Adani Group's ₹1.5L Cr Capex and GCC Shift: Risk Check

The third step focuses on worker dignity across the 400,000-person workforce, 85% of whom work at sites. Adani laid out standards for living conditions, food quality, medical access, safety, and on-time wages. That carries upfront cost. It may cut turnover and accident-related delays, infrastructure analysts say.

The group is also betting on twin engines: infrastructure and intelligence. Adani Power has a ₹2 lakh crore plan to reach 45 GW thermal capacity by FY32. A new unit, Adani Atomic Energy, targets 10 GW nuclear by 2035. The data centre platform aims for 3 GW capacity by 2030.

For investors, the reorganisation lowers long-term operating costs but requires near-term transition spending. The contractor overhaul protects Adani from margin pressure. It ties project timelines to partner capacity. The worker welfare push adds labour costs that could run 5-10% above current levels, based on comparable infrastructure projects.

The record capex itself stretches balance sheets. Adani's leverage improved in FY25-26. Repeating a ₹1.5 lakh crore spend would test debt markets. The group has not yet given formal FY26-27 guidance. The next quarterly update, due in August, will show whether the spending pace holds.