Adani Portfolio’s record ₹1.53 lakh crore FY26 capex is creating opportunities well beyond the group’s own listed companies. The clearest beneficiaries are emerging across two distinct channels: companies in which Adani has taken strategic stakes, and power-equipment suppliers that have won contracts linked to Adani’s expanding transmission and infrastructure network. That distinction matters, because the investment case isn’t identical across the five stocks, and neither is the risk.
Adani’s FY26 Capex Hits a Record High
Adani Portfolio’s FY26 results show capex of ₹1,52,967 crore (~$16.1 billion), the highest annual figure ever reported by an Indian conglomerate, with nearly 80% directed at core infrastructure. Gross asset base rose to ₹7,85,098 crore, and EBITDA hit an all-time high of ₹94,834 crore, up 5.6% YoY. Leverage stayed disciplined at 3.3x net debt/EBITDA, inside the group’s own 3.5x ceiling.
Adani Portfolio — FY26 Snapshot
| Metric | FY26 | Detail |
|---|---|---|
| Capex | ₹1,52,967 Cr (~$16.1 Bn) | Highest ever by an Indian corporate |
| EBITDA | ₹94,834 Cr | +5.6% YoY, 87% from core infra |
| Asset base | ₹7,85,098 Cr | — |
| Net Debt/EBITDA | 3.3x | Below 3.5x guided ceiling |
| Avg. borrowing cost | 7.8% | Down from 9% two years ago |
Check Live: Adani Enterprises (ADANIENT) Option Chain — Live Strike Data, OI & Greeks
Three Levels of Adani Exposure
Ownership-linked: PSP Projects (Adani Infra holds a 34.41% co-promoter stake) and Cemindia Projects, formerly ITD Cementation (Renew Exim DMCC, an Adani entity, holds 67.46%, the completed figure after its open offer saw partial tender, not the theoretical maximum of 72.64%).
Contract-linked: BHEL and Hitachi Energy India hold a documented HVDC contract awarded by an Adani Energy Solutions subsidiary; GE Vernova T&D India holds a separate, direct HVDC contract also awarded by an Adani Energy Solutions entity.
Theme-linked: All five also ride the broader Indian electricity and infrastructure capex cycle, so their earnings aren’t dependent on Adani alone.
The Five Stocks — Adani Exposure
| Company | Ticker | Exposure Type | Key Metric |
|---|---|---|---|
| PSP Projects | NSE: PSPPROJECT | Ownership — 34.41% co-promoter stake | ₹9,883 Cr order book; 56% Adani projects (as of Sep 2025) |
| Cemindia Projects | NSE: CEMPRO | Ownership — 67.46% held via Renew Exim DMCC | Record order book ₹24,545 Cr (FY26) |
| BHEL | NSE: BHEL | Contract — documented HVDC deal with Adani Energy Solutions subsidiary | ~79% 1-yr stock return |
| Hitachi Energy India | NSE: POWERINDIA | Contract — same HVDC deal, plus ₹2,000 Cr Vadodara plant | Orders ₹18,456.5 Cr; backlog ₹29,555.3 Cr (+53.5% YoY) |
| GE Vernova T&D India | NSE: GVT&D | Contract — direct Khavda–South Olpad HVDC award | Order book ₹21,460 Cr (+49% YoY) |
BHEL and Hitachi Energy: The Bhadla-Fatehpur HVDC Contract
BHEL and Hitachi Energy India have a documented, named Adani-linked project: an HVDC terminal station and associated AC transmission system awarded by Rajasthan Part I Power Transmission Limited, a subsidiary of Adani Energy Solutions, to move renewable power from Bhadla to Fatehpur.
Both companies’ addressable markets extend well beyond this one contract, into NTPC, Power Grid and state utilities, which is why this is best read as contract-linked exposure rather than ownership-linked.
Hitachi Energy’s broader FY26 numbers are the strongest in the group on hard data: ₹18,456.5 crore in fresh orders, ₹8,147.7 crore in revenue (+27.6% YoY), and a record backlog of ₹29,555.3 crore, up 53.5% YoY, backed by a fresh ₹2,000 crore transformer plant coming up in Vadodara.
GE Vernova: A Separate, Direct HVDC Award
GE Vernova T&D India’s Adani link runs through a separate contract: a 2,500 MW, ±500kV VSC-based HVDC system awarded by an Adani Energy Solutions entity for the Khavda–South Olpad corridor, India’s highest-rated VSC-HVDC project to date. The contract will be executed over multiple years, meaning the earnings impact is expected to build progressively rather than arrive immediately, order backlog growth here is a pipeline signal, not a revenue guarantee.
PSP Projects and Cemindia: Ownership Changes the Risk Profile
For PSP Projects and Cemindia, Adani isn’t just a customer, it’s a shareholder, which makes the link more structural than a contract. PSP’s ₹9,883 crore order book was 56% Adani-linked as of September 2025. Cemindia’s order book hit a record ₹24,545 crore in FY26, and it has since diversified into water infrastructure through a joint venture with Adani Enterprises. The trade-off: more direct Adani exposure means stronger structural linkage, but greater concentration risk if project timelines or priorities shift.
The Risk Side
Concentration cuts both ways. For PSP Projects and Cemindia, more than half of order flow now depends on one promoter group’s pipeline. Valuations have also run ahead of near-term earnings in places, Hitachi Energy was trading near 147x trailing earnings as of early August 2026, pricing in years of uninterrupted execution.
Order Book Is Not the Same as Earnings
Track four separate stages before treating a large order book as a done deal: Order win → Execution → Revenue recognition → Cash generation. The gap between these stages can be substantial, particularly on multi-year HVDC contracts where billing lags the announcement by a year or more.
NiftyTrader Desk View
Among the five, PSP Projects and Cemindia carry the most durable Adani link since ownership doesn’t disappear the way a contract can fail to repeat, but that also means their fortunes are more tied to one promoter group’s execution discipline. BHEL, Hitachi Energy and GE Vernova offer real, named, verifiable contracts, with earnings potentially more diversified but Adani orders not guaranteed to recur at the same scale. Treat backlog growth as a pipeline indicator, not a revenue guarantee.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Stock prices, returns, order-book figures and valuation multiples are subject to change and should be independently verified before making investment decisions. Please consult a registered investment advisor before investing.
