Adani Group Delivers Strong H1 FY26 on Record Capex & EBITDA Growth

The Adani Group has posted a strong performance for H1 FY26, driven by aggressive expansion and solid operating momentum. Key Highlights • EBITDA: ₹47,375 crore in H1 FY26, supported mainly by core infrastructure businesses • Record Capex: ₹67,870 crore invested in the first half, significantly expanding the group’s asset base • Infrastructure Dominance: ~83% of EBITDA came from utilities, transport, and core infra segments • Strong Returns: ROA at ~15.1%, showing efficient deployment of capital even with heavy investments • Healthy Leverage: Net debt-to-EBITDA near 3x — comfortably below the guided 3.5x–4.5x range What This Means Adani continues to scale aggressively while maintaining financial discipline. Strong EBITDA growth alongside record asset creation reflects the group’s ability to execute large projects efficiently. Stable performance in core segments adds resilience at a time when infrastructure development in India is accelerating. For Investors The numbers highlight long-term strength, but key things to monitor include: • Timely commissioning of new assets • Earnings conversion from the new capex cycle • Sector-specific regulatory and market risks Still, the H1 performance reinforces Adani Group’s position as a major player in India’s infrastructure-led growth story. If you found this post helpful, do follow me for more such insights!