) of Rs 94,834 crore ($10 billion), an all-time high and 5.6% higher than the previous year. (Gautam Adani/File Photo)The Adani group on Tuesday said it undertook capital expenditure of Rs 1.53 lakh crore ($16.1 billion) in FY26, describing it as the highest annual capex by any Indian corporate group.The conglomerate said nearly 80% of the investments were directed towards its core infrastructure businesses spanning energy, utilities, transport and logistics. As a result, the group’s asset base expanded to Rs 7.85 lakh crore ($82.2 billion), reflecting an accelerated investment cycle.The group reported earnings before interest, tax, depreciation and amortisation (EBITDA) of Rs 94,834 crore ($10 billion), an all-time high and 5.6% higher than the previous year. Core infrastructure businesses accounted for 87% of the EBITDA, providing stability and visibility to earnings, it said in a statement.Several large projects commissioned during the year are expected to contribute more significantly to revenues and profits from FY27 onwards, the group said.“The scale of capital deployment during the year is comparable to the asset base we built over our first 25 years, reflecting both the infrastructure opportunity before India and the group’s confidence in its long-term growth trajectory,” it said.Among the major assets that became operational during FY26 and thereafter were 5.1 GW of renewable energy capacity and 1.38 GWh of battery energy storage systems in the energy and utilities segment. Battery storage capacity has since increased to 3.37 GWh.In the transport and logistics business, key projects commissioned included the Navi Mumbai International Airport, the Guwahati Terminal and the Ganga Expressway, which became operational in April 2026. The group also commissioned its copper smelter project under the primary industries segment.Story continues below this adAccording to the company, these projects are expected to drive growth, earnings and cash flows over the coming years.The group said it maintained adequate liquidity across its portfolio companies to meet debt servicing obligations for at least the next 17 months. As of March 2026, the Adani portfolio had a cash balance of Rs 55,852 crore, equivalent to about 15% of its gross debt.During the year, flagship company Adani Enterprises raised Rs 24,930 crore through a rights issue, strengthening the group’s equity base. Adani Airports handled 95.3 million passengers across its eight airport assets during FY26.The group said borrowing costs declined to 7.8% in FY26 from 9% two years ago, supported by consistent rating upgrade and a decline in interest rates in the banking sector.