A little-known Adani Group company has quietly emerged as one of India’s largest infrastructure platforms and is now looking to strengthen its in-house project execution capabilities through acquisitions, according to an India Ratings report of 2 April and an executive familiar with the matter.
With the Ahmedabad-based conglomerate scaling up its investments across new ports, roads, airports and power plants, the infrastructure company—Adani Infra (India) Ltd, or AIIL—has amassed an orderbook of more than ₹50,000 crore and is expected to generate nearly ₹10,000 crore in annual revenue after a rapid expansion over the past two years, according to a 2 April India Ratings report.
Currently, the promoter-owned private company works with several leading engineering, procurement and construction (EPC) firms as a project management consultant (PMC) to manage projects across Adani Group companies, according to the executive, who works with one such EPC firm and spoke on condition of anonymity.
The executive added that AIIL is likely looking to bring more work in-house and is therefore exploring acquisition opportunities.
India Ratings echoed that statement: “The management has stated that there might be further acquisitions over the next two-to-three years, subject to those entities being aligned to the business needs of the group.”
To be sure, AIIL has already made some acquisitions to boost in-house EPC capabilities. Recent acquisitions include that of bankrupt power and EPC firm Punj Lloyd Ltd for ₹281 crore in March. In FY25, it acquired a joint controlling stake in listed PSP Projects Ltd, an EPC firm specializing in producing prefabricated concrete elements for construction.
Separately, the Adani Group’s promoters also have a stake in listed EPC firm Cemindia Projects Ltd, which specializes in ports and dams.
Apart from managing other EPC firms’ work on Adani projects, AIIL already does some EPC work itself. As of 31 December, the company had an outstanding PMC orderbook of over ₹46,000 crore and ₹5,750 crore for EPC, as per India Ratings. The rating agency added that AIIL is likely to receive EPC orders of over ₹33,000 crore during FY27 and FY28.
Purely based on orderbook size, this makes AIIL comparable in orderbook size with long-established players like Kalpataru Projects International Ltd ( orderbook of ₹65,457 crore), Tata Projects Ltd ( ₹41,200 crore) and Afcons Infrastructure Ltd ( ₹32,496 crore).
However, most of the orderbooks of these companies are dominated by EPC orders rather than PMC work.
AIIL’s EPC orderbook is currently dominated by one major order from NHPC Ltd, which it won in 2022, India Ratings noted. It is unclear whether it will take new EPC work from outside the Adani Group.
The Adani Group did not respond to Mint’s request for a comment.
Sizeable infrastructure player
While AIIL was incorporated in 2010, it was designated as the in-house arm of the Adani Group only in FY25. The Adani Group is one of the largest infrastructure investors in the country across its 10 listed companies. The group decided to bring all infrastructure work under AIIL to capture the margins otherwise accruing to third-party contractors.
“Since FY25, the management transformed AIIL into a PMC and EPC player that executes contracts for the Adani group, and EPC contracts for external counterparties, leading to an improved business profile and profitability,” India Ratings noted.
The company clocked revenues of ₹6,413 crore during the first nine months of FY26, as per India Ratings. This is a sharp jump from the ₹868 crore annual revenue it clocked in FY24.
India Ratings expects AIIL’s scale of operations to improve significantly over FY26 and FY27, backed by its large orderbook. The rating agency expects its revenue to grow by 50-60% in FY26 and 70-80% in FY27.
AIIL had earnings before interest, tax, depreciation and amortization (Ebitda) of ₹4,450 crore during the nine months ended 31 December, with an Ebitda margin of just under 70%.
The Adani Group has stated that it will be looking to invest about ₹2 trillion every year over the coming five years.
AIIL is 100% held by Adani Properties Pvt. Limited, which is 100% held by S.B. Adani Family Trust (trust) and other group companies.
Beyond using it as a captive infrastructure arm, the Group is also utilizing the balance sheet of AIIL to raise debt on behalf of other group companies, Mint reported on 18 December.
The directors of AIIL on 5 January passed a resolution that allowed the company to borrow up to ₹1 trillion in debt, as per a regulatory filing.