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

Executive summary

• Q1 FY27 consolidated revenue grew 19% year-over-year to INR 10,821 crore, with EBITDA also up 19% to INR 6,541 crore and an EBITDA margin of 60.4%.

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

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

• Maintained strong market share: 27.6% in all-India cargo and 44.8% in container cargo.

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, were approved by the Board and reviewed by the Audit Committee.

Financial highlights

• Net debt to EBITDA remains healthy at 1.9x, with gross debt at INR 56,776 crore and cash balance at INR 12,428 crore.

• Dividend income from JVs contributed INR 518 crore to other income, creating a year-over-year comparison aberration.

• Steady-state other income estimated at INR 335 crore for the quarter.

• EBITDA margin at 60.4% (vs. 60.2% YoY); consolidated ROCE at 16% as of FY26.

• Average debt maturity stands at 5.1 years.

Outlook and guidance

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

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

• Capacity expansion projects underway to reach 1 billion metric tons by 2031, with major brownfield and greenfield projects in progress.

• EBITDA guidance for FY27 will be revisited after H1, given ongoing macro uncertainties.

• The company continues to monitor regulatory changes, including the implementation of new Labour Codes and their impact on defined benefit obligations.