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Informist, Tuesday, Oct. 28, 2025

 

By Sunil Raghu

 

AHMEDABAD – Adani Ports and Special Economic Zone Ltd. is expected to report a strong on-year rise in its consolidated net profit for the September quarter as cargo volumes handled at its ports increased, brokerages tracking the company said. Revenue growth is likely to be supported by the stabilisation of operations at its Colombo and Australian ports, which began operations in the previous quarter, and at the Vizhinjam container transhipment port in Kerala.

 

Adani Ports owns 15 ports across India with a total capacity of 633 million tonnes. It also operates ports in Israel, Australia, Tanzania, and Sri Lanka. In the September quarter, the company handled 123.8 million tonnes of cargo, up 11.6% on year and 3% on a trailing basis. In the first six months of the current financial year, its ports and terminals across India handled a total of 244.2 million tonnes of cargo, up 11.1% on year.

 

The company's consolidated net profit for the September quarter is expected to rise 33% on year to INR 33.2 billion, according to the average of estimates from five brokerages polled by Informist. On a trailing basis, the net profit is seen rising only marginally. Revenue for the quarter is likely to rise 29.5% on year to INR 91.5 billion. Kotak Securities Ltd. has the highest net profit estimate for Adani Ports at INR 34.2 billion, while Motilal Oswal Financials Services Ltd. has the lowest net profit estimate at INR 31.6 billion. Kotak Securities also has the highest revenue estimate at INR 95.4 billion, while Motilal Oswal Financials' estimate is the lowest at INR 86.6 billion.

 

Brokerages expect the port company's logistics business -- which includes transport, rail, warehousing, and marine services such as tugboats and port operations -- to drive revenue up 35%, as these newer segments expand rapidly. Revenue from the logistics segment was INR 11.7 billion in the June quarter, while that from the marine business was INR 5.4 billion, totalling 18% of the company's consolidated revenue of INR 91.3 billion. Adani Ports had posted a consolidated net profit of INR 33.1 billion in the June quarter.

 

The average of estimates for earnings before interest, tax, depreciation, and amortisation by the five brokerages is INR 54.3 billion, with JM Financial Institutional projecting it at INR 56.7 billion and Prabhudas Lilladher Pvt. Ltd. estimating it at INR 52 billion. Adani Ports will announce its September quarter earnings on Nov. 4.

 

The brokerages expect only a small variance in the EBITDA margin for Adani Ports in the September quarter. They expect it to fall up to 20 basis points or rise around 10 bps from 59.3% a year ago.

 

Brokerages will keep a close watch on steps taken by Adani Ports management to improve port utilisation, growth in the logistics business, and outline capital expenditure plans in detail. Adani Ports plans capital expenditure of INR 650 billion to INR 750 billion till 2028-29 (Apr-Mar). Of this, INR 450 billion to INR 500 billion will be spent on domestic ports, INR 150 billion to INR 200 billion on logistics and the remaining INR 50 billion on maintenance.

 

Tuesday, shares of Adani Ports closed 0.2% lower at INR 1,417.90 on the National Stock Exchange. The stock has risen nearly 5% since the company announced its June quarter results on Aug. 5.

 

Of the 10 research reports on the company available with Informist, nine have a 'buy' or equivalent rating on the stock with an average target price of INR 1,756 and one has a 'hold' call on the stock.

 

The following are the Jul-Sept. earnings estimates for Adani Ports & Special Economic Zone Ltd. from five brokerages in descending order of the estimate of net profit in INR million:

 

Brokerage	Net sales (in mln rupees)	Net profit (in mln rupees)	EBITDA (in mln rupees)
Kotak Securities Ltd.	95,405	34,192	56,384
JM Financial Institutional Securities Pvt. Ltd.	95,091	33,892	56,707
Sharekhan Ltd.	90,093	33,257	52,007
Nuvama Wealth Management Ltd.	90,424	33,065	54,346
Motilal Oswal Financial Services Ltd.	86,560	31,598	52,196
Average	91,514.60	33,200.80	54,328

 

End

 

Edited by Ashish Shirke

 

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