The Adani Group plans to ramp up its capital expenditure across businesses and invest $15-20 billion annually over the next five years, its chairman Gautam Adani said on Tuesday.
In FY25, the group’s capex stood at over $14.65 billion, or Rs 1.26 lakh crore. “Even in a year of turbulence, we saw record-breaking revenue, unprecedented growth and historic profitability,” he said at the group’s annual general meeting.
On the energy front, he said the group expects to have a combined generation capacity of 100 GW from its thermal, renewable and pumped hydro units by 2030. In his address, Adani referred to a recent indictment by the US authorities and said, “The facts are that no one from the Adani Group has been charged with violating the FCPA (Foreign Corrupt Practices Act of the US) or conspiring to obstruct justice.” In November, the US Department of Justice indicted Adani and key executives of the group of paying bribes to get solar contracts in the country.
“We live in a world where negativity often echoes louder than the truth. And as we cooperate with legal processes, let me also restate that our governance is of global standards, and our compliance frameworks are non-negotiable,” he said.
He said the group’s FY25 numbers were strong. Across all sectors, the group companies did more than just scaling up. “We created impact, inspired change, and most importantly, deepened our national commitment,” he said.
In terms of consolidated numbers, the group’s revenues grew by 7%, Ebitda by 8.2%, and net debt-to-Ebitda ratio remained at 2.6x, he said.
On Tuesday, all Adani Group listed stocks ended higher, with Ambuja Cements surging 4%, Sanghi Industries 3.08%, Adani Green Energy 2.78%, Adani Ports 2.58%, and Adani Energy 1.70%.
Record earnings from the businesses ranging from seaports to airports, renewable energy parks to data centres, cement to gas and electricity have built India’s largest infrastructure group that not only exists just to serve the markets but to serve the nation’s destiny, he said.
Adani said they will open the Navi Mumbai airport later this year with an initial passenger capacity of 20 million. It will subsequently have a capacity of 90 million passengers, giving it a 35% share in the country’s airport passenger traffic.
Adani Power crossed 100 billion units of generation — a scale he said never before matched by any private sector company. It is now well on track to reach 31GW capacity by 2030, he said. Adani Energy Solutions handled smart metering, high-voltage links and is keeping India’s grids future-ready, he said , adding that it secured close to Rs 44,000 crore in transmission orders and is executing Rs 13,600 crore worth of smart metering projects.
Adani New Industries is building electrolyzers and solar modules at global scale, aligned with the country’s green goals. It is on track to expand its solar module manufacturing lines and will have a 10GW integrated solar module manufacturing facility in place by the next financial year, he said.
On the group’s cement business, Adani recalled the group’s promise – made during its acquisition of Holcim’s India cement business two-and-a-half years ago – to double capacity to 140 million tonne per annum (MTPA) by FY27-28, and said it had achieved 72% of the target and crossed 100 MTPA in capacity.
Adani said his group has launched gigawatt-scale renewable energy-powered data centre campuses across multiple states. The company also has projects exceeding hundreds of MW in various stages of construction with global hyperscalers.
On the group’s Dharavi slum redevelopment project, Adani said one million people will move from narrow lanes of Dharavi to a township that will feature spacious layouts, dual toilets, open spaces, schools, hospitals, transit hubs, and parks.