Adani Group flagship Adani Enterprises (AEL) has announced a capex plan of Rs 36,000 crore for FY26 in a post Q4FY25 earnings call. This amount is lower than its average annual capital spend forecast previously.
Previously also, the firm had significantly revised its capex downwards for two consecutive years – FY24 and FY25.
In its spending plan announced in 2022, the company had said it would incur a capex of $49 billion (Rs 3.92 lakh crore) spread over five years starting with FY25, an average of nearly $10 billion (Rs 80,000 crore) every year.
Over the last two consecutive years (FY24 and FY25), AEL’s actual capex has been much lower than what it had declared earlier. While the capex guidance for FY24 was $5.4 billion (Rs 43,200 crore), it closed the year at Rs 33,600 crore.
For FY25, from a guidance of Rs 92,000 crore, the capex plan was brought down to Rs 80,000 crore before finally ending the year at Rs 31,500 crore, or one-third the initial projection.
“We have completed capex of just over Rs 31,500 in FY25 and we are on track in the following year of roughly, just over Rs 36,000 crore, ” said Jugeshinder Singh, chief financial officer, Adani Enterprises on the call.
The capex for AEL’s green hydrogen ecosystem will be Rs 5,500 crore, while the fledgling airports business will be at Rs 10,500 crore in FY26. The roads business will see Rs 6,200 crore capex while for the PVC business, Rs 9,000 crore has been earmarked as capex in FY26.
“A majority of the capex will occur in these categories,” Singh added.
AEL executives during the Q3FY25 analyst call had said that fall in capex for the whole of FY25 was partially due to the change in the date of opening of the Navi Mumbai airport.
There has been a delay in the opening of the Navi Mumbai airport by at least 6 months which led to a shift in capex accounting of Rs 11,000 crore to Rs 12,000 crore to FY26. The Navi Mumbai airport, which was originally set to start operations in December, was later rescheduled for inauguration in March.
Adani Airports Holdings (AAHL) the umbrella company responsible for the airports business then rescheduled the opening to April. It was subsequently rescheduled to June.
With seven operational airports, comprising airports in Mumbai, Ahmedabad and Lucknow, Adani Airport Holdings (AAHL) is the second largest airport operator in the country after GMR Airports Infrastructure.
Meanwhile, Adani Ports and Special Economic Zone (APSEZ) managing director Karan Adani has said that India’s biggest private port operator is focusing on scaling up its marine, logistics and agri-logistics businesses, reports PTI.
In an interview, Adani said that APSEZ, the flagship company of the Adani group, will invest Rs 13,000 crore in Vizhinjam International Seaport in phase 2, which will take this deep-water port’s cargo handling capacity from current 1.2 million TEUs (twenty-foot equivalent units) to almost 5 million TEUs by 2028.
Another Adani Group company Adani Green Energy Sixty Nine has inked a pact to supply 400 MW of solar power to Uttar Pradesh Power Corporation Limited (UPPCL) from its project in Rajasthan. The PPA (power purchase agreement) was executed on Saturday, according to a regulatory filing.