Bengaluru: Adani Group’s ₹1.53 trillion ($16 billion) capital expenditure in FY26 is set to do more than just build airports, data centres and renewable power projects. Billionaire Gautam Adani’s investment spree is expected to fuel growth for at least half-a-dozen smaller listed engineering, procurement and construction (EPC) companies, many of which already derive a significant share of their order books from the conglomerate.
With chairman Adani saying his group accounted for nearly a third of India's total private capex last year, the increased spending could help these companies accelerate growth after a relatively subdued FY26 for many. Mint's review of company disclosures shows Adani contributed over 80% of the orders secured by two listed contractors last year, and between 14% and 57% for four others, highlighting the conglomerate’s growing importance to their businesses.
In FY26, PSP Projects Ltd and Diamond Power Infrastructure Ltd secured contracts worth ₹9,286.25 crore and ₹2,780 crore from the Adani Group. These deals accounted for 80% and 85% of their total contracts, respectively, disclosures from these firms show.
To be sure, the Adani Group owns 34.4% of PSP Projects, while Diamond Power is owned by Rakesh Shah, Gautam Adani’s brother-in-law, married to his sister Priti.
H.G. Infra Engineering Ltd, based in Jaipur, received contracts worth ₹740 crore from Adani last year, making up 57% of its total orders. The Group also brought in 30% of Power Mech Projects' orders. Bondada Engineering Ltd, based in Hyderabad, received over ₹1,000 crore, or 14.2%, of its orders from Adani, while Mumbai-based Sterling and Wilson Renewables Ltd saw 14% of its orders come from the group last year.
Incidentally, billionaire Mukesh Ambani’s Reliance Industries Ltd owns 32.15% of Sterling and Wilson Renewables, while the erstwhile owners, Shapoorji Pallonji and Co. Pvt. Ltd, owns 13%.
“Diamond Power's order book stands at ₹4,200 crore as of 30 July 2026; out of this, orders of ₹1,800 crore are outstanding from the Adani Group— ₹1,400 crore out of the same are to be executed in the next three years,” non-executive director Rakesh Shah told Mint in an email reply. Shah owns 84% in Diamond Power, and he took control in 2022 through bankruptcy court. The company was valued at $2 billion as of the close of trading on Tuesday.
The beneficiaries
“We are proud of our association with the Adani Group, and we supply materials to their marquee projects. We will certainly benefit from their remarkable growth journey…,” said Shah, adding that the profitability of the work it does with Adani is comparable to its other 670 clients.
Emails sent to the five other companies—PSP Projects, Power Mech Projects, Sterling and Wilson Renewables, Bondada Engineering and H.G. Infra Engineering—seeking comment went unanswered.
“I think we should still be very bullish and positive on the total outlook for the company,” S.K. Ramaiah, director of business development at Power Mech, had said in a post-earnings call on 22 May. Ramaiah said the company is confident because of the “substantial investments” in the power sector, led by “public sector firms and Adani”.
Power Mech Projects, based in Hyderabad, won contracts for thermal power projects from Adani Power Ltd and from another entity owned by the Adani Group’s promoter.
“Adani orders are going to come for the next two to three to four years continuously,” Raghavendra Rao Bondada, chairman and managing director of the Bondada Group, said in a post-earnings call on 28 April, adding that the company continues to be in discussions with the Adani Group for more “follow-up orders”.
Chandra Kishore Thakur, global chief executive officer at Sterling and Wilson Renewables, echoed the optimism, telling analysts on 24 April that orders "will keep on flowing, I believe; that's our long-term understanding with Adani”.
The Bondada Group and Sterling and Wilson Renewables both won contracts from Adani Green Energy Ltd for its solar power project in Khavda, Gujarat. The contracts were worth ₹1,050 crore and ₹1,381 crore, respectively.
PSP Projects is working on airport development and data centre projects for the Adani Group, while most of Diamond Power’s work focuses on power transmission lines and conductors.
“Adani is emerging as a good customer because Sterling and Wilson counts Reliance as a co-promoter, and still Adani Group continue to give them orders when it comes to choosing them as vendors," said Amish Kanani, a Mumbai-based independent investment analyst.
“Adani Group is emerging as a good supporter for many of these EPC companies,” Kanani added.
Revenue show
Even with Adani's order flow, a review of revenue trends of the companies shows a mixed picture so far.
Sterling and Wilson saw its revenue rise 20% to ₹7,548 crore last fiscal year, slower than the 108% growth posted in FY25. Power Mech’s revenue rose 16% to ₹6,061.6 crore, after a 24% rise in FY25. H.G. Infra’s revenue increased 3.5% to ₹5,234.6 crore, following a 16% rise in FY25. Bondada Engineering’s revenue was at ₹2,843 crore last year, up 81% from FY25, when it grew 96%. Diamond Power’s revenue rose 71.2% to ₹1,910.1 crore, compared to a 225% jump in FY25.
Meanwhile, PSP Projects grew faster last year than the year before. It reported a 25.3% increase in revenue from operations to ₹3,148.7 crore in FY26, up from just a 0.23% growth in FY25.
The stock market performance of these companies was also a mixed bag. Share prices of PSP Projects, Diamond Power and Power Mech were up 62%, 131% and 15%, respectively, between 1 January and 4 August. H.G. Infra Engineering and Sterling and Wilson Renewables' shares were down 26% and 4%, respectively, while those of Bondada Engineering were unchanged. Over this period, BSE's benchmark index Sensex fell 8%.