Adani Ports and Special Economic Zone (ADANIPORTS) Q2 25/26 earnings summary

Executive summary

• Achieved record financial and operational performance in Q2FY26, with all-time highs in revenue, EBITDA, free cash flow, and market share; cargo volumes rose 12% YoY in Q2.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025.

• Strategic focus on logistics, marine, and international ports has driven significant improvements and global expansion.

• Strengthened balance sheet and improved credit outlook, with Fitch revising rating to stable and S&P to positive.

• Recognized for sustainability efforts, with top ESG ratings and multiple awards.

Financial highlights

• Q2FY26 revenue reached ₹9,167.46 crore, up 30% YoY; H1FY26 revenue was ₹18,294 crore, up 25% YoY.

• Q2FY26 EBITDA grew 27% to ₹5,550 crore; net profit rose 29% to ₹3,310.60 crore; H1FY26 net profit was ₹6,431 crore.

• Operating cash flow in H1FY26 was ₹9,503 crore (86% of EBITDA); capex at ₹6,462 crore.

• Domestic ports revenue grew 15% to ₹6,351 crore, with 8% cargo growth and record 28% market share.

• Marine revenue grew 237% to ₹641 crore; vessel count increased to 127.

Outlook and guidance

• Five-year CapEx plan of ₹75,000 crore, focusing on port expansions, logistics parks, and vessel acquisitions.

• FY26 revenue guidance: ₹36,000–38,000 crore; EBITDA: ₹21,000–22,000 crore; capex: ₹11,000–12,000 crore.

• Net debt/EBITDA at 1.8x, with average debt maturity extended to 5.2 years; policy capped at 2.5x.

• Confident in achieving one billion metric ton volume target by FY30, with meaningful market share and financial discipline.

• No adverse impact anticipated from regulatory or legal matters.