Adani Enterprises targets ₹36000 crore capex for FY26

Adani Enterprises Ltd, the flagship company of Adani Group, has targeted a capital expenditure of over ₹36000 crore for financial year 2025-26, of which 29 per cent will be spent on the company’s airports business. 

“We have completed a capex of about Rs 31500 crore during FY25. We are on track in the following year for just over ₹36000 crore.” said Jugeshinder Singh, Chief Financial Officer (CFO), Adani Group said during an earnings call held earlier this week. 

Apart from the airports, a large portion of the proposed investments is expected to be spent on the company’s key incubating business including the green hydrogen ecosystem, roads and solar PVC.

Of the total capex, ₹10500 crore will be spent on its airports business, ₹9000 crore on PVC, ₹6200 crore and ₹5500 crore on green hydrogen ecosystem.

The company also laid bare its plans to “upgrade” the T1 terminal of Mumbai airport and operationalise the Navi Mumbai airports. The official said that the upgradation of the T1 will not be “rushed”.

“Once we announce a proper transition to Navi Mumbai after operational stablisation, we will determine what is the best timing in consultation with the airlines. But we want to upgrade Terminal 1. It won’t be rushed. It won’t be near term,” Singh said while speaking about the beginning of the demolition of T1 terminal.

The company officials said that the exact “start date” for demolition work of T1 has not been decided as the company was focused on first stabilising operations at Navi Mumbai airport to ensure that airlines are “comfortable” operating from the new airport.

Talking about the passenger demand in Mumbai, Singh said, “The capacity structure and latent demand in Mumbai, far exceeds the demand in any other part or any single city in India. So consequently the latency of the demand is much higher than the current traffic numbers of passengers, possibly 100 million plus.”

The official also said that Phase-2 of the Navi Mumbai airport development will also start after stablisation of Phase-1. “For Navi Mumbai we expect to start phase-2 immediately, post stablisation of Phase-1. All preparations are already done. The Phase-2 will take the capacity (of Navi Mumbai airport) from 20 million to 60 million passengers.”

Out of an EBITA of about ₹4000 crore for the airports business, about 45 per cent of the pie belongs to Mumbai International Airport Ltd (MIAL) and the rest belongs to the ecosystem of other airports that sit under the Adani Airports Holdings Ltd. Under the Adani Airports Holdings Ltd (AAHL), the company handles seven airports that catered to 94.4 million passengers in FY 25, registering a y-o-y growth of seven per cent.

Published on May 4, 2025