Adani Ports and Special Economic Zone (ADANIPORTS) Q1 25/26 earnings summary

Executive summary

• Achieved robust performance with strong execution across Ports, Logistics, and Marine segments, with Q1 FY26 revenue rising 21% YoY to ₹9,126 Cr and EBITDA up 13% to ₹5,495 Cr.

• International Port revenue grew 22% YoY, with Haifa Port posting record quarterly revenue and operating profit on 29% cargo volume growth; domestic port revenue grew 14% YoY.

• Logistics revenue doubled YoY to INR 1,169 crore, with EBITDA margin rising to 29.6%, and marine revenue surged 188% YoY to INR 541 crore, driven by fleet expansion.

• Commenced operations at Colombo West International Terminal, expanded Dhamra port, and approved acquisition of NQXT Port, Australia.

• S&P Global revised ratings outlook to positive, reaffirming BBB rating, with net debt/EBITDA at 1.8x.

Financial highlights

• Q1 FY26 EBITDA margin was 60% (down from 64% YoY) due to a strategic mix shift; consolidated net profit attributable to equity holders was ₹3,314.59 crore.

• Haifa port reported 25% YoY growth in container volume and 38% in other cargo, achieving record revenue and EBITDA.

• Krishnapatnam port handled its highest ever monthly cargo volume in June 2025.

• Q1 FY26 cash balance stood at ₹16,921 Cr; gross debt at ₹53,089 Cr.

• Gain of ₹603.27 crore recorded from sale of 49% stake in Adani Ennore Container Terminal Private Limited.

Outlook and guidance

• Management remains confident of meeting FY2026 guidance, with revenue expected at ₹36,000–38,000 Cr, EBITDA at ₹21,000–22,000 Cr, and capex at ₹11,000–12,000 Cr.

• Port cargo volume expected at 505–515 MMT; trucking revenue to grow 3–4x and marine revenue to double by FY27.

• Guidance excludes NQXT acquisition; focus on increasing market share, revenue per ton, and optimizing cost per ton.

• Board approved acquisition of Abbot Point Port Holdings Pte. Ltd., Singapore, for AUD 3,975 million, to be settled by issuing equity shares, subject to approvals.

• Company accepted a tender offer to repurchase and cancel portions of its outstanding US dollar senior notes, reducing debt.