Adani Group, which is targeting annual investments of about ₹2 lakh crore this financial year, is now aiming to build the capacity to deploy nearly 4.8 times that amount—or about $100 billion (₹9.7 lakh crore)—every year by 2033.
“I would like us at Adani to build the capability and capacity to invest up to $100 billion a year by 2033, so that when 2035 comes, it would be a success for us,” Singh said Jugeshinder Singh Chief Financial Officer, Adani Group said while speaking at the second anniversary of the CareEdge Global event at GIFT City.
The Group aims to have a portfolio that can sustain that level of investment for the following decade from 2035, Singh added.
“For the last at least eight years we have maintained investments at a rate of about 1.6-1.7 times our EBITDA and we have maintained that at a higher and higher level. This year we are attempting—and broadly we will succeed also—₹2 lakh crore of annual investments. To put that in context, in the infra space there will be roughly about 12-14% of the total infra spend in the country,” he said.
The Adani group currently funds a substantial portion of its forward investment internally. “Today 72 per cent of our forward capex comes directly from our own internal cash flow,” Singh said, adding that the remaining 28 per cent could be provided by domestic and global banks and capital markets.
“We frankly do not need anybody’s capital. We are okay,” he said while speaking to an audience in GIFT City on late Wednesday evening.
The planned increase comes after a record year of capital deployment. According to company disclosures and management commentary, the Adani Group spent ₹1,52,967 crore on new projects in FY26, its highest annual capital expenditure, taking the group’s total asset base to ₹7,85,098 crore.
The group ended FY26 with cash and cash equivalents of ₹55,852 crore, equivalent to about 15 per cent of its total debt. Its borrowing cost also declined to 7.8 per cent, from 9 per cent two years earlier, supported by credit-rating upgrades across its businesses.
Chairman Gautam Adani has previously said that the group’s infrastructure investments in FY26 accounted for “more than 30 per cent of India’s private-sector capital expenditure” during the year.
The current investment cycle is spread across several listed group companies, with their FY27 plans collectively pointing to continued high capital deployment. Adani Enterprises Ltd, the group’s flagship incubator, has lined up around ₹40,000 crore of capex for FY27, with airports accounting for the largest allocation.
Around ₹17,000 crore, or more than 42 per cent of AEL’s planned capex, will go into the airport’s business. This includes expansion of existing airport infrastructure and a new terminal at Ahmedabad ahead of the 2030 Commonwealth Games.
The remaining AEL capex is spread across new energy and industrial businesses, including around ₹10,000 crore for green hydrogen, ₹9,000 crore for the PVC project and ₹4,000 crore for natural resources and mining.
Beyond AEL, Adani Green Energy Ltd is targeting ₹25,000-40,000 crore of capex in FY27 as it scales renewable energy capacity. Adani Power has planned around ₹25,000 crore of capex in FY27, driven by projects including the 1.32 GW Korba Phase-II expansion.
Its investment plan rises to around ₹33,000 crore in FY28, when the company expects to add about 1.6 GW of capacity.
Adani Energy Solutions has budgeted around ₹22,000 crore for FY27, including ₹15,500 crore for transmission, ₹2,350 crore for distribution and around ₹3,900 crore for smart metering.
Adani Ports and Special Economic Zone has guided for ₹12,000-14,000 crore of FY27 capex, covering expansion at Vizhinjam, Mundra, Colombo West International Terminal, Dhamra, Ennore and Kattupalli, besides investments in logistics infrastructure.
ACC has indicated a ₹6,000-6,500 crore capex programme for FY27, focused on capacity expansion and strengthening its cement manufacturing footprint.
Adani Group CFO said the group sees India’s domestic investment cycle as a significant opportunity and believes the country remains primarily an internal capital expenditure economy.
“India is a tremendous opportunity and it is for us to lose. And I do not want to lose,” he said at the GIFT City event. He argued that elevated interest rates do not necessarily prevent infrastructure investment when the assets being created continue to meet the marginal utility of their users.
“In India, even at these elevated rates we will invest more this year than we did last year. We will attempt to invest more next year than we are doing this year because we can still produce the asset that Indians want to use,” Singh said. He also said the group did not see external conditions as a fundamental constraint on India’s investment cycle unless domestic policy was mismanaged.
Singh, however, flagged what he described as two fundamental risks to India’s long-term economic setup. The first, he said, was the historically “extractive” nature of Indian corporate investment, with companies often investing to exploit labour, manufacturing or other forms of arbitrage rather than acting as foundational investors.
He criticised the relatively low level of corporate spending on research and development and innovation, saying the disconnect between what the country needs and what corporates invest in remains a fundamental problem.
The second risk, he said, was the relative absence of foundational academic and intellectual literature from the eastern world compared with the West over the past several centuries.
For Adani itself, Singh said the group has focused on reducing friction in its regulatory interface. “Today we have the largest private sector interface with regulators in the country,” he said, adding that the group currently has “zero outstanding disputes” across its system, apart from regulatory filings made in the ordinary course of business.
“Give the regulator what they want to see. Let them make the judgement. We will live with the judgement,” Singh said.
Published on October 8, 2026
