Namaskar. Welcome to the 34th Annual General Meeting of Adani Enterprises. There are some years in a group's history that are more than milestones. They become defining years—years that prove the strength of conviction, years that demonstrate the power of resilience, years that reveal the difference between those who wait for clarity and those who build through volatility.
FY 2025-26 was one such year for your group. It was a year in which the world grew more fractured, complex energy security models returned to the center of national strategy, and technology became inseparable from sovereignty.
However, even in the face of these challenges, your Adani Group remained anchored to an unwavering belief: India's future cannot wait. While others debated, your group built, advancing our journey as the world's most integrated infrastructure platform across energy, transport, logistics, utilities, and industrial manufacturing.
This progress did not come in calm conditions. It came in the middle of extraordinary scrutiny. However, we did not bend. We did not pause. Because what we have always been defined by is not the noise that surrounds us, but the strength of our response. Not the intensity of the challenge, but the clarity of our purpose. Not the criticisms, but the nation-building we choose to believe in.
Just one example of this belief was our Rs. 25,000 crore rights issue earlier this year. This was more than a capital event. I saw it as a referendum on our credibility. It was one of the largest rights issues in the history of India Inc. And your response was very clear. At a time when some tried to create doubt, you answered with conviction. You responded with participation, and you provided us the mandate to help keep building India.
True to this spirit of nation-building, the theme of my address this year focuses on: accelerating infrastructure, leveraging intelligence. These are no longer two separate priorities. They are the twin global engines that must shape India's strength, secure India's sovereignty, and accelerate India's journey to becoming one of the defining powers of this century.
The first engine—infrastructure—is the roads, ports, airports, transmission lines, power plants, renewable parks, gas networks, logistics platforms, cement capacity, water systems, and our industrial ecosystems that make national growth possible. The second engine—intelligence—is data centers, the use of AI, automation, predictive systems, digital platforms, real-time analytics, and machine-led decision support to make every one of these assets more responsive. Infrastructure gives a nation muscle. Intelligence gives a nation mastery. And today, the two are inseparable.
We are now one of the very few global companies that are not reacting to the future, but are prepared for it. The fact is that we have been positioning for this day since years. We saw early that the world was entering a new era—one where geopolitical fault lines would deepen, supply chains would fragment, and energy security would return as a strategic priority. We saw that the race for technological leadership and sovereignty would be constrained not by ambitions, but by infrastructure.
Our strength lies in the way our infrastructure pieces connect. From mining and power generation, to transmission and distribution, to ports and logistics, to data centers and fulfillment centers, and roads to water. We have the ability to connect every critical layer of infrastructure needed to power the age of intelligence.
Let me begin with a few numbers. In FY 25-26, we made a record capital investment of more than Rs. 1.5 lakh crore in hard infrastructure. To put that in perspective, this represented over 30% of India's total new private sector capital expenditure for the year. For us, this is more than a financial number. It is a statement of belief.
At Adani Energy Solutions, our transmission order book rose to Rs. 72,000 crore. We secured several major projects including the Khavda South HVDC line, reinforcing our position as India's only private sector player with proven HVDC capability. At Adani Power, we are implementing India's largest ever private sector power capex program of over Rs. 2 lakh crore, with a target of reaching 45 gigawatts of capacity over the next 5 years.
We are also honored to be partnering with the Government of Bhutan's Druk Green Power Corporation. Together, we will jointly develop 5,000 MW of hydro projects in Bhutan. Our entry into nuclear energy through Adani Atomic Energy is another confident step towards securing India's long-term energy future, with a 10 GW targeted capacity by 2035.
At Adani Total Gas, we crossed the significant milestone of over 1.1 million piped natural gas home connections. Coming to connectivity and logistics, Adani Ports handled over 500 million tons of cargo in FY 2025-26, setting an unmatched benchmark and creating a clear pathway to 1 billion tons by 2030.
I'm proud to say that Vizhinjam, one of the most strategic ports on the global maritime route, delivered a record first year by crossing 1 million TEUs. This is the fastest pace ever achieved by any Indian port, and a strong signal of India's arrival on the global transshipment map.
In airports, we achieved two defining milestones with the opening of Navi Mumbai International Airport and the new integrated terminal building at Guwahati, both inaugurated by our Honorable Prime Minister. Earlier this year, both airports made it to the list of the world's seven most beautiful airports. The commencement of operations at Navi Mumbai Airport in December 2025 marked a proud moment, with a 90 million passenger capacity airport built in a world record time of just over four years.
In digital and industrial infrastructure, our data center business is firmly on the path to building a 3 GW platform by 2030. The binding MOU for a gigawatt-scale data center with Google in Visakhapatnam reflects both the scale of digital demand ahead and the confidence that global technology leaders such as Google, Microsoft, Uber, and Flipkart are placing on us.
Across our mining services business, four new MDO agreements took our capacity to a record 145 million tons per annum, consolidating our position as India's largest private miner. At Adani Cement, our platform expanded significantly, with total capacity increasing to 110 million tons per annum.
In defense and aerospace, our ambitions became even bolder. Our partnerships with Leonardo and Embraer are helping lay the foundation for integrated helicopter and regional aircraft manufacturing ecosystems in India. We are building a national aerospace platform that spans manufacturing, MRO, services, and training. I'm also privileged to say that during Operation Sindoor, our drones, anti-drone systems, missiles, and ammunition supported our armed forces when it mattered the most.
Now, coming to our financial performance. FY 2025-26 was another year of disciplined growth and strong execution. Our consolidated portfolio revenue stood at Rs. 2.92 lakh crore, reflecting a year-on-year growth of 7.4%. EBITDA reached Rs. 94,834 crore with a net debt to EBITDA ratio of a healthy 3.3x. Profit after tax rose by 13.9% to Rs. 46,376 crore. Cash flow stood at Rs. 67,995 crore. These record numbers give us the financial strength, liquidity, and confidence to fund our ambitious capex plans.
Let me speak about the three foundational steps we are taking to build the organizations that will execute our vision over the next decade. First, we are simplifying the way we work. We are putting in place a three-layer structure across headquarters and sites to reduce bureaucracy, sharpen accountability, and bring decisions closer to execution. Non-core activities will move to our GCCs or nominated partners. Second, we are changing how we work with contractors, building deeper, more stable partnerships as long-term partners in nation-building. Third, and most importantly, we are placing worker dignity at the heart of our transformation across our own and contracted workforce of nearly 4 lakh people, almost 85% of whom work on the ground at our sites.
This belief extends beyond our businesses into the communities we serve. The Adani Foundations remain central to our purpose, currently reaching about 10 million people across 7,000 villages and 22 states. As the foundation enters its landmark 30th year, it is deepening its mission under the able leadership of Dr. Priti Adani—in healthcare with rural vision care ecosystems in Bihar, in education through Adani University and Gujarat Adani Institute of Medical Sciences, and in skill development across rural India.
The foundation currently reaches about 10 million people across 7,000 villages and 22 states, and as it enters its landmark 30th year, it is deepening its mission with unprecedented scale and conviction under the able leadership of Dr. Priti Adani.
