Adani Enterprises stock plans INR 35,000-40,000 crore annual capex

Published on 11/10/2026 at 10:51 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Adani Enterprises stock is entering a major investment cycle led by airports, data centers and PVC. Execution will shape future returns.

Investment cycle raises execution stakes

Airports, data centers and PVC manufacturing are the main expansion priorities.
Management is shifting from building assets toward generating returns from recently developed businesses.
Higher spending increases the importance of project execution and future cash generation.

Adani Ent, INE423A01024, Illustration mit AI erstellt.

Adani Enterprises plans to sustain annual capital spending of INR 35,000 crore to INR 40,000 crore over the next couple of years, with airports, data centers and a PVC manufacturing complex carrying most of the investment load. ETInfra reported the plan on Monday, November 9, 2026, citing Manan Vakharia, the company's head of finance.

The spending outlook follows a strong first half ended September 2026. Adani Enterprises reported record half-year EBITDA of INR 11,958 crore, up 56 percent year on year, while consolidated income increased 62 percent to INR 71,569 crore. The figures reflect the rapid expansion of newer businesses, particularly copper, airports and digital infrastructure.

Growth assets move toward returns

Management said the company is moving progressively from a build-out phase toward value realisation as investments made in recent years begin contributing more meaningfully to earnings. The airport portfolio and data centers are central to that transition, but the scale of planned spending also raises the need for disciplined execution and timely commissioning.

AdaniConneX has contracted more than 1.2 gigawatts of data-center capacity, including a 240-megawatt hyperscale agreement signed during the September quarter. Operational capacity was 94.6 megawatts, with management expecting it to reach 120 to 150 megawatts by the end of the current financial year and approach 500 megawatts over the following 12 to 18 months.

The airport business operates eight airports and handled 21.3 million passengers in the September quarter. Its first-half EBITDA rose 52 percent to INR 3,275 crore. At Mundra, the planned PVC complex has an annual capacity of 1 million tonnes and requires about INR 26,000 crore of capital spending; around 60 percent of construction and project spending was complete, with the first part expected to be commissioned in the next financial year.

For investors, the central issue is whether the investment cycle can convert contracted demand and newly commissioned assets into sustained cash generation. Management did not provide a specific EBITDA forecast for fiscal 2027, leaving project delivery and returns on capital as key markers for the next results updates.