The Adani juggernaut rolls on

The Adani Group has set out a scorching pace of growth across key infrastructure sectors -- from ports to airports to energy, data centres and realty -- backed by massive investments and major assets on the ground.

MAJOR BUSINESS groups are typically assessed by investors and corporate watchers on a few key parameters. Chief among them are their growth ambitions and, equally important, how well they execute those growth plans. Take any major business group in India or overseas, and you will find the best of the best are known for the power of their ambition and the smoothness of execution. If these two criteria are applied as measures of success, the multi-diversified mega conglomerate Adani Group will rank very high. Over the past five years, the Gautam Adani-led group has set out a scorching pace of growth across key infrastructure sectors -- from ports to airports to energy, data centres and realty -- backed by massive investments and major assets on the ground.

The figures speak for themselves: from group revenues of ₹98,000 crore in FY20, it touched a whopping ₹3 lakh crore or thereabouts in FY26, and counting. The pace of growth and expansion -- across two dozen businesses and more -- is relentless and Adani shows no signs of slowing down.

In fact, it is just the opposite. Having set up this pace of growth, the Adani Group is currently lining up the roadmap for what would be the next mega phase of expansion and investment. The capex lined up for the next five years is a mind-boggling $120 billion-plus, or ₹11.4 lakh crore, among the largest private sector investments anywhere in the world. An important element of this game plan, which we are calling Adani Forward, is that it will be driven in large measure by the "G2" -- the second-generation Adanis -- Pranav, Karan, Sagar, and Jeet, each of whom looks after key areas of this massive, diversified group.

Each of these individual elements will dovetail into the Adani Group's grand plan for the future. The group's vision is deeply aligned with India's infrastructure growth story and that makes the plan even more significant. For a story as detailed and granular as this, National Editor P.B. Jayakumar spent weeks delving into the nuances of every business and speaking to each member of the G2 to understand how they envision the future. Executive Director of Photography Narendra Bisht also got the next-gen Adanis together -- a tough task given their punishing schedules -- for a photograph which tells the story of how the future will look for the group.

However, the successes and the grand vision aside, the group's investors and partners will be keenly watching how these plans are executed, how the group manages its capital allocation plans, and ensures good governance along the way. The most exciting phase for the Adani Group and the G2 leaders has just got under way. This issue also brings you the Best Banks & NBFCs 2026 package, where we focus on India's financial sector winners across categories. Together with our knowledge partner, Grant Thornton Bharat, and helped by a stellar jury, we picked the winners across 12 categories, leaders, and institutions who have shown how to navigate the financial ecosystem amidst uncertain times.

At a time when the regulatory arbitrage between banks and NBFCs is fast vanishing, and banks are also facing challenging times with low-cost deposits becoming hard to find because of increasing financialisation of savings, this year's Best Banks & NBFCs list tells the story of true grit and excellence. It is a stellar line-up of the finest in banking and finance, from the biggest to the mid-size to the small, unified by a common thread: the desire to excel.