Adani Ports and Special Economic Zone (ADANIPORTS) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue was ₹11,340.40 crore and PAT ₹3,682.44 crore; H1 revenue was ₹22,161.20 crore and PAT ₹7,331.94 crore.

• Standalone Q2 revenue was ₹2,284.28 crore and PAT ₹940.97 crore; H1 revenue was ₹4,528.36 crore and PAT ₹2,498.46 crore.

• Strong H1 performance supported higher FY27 revenue and EBITDA guidance and an accelerated capex plan; net debt/EBITDA was 1.8x.

• The Board approved unaudited Q2 and H1 results on October 28, 2026; statutory auditors issued unmodified limited-review conclusions.

Financial highlights

• Q2 FY27 revenue rose 24% YoY to ₹11,340 crore and EBITDA rose 23% to ₹6,807 crore; H1 revenue and EBITDA grew 21% to ₹22,161 crore and ₹13,347 crore.

• Q2 PBT was ₹4,465.76 crore after a ₹30.76 crore exceptional charge; H1 PBT rose 16% to ₹8,773 crore and PAT rose 14% to ₹7,332 crore.

• Consolidated EBITDA margin was 60.0% in Q2 versus 60.5% YoY and 60.2% in H1 versus 60.4%; H1 operating expenses were ₹8,814 crore.

• Consolidated Q2 EPS was ₹15.72 versus ₹14.39 YoY; H1 EPS was ₹31.43 versus ₹29.74.

Outlook and guidance

• FY27 revenue guidance increased by ₹1,000 crore to ₹44,000–46,000 crore and EBITDA guidance by ₹1,000 crore to ₹26,000–27,000 crore.

• FY27 capex guidance rose by ₹3,000 crore to ₹15,000–17,000 crore; net debt/EBITDA policy remains up to 2.5x, with H1 at 1.8x.

• FY31 ambition: ₹91,500 crore revenue and ₹52,000 crore EBITDA, 2.4x and 2.3x FY26 levels, respectively.