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Adani Ports and Special Economic Zone (ADANIPORTS) investor relations material
Adani Ports and Special Economic Zone Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary4 Nov, 2025
Executive summary
Achieved record financial and operational performance in Q2FY26, with all-time highs in revenue, EBITDA, free cash flow, and return on capital employed across businesses; cargo volumes rose 12% YoY in Q2 and 11% in H1.
Expanded global footprint with 15 domestic and 4 international ports, diversified logistics and marine portfolio, and Mundra port ranked 25th globally.
Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, and the amalgamation of Adani Harbour Services Limited for operational synergies.
No material impact from regulatory or legal matters, including closure of SEBI and Supreme Court proceedings and no company involvement in US DOJ/SEC actions.
Board approved acquisition of NQXT Port, Australia, pending regulatory approval.
Financial highlights
Q2FY26 revenue reached ₹9,167 crore, up 30% YoY; EBITDA grew 27% to ₹5,550 crore; net profit rose 29% to ₹3,120 crore; H1FY26 revenue was ₹18,294 crore, EBITDA ₹11,046 crore, and net profit ₹6,431 crore.
Free cash flow exceeded ₹3,000 crore in H1FY26; operating cash flow in H1FY26 was ₹9,503 crore (86% of EBITDA); capex at ₹6,462 crore.
Net debt/EBITDA at 1.8x; cash balance ₹13,063 crore; gross debt ₹51,082 crore; average debt maturity extended to 5.2 years.
Domestic ports revenue grew 15-16% YoY, with an 8% cargo increase and record 28% market share; international ports revenue hit a lifetime high of ₹1,077 crore, with Colombo delivering three consecutive months of 100,000+ TEUs.
Logistics revenue surged 79% YoY to ₹1,055 crore; marine revenue grew 237% YoY to ₹641 crore.
Outlook and guidance
FY26 revenue guidance: ₹36,000–38,000 crore; EBITDA: ₹21,000–22,000 crore; capex: ₹11,000–12,000 crore.
Confident in achieving the one billion metric ton volume target by FY30, with a focus on meaningful growth and financial discipline.
No formal upward revision to full-year EBITDA guidance, but strong H1 performance suggests potential upside.
Domestic port margins expected to remain in the 75-77% range, supported by operational efficiencies and revenue optimization.
Guidance excludes NQXT acquisition, which is subject to regulatory approval.
Achieve 45% int'l port EBITDA margin
What commodity mix drives domestic volume to 850M tonnes by FY30?
Balance between CapEx, M&A, and capital return
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Next Adani Ports and Special Economic Zone earnings date
Q3 25/2629 Jan, 2026
Next Adani Ports and Special Economic Zone earnings date
Q3 25/2629 Jan, 2026
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Frequently asked questions
Adani Ports and Special Economic Zone Limited, develops, operates, and maintains port infrastructure facilities in India. The company offers cargo handling services, including break bulk and bulk carriers; container vessels; and oil tankers to coal and iron ore producers, importers and exporters. It also provides multi-modal logistics services; warehousing and logistics services on a linear layout to warehouses; and technical repair services for ship equipment, such as cranes, loaders, tractors, trailers, passenger vehicles, excavators and other earth moving equipment. Adani Ports and Special Economic Zone Limited was incorporated in 1998 and is headquartered in Ahmedabad, India.
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