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

Executive summary

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

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

• Cargo volumes reached 138.1 MMT, up 14% year-over-year, with international volumes surging 196%.

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

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

Financial highlights

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

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

• EBITDA margin at 60.4% (vs. 60.2% YoY); consolidated ROCE improved to 16%.

• Cargo volumes at international ports nearly tripled to 22.8 million metric tons.

• 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.

• EBITDA guidance for FY27 to be revisited after H1, given macro uncertainties and monsoon impact.

• Ongoing focus on acquisitions and strategic partnerships, including Jaypee Fertilizers & Industries and planned investment by Mundi Limited in Vizhinjam Port.