Adani Ports and Special Economic Zone (ADANIPORTS) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 consolidated revenue grew 19% YoY to ₹10,821 crore, with EBITDA up 19% to ₹6,541 crore and an EBITDA margin of 60.4%.

• PAT rose 10% YoY to ₹3,650 crore, and PBT increased 12% YoY to ₹4,307 crore.

• Cargo volumes reached 138.1 MMT, up 14% YoY, with international volumes surging 196% YoY.

• Domestic ports delivered 12% revenue and 11% EBITDA growth, maintaining a 74% EBITDA margin; Mundra Port rebounded with 7% growth.

• S&P upgraded the company to BBB with a stable outlook; domestic ratings reaffirmed at AAA.

Financial highlights

• Consolidated revenue: ₹10,821 crore (+19% YoY); EBITDA: ₹6,541 crore (+19% YoY); PAT: ₹3,650 crore (+10% YoY).

• International ports revenue: ₹1,747 crore (+80% YoY); EBITDA margin improved to 41.8% from 21.1%.

• Net debt/EBITDA at 1.9x, with gross debt at ₹56,776 crore and cash balance at ₹12,428 crore.

• ROCE improved to 16% in FY26.

• Other income included ₹518 crore dividend from JVs, impacting year-over-year comparability.

Outlook and guidance

• FY27 revenue guidance: ₹43,000–45,000 crore; EBITDA guidance: ₹25,000–26,000 crore.

• On track to more than double revenue, EBITDA, and cash flows by FY 2031, targeting 18%-19% CAGR.

• Capacity expansion underway to reach 1 billion metric tons by 2031, with major projects at Mundra, Dhamra, Vizhinjam, Ennore, and Kattupalli.

• Full-year EBITDA guidance to be revisited after H1, given ongoing macro uncertainties.

• Net debt/EBITDA policy maintained at up to 2.5x.