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Adani's ₹2.1 Lakh Crore Capex Boom: Which Stocks Could Win?
Adani's ₹2.1 Lakh Crore Capex: Which Stocks Actually Win?
AI Summary
Adani Group spent ₹1.53 lakh crore on capital expenditure in FY26, the highest annual outlay by any Indian corporate. The group is targeting ₹2.1 lakh crore in FY27 as part of a nearly $125 billion five-year investment plan. However, not all companies benefiting from Adani's capex boom are seeing corresponding profit growth, with some experiencing a decline in return on capital.
Adani capex, Adani stocks, infrastructure stocks India, BHEL, Hitachi Energy, PSP Projects, Cemindia — Adani Group spent ₹1.53 lakh crore on capital expenditure in FY26, the highest annual outlay by any Indian corporate ever, and is targeting ₹2.1 lakh crore in FY27 as part of a nearly $125 billion five-year investment plan.
But bigger order books don't always mean better businesses. PSP Projects' order book jumped 85% after Adani took a stake — yet its return on capital fell from 24% to just 7%. Cemindia Projects, by contrast, saw orders, profit, and capital efficiency all rise together. Hitachi Energy India's order book has more than quadrupled in three years, and BHEL now gets nearly a fifth of its revenue from Adani-linked orders.
Here's the full breakdown of which stocks could genuinely benefit from Adani's capex boom — and which ones are just riding order-book headlines without real profit growth.
Yashank Rathi is a B.Com (Hons) student at Hansraj College, Delhi University, with a strong passion for finance, markets, business trends, and the startup ecosystem. With growing hands on experience in research, content creation, and SEO driven digital marketing, he brings a fresh and analytical perspective to business journalism. He is the Co-Founder of mangopeoplenews.com, where he works to make complex financial and business topics simple, engaging, and relevant to everyday readers.
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