Adani Ports and Special Economic Zone (ADANIPORTS) Q4 25/26 earnings summary

Executive summary

• Achieved record cargo volume of 500.8 million metric tons in FY26, up 11% year-over-year, with international volumes surging 154% and container volumes up 19%.

• Revenue grew 25% year-over-year to ₹38,736 crore, EBITDA rose 20% to ₹24,872.48 crore, and PAT increased 16% to ₹12,782.03 crore.

• Expanded port and logistics infrastructure, including new terminals, capacity upgrades, and major international acquisitions such as APPH and Astro Offshore Group.

• Maintained strong market share: 27.1% of all-India cargo and 45.5% of container market.

• Board recommended a dividend of ₹7.50 per share for FY26, subject to shareholder approval.

Financial highlights

• Q4 FY26 revenue was ₹10,738 crore (up 26% YoY), EBITDA ₹6,020 crore (up 20% YoY), PAT ₹3,308 crore (up 9% YoY).

• FY26 EBITDA margin at 59% (down from 61% in FY25) due to mix shift toward higher ROCE businesses.

• Gross debt at ₹55,103 crore, net debt/EBITDA at 1.9x, and average debt maturity at 5.4 years.

• Cash flow from operations was 85-90% of EBITDA, totaling ₹20,356.25 crore for the year.

• Board proposed a dividend of ₹7.5 per share for FY26.

Outlook and guidance

• FY27 revenue guidance: ₹43,000–45,000 crore (11–16% growth); EBITDA: ₹25,000–26,000 crore (9–14% growth).

• Ambition 2031 targets 1 billion tons capacity and 850 million tons domestic cargo, with no change in long-term volume guidance.

• CapEx to be accelerated in key ports and technology, aiming for over 1 billion capacity by 2030.

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

• The Board scheduled the 27th AGM for June 24, 2026, and set June 12, 2026, as the record date for dividend entitlement.