Adani Enterprises (AEL), the flagship company of the Adani Group, has unveiled a substantial capital expenditure (capex) plan of ₹36,000 crore for the fiscal year 2026 during its recent earnings call for the fourth quarter of FY25. This figure marks a notable decrease compared to its previous average annual spending forecasts, indicating a cautious approach moving forward.
Historical Capex Adjustments
In recent years, the company has consistently revised its capex estimations downward. Over the past two fiscal years, FY24 and FY25, AEL’s actual spending fell significantly short of its initial projections. Initially, the capex guidance for FY24 was set at $5.4 billion (around ₹43,200 crore), but the company concluded the year with an actual expenditure of only ₹33,600 crore.
For FY25, the story was similar. AEL adjusted its capex forecast from ₹92,000 crore down to ₹80,000 crore, ultimately reporting an expenditure of just ₹31,500 crore, which represents only one-third of the original estimate.
Jugeshinder Singh, Chief Financial Officer of Adani Enterprises, reiterated during the call, “We have completed capex of just over ₹31,500 crore in FY25 and we are on track for the next year with a target of approximately ₹36,000 crore.”
Breakdown of FY26 Capex Plans
AEL’s upcoming capital allocation will focus on several key sectors:
- Green Hydrogen Ecosystem: ₹5,500 crore
- Airports Business: ₹10,500 crore
- Roads Business: ₹6,200 crore
- PVC Business: ₹9,000 crore
Singh emphasized that a significant portion of the capex would be dedicated to these primary areas.
Impact of Delays on Capex
During the Q3 FY25 analyst call, AEL executives noted that the overall reduction in capex for FY25 was partly due to the postponement of the Navi Mumbai Airport opening. Originally scheduled for December, the airport’s inauguration has been delayed by at least six months, shifting an estimated ₹11,000 crore to ₹12,000 crore in capex to FY26. The new projected opening date is set for June.
Adani Airports Holdings (AAHL), the group’s umbrella company overseeing airport operations, is currently the second-largest airport operator in India, managing seven operational sites, including those in Mumbai, Ahmedabad, and Lucknow.
Future Investments in Ports and Energy
In related news, Karan Adani, managing director of Adani Ports and Special Economic Zone (APSEZ), highlighted plans to enhance the company’s marine and logistics sectors. APSEZ intends to invest ₹13,000 crore into the Vizhinjam International Seaport during its second phase. This investment aims to increase the deep-water port’s cargo handling capacity from the current 1.2 million TEUs (twenty-foot equivalent units) to nearly 5 million TEUs by 2028.
Furthermore, Adani Green Energy has signed an agreement to supply 400 MW of solar energy to the Uttar Pradesh Power Corporation Limited (UPPCL) from its Rajasthan project, showcasing the group’s commitment to renewable energy initiatives.
For more updates on Adani Group’s ventures and strategic investments, stay tuned to our news section.
