Adani Group capex: $120 billion plan over five years

Adani Group capex will top $120 billion over the next five years, about $20 billion a year, executives of the Adani conglomerate told Fortune India on Tuesday 10 November 2026, Reuters reported. The plan covers the group’s core infrastructure businesses and newer growth platforms, and Gautam Adani remains chairman of the group.

What happened

Pranav Adani, a director at Adani Enterprises and the nephew of chairman Gautam Adani, was the executive named in the report. He said the group plans to invest “about $120 billion” over five years, “over $20 billion a year”, across all its businesses, according to MillenniumPost, which carried the agency report.

About 70% of the money is earmarked for energy, 20% for transport and logistics, and 10% for adjacencies such as cement, copper and aluminium, MillenniumPost reported. The group expects the spending to double its asset base to Rs 18 lakh crore, about $191.6 billion at the conversion used in that report. It also targets core earnings (EBITDA) of Rs 2.6 lakh crore to Rs 3 lakh crore within five years.

The group did not immediately respond to a Reuters request for comment, MillenniumPost said. The announcement follows the 5 November agreement under which Adani Ports and SEZ will buy Netherlands-based Evos B.V. at an enterprise value of 2.56 billion euros, billionaires.africa reported.

Key numbers

More than $120 billion of capex over five years, about $20 billion a year, per Reuters. 1
Split of about 70% energy, 20% transport and logistics, 10% adjacencies, per MillenniumPost. 2
Target asset base of Rs 18 lakh crore once the spending is done, per MillenniumPost.
Core earnings target of Rs 2.6 lakh crore to Rs 3 lakh crore within five years, per MillenniumPost.
Capex of Rs 1,52,967 crore in the year to March 2026, which the group called the highest by any Indian corporate, per its statement as reported by The Tribune. 3

Who is Pranav Adani and how the group got here

Pranav Adani sits on the board of Adani Enterprises, the flagship of a group in the conglomerates space with businesses in ports, airports, power and renewables, according to the report. The new figure is higher than the plan Outlook Business reported from the group’s annual general meeting in June 2025, when Gautam Adani spoke of annual capex of $15 billion to $20 billion for five years.

The group’s own numbers for the year to March 2026 give the baseline. It reported EBITDA of Rs 94,834 crore, up 5.6%, with core infrastructure contributing 87% of it, and cash of Rs 55,852 crore, equal to 15% of gross debt, according to the statement carried by The Tribune. The group said borrowing costs fell to 7.8% from 9% two years earlier. These are company figures and were not independently verified in that report.

The Adani family topped the Forbes India Rich List 2026 at $112.7 billion, as we reported earlier. A plan weighted 70% towards energy also puts the group at the centre of the energy and climate sector in India.

What it means for the Adani fortune

Adani Enterprises closed at Rs 2,706 on the BSE on 9 November, up about 21% year to date, billionaires.africa reported. Gautam Adani’s fortune is built largely on stakes in the group’s listed companies, the same report noted, so the earnings this spending is meant to produce matter to how the market values those holdings.

What happens next

The reports reviewed do not say how the Adani Group capex will be financed or which projects come first. The split between energy and the rest, and the funding behind it, are the numbers to watch when the group next reports quarterly results and when its listed companies update investors on progress.