Investing Strategically in India's Future
The strong ability of AEL to identify and harness the future opportunities of India's growth make it an attractive investment destination for those seeking sustainable, long-term returns. With the country on the way to becoming the world's third-largest economy, a new wave of investments has emerged in the areas of infrastructure and utility space.
Equipped with strong expertise and experience in the execution of large and complex Infra projects, AEL is set to benefit immensely from its sustained investments in green energy/sustainability, underpenetrated Indian aviation and transport sector, digital economy, and import substitution. The Company's emerging businesses of New Energy Ecosystem, Airports, Data Center, Roads, Copper and PVC are aligned with this focus, and have emerged as key contributors to India's economic growth journey.
Rapid Expansion in Scale & Size
AEL continues to deliver fast-paced growth and expansion in terms of both scale and size in its incubating businesses. This is manifest in the growth in its income, EBITDA and asset size over the past five years.
Attractive Risk/Reward Proposition
AEL's sustained focus on building emerging infrastructure has enabled it to consistently deliver substantial shareholder returns at over 30% CAGR over the past three decades. The Company continues to contribute significantly to nation-building through divestment of emerging core infra businesses into separate listed entities. With its next generation of business investments centred strategically around new energy ecosystem, airport management, data center, roads, and primary industries like copper and PVC, the way is paved for AEL's enhanced growth. Each of these investments is designed to unlock greater value, offering attractive risk/reward for investors at the current levels.
Strong Investment Edge
AEL's strategic investments in new businesses are crafted to drive their emergence into market leading players in their respective segments. AEL has, over the years, developed a track record of excellence in incubating industry-leading businesses, emerging as a key contributor to India's sustained growth and development. AEL has meticulously nurtured its core strengths to deliver successfully to stakeholder expectations, ensuring continual, long-term returns to its investors.
The Company continues to contribute significantly to nation-building through divestment of emerging core infra businesses into separate listed entities. With its next generation of business investments centred strategically around new energy ecosystem, airport management, data center, roads, and primary industries like copper and PVC, the way is paved for AEL's enhanced growth.
Robust Business Incubation Model
Our incubation model mirrors our strong ability to identify and invest in growth-led businesses, ensuring sustained stakeholder value creation. Our strategic excellence is manifest in the multiple businesses we have successfully incubated and got listed, including by way of demerger, across sectors over the years. These include the Ports, Power, City Gas Distribution, Transmission, and FMCG businesses. We are currently focussed on investing in the emerging core infra businesses of New Energy ecosystem, Airports, Data Center, Roads and Copper, which are expected to unleash significant value in the coming years.
Our simple yet effective and repeatable incubation model has enabled us to drive exponential growth across businesses. Led by our commitment to creating enormous value for all stakeholders, we support new businesses across their entire project life cycle - from incubation to development and self-sufficiency.
- Phase 1 - This covers the origination and development of the new business through timely and efficient project execution.
- Phase 2 - This encompasses core operations phase, involving a strong focus on lifecycle asset management principles, with integration of AI and ML tools, in a tech-empowered environment.
- Phase 3 - This drives sustainable value creation, which is achieved through testing of the business for self-sustainability at various levels under the guiding principles of prudent capital management, strategy and risk management practices.
After the business becomes self-sustaining, we divest these businesses through demerger/listing, thereby unleashing stakeholder value and long-term growth.
Value Created
Combined market capitalisation of businesses incubated as at March 31, 2026
In shareholder wealth over 30 years (i.e. ₹ 150 invested in November 1994 increased to ₹ 5.65 lakhs in March 2026)
Driving India's Infrastructure Growth
Our investments in Airports and Roads have emerged as major drivers of India's infrastructure growth, acting as a powerful economic catalyst.
Building Airports Network
AEL's airports business, through its subsidiary Adani Airport Holding Limited (AAHL), stands out on the aviation landscape as India's largest private airport network. With the operationalisation of the greenfield Navi Mumbai airport, AAHL gained new heights and unlocked enhanced expansion and value creation potential. Its portfolio of eight operational airports has been driving strong growth for the Company. The key drivers of AAHL's continuous growth and expansion are its strong fiscal discipline and asset-backed growth, aided by AEL's prudent capital management approach. Led by this strategic vision, AEL remains firmly on track towards greater and more sustainable growth.
Value Created
Passengers handled in FY 2025-26
Passenger movements unlocked in Phase I of greenfield Navi Mumbai airport
CAGR in Airports EBITDA since FY 2021-22
Share of our airports in India's passenger traffic
Concession period of six airports
Strengthening Road Infrastructure
Committed to meeting India's growing infrastructure needs, AEL's Roads business through its subsidiary Adani Roads Transport Limited (ARTL), continues to strengthen through large-scale projects. Launched in FY 2017-18 to harness the long-term opportunity in this segment, our Roads business currently has an expansive portfolio of 20 projects under HAM, BOT and TOT models, including one ropeway project. Our prestigious and largest greenfield Ganga Expressway project is completed in record time of less than 3.5 years and has now paved the way for better transportation and mobility to further propel the nation's economic growth.
Value Created
Operational Projects
Total Projects
Operation & maintenance period
Cumulative construction till March 2026
Aligned with India of Tomorrow
India's next phase of development is being powered by its strong focus on renewable energy (RE) development and digitalisation. AEL has emerged as a frontrunner in maximising the growth opportunities in these segments through its targeted investments.
Powering the Clean Energy Wave
Our efforts to drive India's energy transition are aligned with the country's net zero commitment. We continue to invest actively in propelling the country's clean energy transformation journey through our subsidiary Adani New Industries Limited (ANIL). ANIL has been recognised as the world's top 10 solar manufacturers - the only Indian Company in the top 10 in this domain. This feat has been achieved on the back of more than 15 GW cumulative shipments, strong vertical integration, and maintenance of high-capacity utilisation and profitability.
As India's largest integrated manufacturer of solar and wind energy equipment, ANIL is pivoting the nation's RE development journey. While the Integrated Green Hydrogen Hub at Mundra SEZ positions us to offer growth and high efficiencies in this segment, our large resource bank and scale are supporting us in the production of low cost electron. India's target to reach 5 MMT of green hydrogen by 2030 will give a further impetus to our efforts to boost the country's energy transition. In this backdrop, the construction of additional 6 GW solar cell and module line, with TOPCon technology, will add a new layer of excellence to ANIL's global competitive edge.
Value Created
WTG Models
In ANIL New Energy Ecosystem EBITDA since FY 2021-22
Established Supply Chain Manufacturing Capacities
Cell & Module
Ingot & Wafer
WTG
Raising the Bar in Digital Infrastructure
India's rapid digitalisation has catalysed exceptional demand for high-end digital infrastructure. The Indian data center industry is expected to add 795 MW of new capacity by the end of 2027, taking the total capacity in this segment to 1,825 MW. At AEL, we are effectively leveraging this opportunity through our JV company, AdaniConneX, which offers innovative, sustainable and scalable solutions to meet the growing data center demand. AdaniConneX empowers businesses to scale confidently with advanced infrastructure capabilities. It is equipped to supply RE to support India's transformation into a green data center hub, while continuing to raise the bar of excellence in digital infrastructure.
Value Created
Operational Capacity
Data Center tied-up capacity
Targeted tied-up capacity
Seizing Opportunity through Fiscal Discipline
AEL's fiscal policy is rooted in strict financial discipline and prudent capital management practices. Our disciplined approach is evident in our healthy net external debt/EBITDA ratio, enabling continued capex across emerging core infra businesses. Additionally, it enables AEL to drive continued growth and expansion, while providing long-term visibility for investors seeking sustainable returns. The consistent growth in business assets is driven by equity and internal cash generation, helping in the effective management and optimal utilisation of debt by the business. The increase in the total net external debt over the previous fiscal years are on account of investments made in several key businesses of Airports (AAHL), Roads (ARTL), Copper (KCL) and PVC (MPL).
AEL has significantly invested in infrastructural assets of its core emerging infra businesses led by Airports, Roads, KCL Copper and Petrochem. This has resulted in increase of net external debt without realisation of EBITDA from these under construction assets from last few years. With commencement of operations at the greenfield Navi Mumbai airport, inauguration of integrated new terminal building at Guwahati airport, completion of greenfield Ganga Expressway, three HAM roads assets and the ramp up of copper production, AEL is now set to unlock EBITDA from these assets from next fiscal year.
Increase in external debt from March 2024₹ 37,825 crore |
Increase in external debt accounted for |
EBITDA to unlock from |
|---|---|---|
|
40%
in AAHL Airports |
|
Navi Mumbai Airport
|
|
24%
in ARTL Roads |
|
Ganga Expressway
|
|
14%
in KCL Copper |
|
Copper Plant
|
|
19%
in MPL PVC |
|
PVC Plant
|
Interest coverage ratio
Debt Service coverage ratio
Net External Debt/EBITDA
