Adani Enterprises Outlines Annual Capex of Up to ₹40,000 Crore to Drive Infrastructure Expansion

Adani Enterprises Ltd has announced plans to spend between ₹35,000 crore and ₹40,000 crore annually over the next couple of years. The capital expenditure will focus heavily on scaling up infrastructure businesses such as airports, data centres, and a proposed polyvinyl chloride (PVC) complex.

Manan Vakharia, head of finance at Adani Enterprises, stated during an earnings call that the company expects to maintain a capex run rate of around ₹40,000 crore. According to management, the heavy lifting for these investments will be driven by the airport portfolio, data centres, and the PVC project.

The planned investments coincide with a strong financial period for the company. Adani Enterprises reported its highest-ever half-year EBITDA of ₹11,958 crore for the six months ended September 2026, marking a 56 per cent increase from the previous year. Consolidated income rose by 62 per cent to ₹71,569 crore, while profit before tax from continuing operations increased 45 per cent to ₹3,297 crore.

Chief Executive Officer Arun Bansal noted that the company is progressively moving from a build-out phase to a value-realisation phase as past investments begin to contribute more meaningfully to earnings. Airports and data centres remain central to this strategic transition.

Adani Airport Holdings reported a 52 per cent increase in first-half EBITDA to ₹3,275 crore. The portfolio, comprising eight airports including the recently operational Navi Mumbai International Airport, accounts for roughly 23 per cent of India's passenger traffic and 29 per cent of air cargo volumes. The Navi Mumbai airport, which began international operations on July 15, is expected to reach its full annual capacity of 20 million passengers by the end of FY28.

In the data centre segment, AdaniConneX has expanded its contracted capacity to over 1.2 gigawatts. The joint venture signed a new 240-megawatt hyperscale contract during the September quarter. Operational capacity stood at 94.6 MW, with expectations to reach 120-150 MW by the end of the current financial year and approach 500 MW over the following 12-18 months.

Another major component of the capital expenditure plan is the 1-million-tonne-per-annum PVC manufacturing complex at Mundra, Gujarat, which involves an outlay of approximately ₹26,000 crore. Around 60 per cent of the project spending and construction has been completed, with the first part of the facility scheduled for commissioning next financial year.

Additionally, Adani Enterprises has completed the expansion of its solar module manufacturing capacity to 10 GW and expects to commission 6 GW of solar cell capacity by the end of the current financial year. The company sold 1,478 MW of solar modules in the September quarter, reflecting a 35 per cent year-on-year increase.

"Adani Enterprises' consistent capital expenditure plan highlights a clear strategic shift from asset creation to value realisation. By channelling funds into high-growth infrastructure sectors like airports, data centres, and large-scale manufacturing, the conglomerate is positioning itself to capture long-term demand. For the broader business ecosystem, such sustained investments underline the importance of aligning large capital outlays with operational readiness and steady revenue generation as projects move toward commercialisation." — Dr. Shishir Gupta, Founder & CEO, StartupLanes