Adani Group To Spend Up To $20 Billion On Capex Over Five Years

Adani Group Chairman Gautam Adani on Tuesday pegged the group’s capital expenditure at $15 million–$20 million over the next five years. Addressing shareholders at the group's annual general meeting, Adani said the capex was set to “break all records” and noted that in 2024-2025, consolidated revenue rose 7% and earnings before interest, tax, depreciation and amortisation grew 8.2%. The group reported total revenue of ₹2.72 trillion and adjusted EBITDA of ₹898.06 billion, with a net debt-to-EBITDA ratio of 2.6.

Adani used the AGM to counter allegations linked to an ongoing US probe, which has reportedly involved the Department of Justice and the Securities and Exchange Commission. These reports accused Gautam Adani, his nephew Sagar Adani and executives from Adani Green of paying over $250 million in bribes to Indian officials for solar contracts and misleading US investors. The group has called the charges "baseless".

“Despite all the noise, the facts are that no one from the Adani Group has been charged with violating the FCPA or conspiring to obstruct justice. We live in a world where negativity often echoes louder than the truth,” Adani told shareholders. He added that the group was cooperating with legal processes and reiterated that its governance and compliance frameworks were non-negotiable.
Adani said the group continued to expand across businesses.

Adani Power crossed 100 billion units of electricity generation and is on track to reach 31 gigawatts of capacity by 2030. Combined with renewable and pumped hydro capacities, the group aims to have 100 GW capacity in place by the end of the decade. Adani Energy Solutions secured ₹440 billion in transmission orders and ₹136 billion in smart meter contracts. Adani New Industries is expanding its solar module production and expects a 10 GW integrated facility to go live in the next financial year.

Adani Natural Resources produced 47 million tonnes of coal and iron ore in 2024-25, and is targeting over 30% growth by March 2026. In cement, the group has already reached 72% of its goal to double capacity to 140 million tonnes per annum by 2026-27–28, following its acquisition of Holcim’s India operations two and a half years ago. Adani Cements has now crossed the 100 million tonnes annual production mark.

In the airports segment, Adani said Adani Airports handled 94 million passengers in 2024-25 and successfully conducted the first test flight at the greenfield Navi Mumbai Airport. The facility is expected to open later this year with an initial capacity of 20 million passengers, eventually growing to handle 90 million; giving the group a 35% share of India’s airport passenger traffic.

Adani also reaffirmed the family’s ₹600 billion commitment to healthcare, education and skilling in India, made three years ago. The group plans to set up 1,000-bed campuses in Ahmedabad and Mumbai with integrated medical colleges, research centres and wellness facilities, in partnership with the Mayo Clinic. Additionally, it has pledged ₹20 billion to build a skill university and finishing school in Mundra, with global certifications and partnerships including ITEES Singapore and IGCC, to create an industry-ready workforce.