Adani Ports and Special Economic Zone (ADANIPORTS) Q4 24/25 earnings summary

Executive summary

• Achieved consolidated revenue growth to ₹100,365 crore for FY25, with 16% revenue, 20% EBITDA, and 37% net profit growth year-over-year, driven by strong performance in ports, logistics, marine, and incubating businesses.

• EBITDA increased 26% year-over-year to ₹16,722 crore, with significant contributions from ANIL Ecosystem, Airports, and Roads; net profit for FY25 reached ₹11,061.26 crore.

• Major acquisitions included Gopalpur, Vizhinjam, Colombo, and board approval for NQXT/Abbot Point Port Holdings in Australia; significant international expansion in Tanzania and Astro Offshore.

• Logistics revenue jumped 39% year-over-year, with new services and capital-light growth; marine business expanded to 115 vessels, targeting INR 3,300 crore revenue by FY27.

• Board recommended a dividend of ₹7 per share for FY 2024-25, up from ₹6, subject to shareholder approval.

Financial highlights

• Consolidated revenue from operations for FY 2024-25 was ₹30,475.33 crore, with net profit at ₹11,061.26 crore and EBITDA margin at 59%.

• Incubating businesses saw robust revenue and EBITDA growth: ANIL Ecosystem revenue up 63%, Airports up 27%, and Roads up 33% year-over-year.

• Net external debt increased to ₹49,306 crore as of March 2025, with gross debt at ₹76,236 crore; leverage reduced to 1.9x net debt/EBITDA for ports.

• Best-in-class ROCE at 21% for domestic ports, 13-14% for marine, and overall ROE close to 15%.

• Dividend payout increased, with potential for further increases as cash flow grows.

Outlook and guidance

• FY26 revenue guidance: INR 36,000-38,000 crore; EBITDA: INR 21,000-22,000 crore; CapEx: INR 11,000-12,000 crore.

• Navi Mumbai Airport expected operational by Q1 FY26; Ganga Expressway and Copper Plant targeted for FY26 completion.

• Volume guidance for FY26: 505-515 million metric tons, with container as the main growth driver.

• Marine business expected to triple revenue by FY27; logistics volume expected to grow 3-4x in FY25 over FY24.

• Goal to achieve a 1GW data center platform by 2030.