Adani group companies reported a capital expenditure programme totalling Rs 1,530,000 million (mn), equal to Rs 1,530 bn, and USD 16.1 bn in the 2025-26 fiscal year, with consolidated EBITDA of Rs 94,834 crore, equal to Rs 948,340 million (mn) or Rs 948.34 bn. The spending programme expanded the portfolio gross asset base to Rs 7,850,000 million (mn), equal to Rs 7.85 trillion, and the group indicated that roughly 80 per cent of investment was directed to energy, utilities, transport and logistics. Consolidated EBITDA was reported to have risen five point six per cent year on year, according to the annual results and a credit compendium published by the group. Management positioned the investment phase as a continuation of the infrastructure expansion cycle while maintaining leverage below stated targets. Several large projects entered operations during the year, including renewable capacity additions, battery energy storage systems and new airport and transport terminals, and the compendium noted these assets are expected to contribute more meaningfully to earnings and cash flows from FY27 onwards. Renewable additions included five point one gigawatt (GW) of operational capacity, taking the renewable energy arm to 19.3 GW operational capacity, and battery energy storage systems scaled to 3.37 gigawatt hour (GWh) at a single location. The airports portfolio handled 95.3 million (mn) passengers across eight airports and new terminals, and expressways also began operations. Core infrastructure businesses generated Rs 82,083 crore of EBITDA, equal to Rs 820,830 million (mn) or Rs 820.83 bn, accounting for 87 per cent of portfolio earnings. The transport segment recorded the strongest growth with EBITDA up 23.2 per cent to Rs 25,228 crore, equal to Rs 252,280 million (mn) or Rs 252.28 bn, while utility businesses reported EBITDA growth of 4.6 per cent to Rs 45,377 crore, equal to Rs 453,770 million (mn) or Rs 453.77 bn. The report highlighted sectoral momentum in ports, transmission and power. Despite elevated capital deployment, the group maintained net debt to EBITDA at three point three times, below its stated ceiling of three point five times, and cash and cash equivalents stood at Rs 55,852 crore, equal to Rs 558,520 million (mn) or Rs 558.52 bn, representing 15 per cent of gross debt. The compendium said sufficient liquidity is in place to meet debt servicing for at least 17 months, and average borrowing cost declined to seven point eight per cent from nine per cent two years earlier, supported by rating upgrades to A- or higher across operating entities. Operational highlights also included an under construction transmission pipeline valued at Rs 71,779 crore, equal to Rs 717,790 million (mn) or Rs 717.79 bn, record cargo handling of 500.8 million (mn) metric tonnes (t) at ports and a rights issue that raised Rs 24,930 crore during the year.