Earnings Review
Adani Ports PAT meets Street view, revenue beats estimates
This story was originally published at 16:17 IST on 30 April 2026
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--Adani Ports Jan-Mar consol net profit INR 33.29 bln
--Analysts saw Adani Ports Jan-Mar consol net profit at INR 33.15 bln
--Adani Ports Jan-Mar consol revenue INR 107.38 bln
--Analysts saw Adani Ports Jan-Mar consol revenue at INR 98.46 bln
--Adani Ports Jan-Mar consol PAT INR 33.29 bln vs INR 30.14 bln year ago
--Adani Ports Jan-Mar consol revenue INR 107.38 bln vs INR 84.88 bln year ago
--Adani Ports to pay INR 7.5 per share dividend
--Adani Ports dividend record date Jun 12
--Adani Ports FY26 consol PAT INR 128.06 bln vs INR 110.92 bln year ago
--Adani Ports FY26 consol revenue INR 387.36 bln vs INR 304.75 bln year ago
--Adani Ports Jan-Mar ports sales INR 94.94 bln vs INR 72.78 bln yr ago
--Adani Ports Jan-Mar operating margin at 56% vs 59% year ago
--Adani Ports expects FY27 revenue at INR 430 bln-INR 450 bln
--Adani Ports expects FY27 EBITDA at INR 250 bln-INR 260 bln
--Adani Ports expects FY27 capex at INR 120 bln-INR 140 bln
--Adani Ports Jan-Mar consol EBITDA INR 60.20 bln vs INR 50.06 bln yr ago
--Adani Ports Jan-Mar cargo volumes at 133.4 mln tn vs 117.9 mln tn yr ago
--Adani Ports: Surpassed FY26 guidance despite geopolitical, tariff tensions
--Adani Ports: Aims to more than double revenue, EBITDA by FY31
--Adani Ports: Aims 1 bln tn of port cargo by December 2030
--Adani Ports Jan-Mar domestic Mundra port volume 47 mln tn, dn 7% on yr
--Adani Ports Q4 total domestic volume 111.7 mln tn, unch on year
By Eshitva Prakash
MUMBAI – Adani Ports and Special Economic Zone Ltd.'s consolidated net profit rose more than 10% on year, in line with analysts' estimates for the March quarter. However, net profit growth was the slowest over the past two quarters. Revenue growth comfortably beat Street estimates, helping offset the impact of a sharp rise in expenses.
India's largest private port operator reported a consolidated net profit of INR 33.29 billion. Analysts had expected the company to report a consolidated net profit of INR 33.15 billion for the quarter. Net profit rose 9% sequentially, marking the first time in the last three quarters that the company has recorded positive growth quarter-on-quarter.
The company's top line rose to INR 107.38 billion in Jan-Mar, up nearly 27% on year and comfortably above the analysts' estimate of INR 98.46 billion. The company reported sales of INR 94.94 billion from ports and special economic zone activities during the quarter, up over 30% on year.
An over 47% on-year increase in its expenses to INR 79.38 billion limited profitability growth during the quarter, with operating expenses rising over 44% on year to INR 33.32 billion. However, a lower tax outgo in the March quarter helped to improve the company's bottom line. It reported a tax expense of INR 3.92 billion, down 23% on year and 31% sequentially.
Adani Ports' earnings before interest, taxes, depreciation and amortisation rose over 20% on year to INR 60.20 billion for the quarter under review. However, its operating margin declined to 56% in the March quarter from 59% a year ago.
The company's cargo volumes rose 13% on year to 133.4 million tonnes in Jan-Mar and increased 11% on year to 500.8 million tonnes in 2025-26 (Apr-Mar). However, its all-India cargo market share fell 30 basis points on year to 26%, while container market share declined 110 bps on year to 45.2%. The company's revenue from domestic ports rose 8% on year to INR 65.66 billion and from international ports surged 58% on year to INR 14.22 billion. The company aims to handle 1 billion tonnes of port cargo by December 2030.
Volumes at the Mundra port, which account for just under half of the company's total volumes, fell 7% on-year to 47 million tonnes in Jan-Mar. Volumes at ports, excluding Mundra Port, rose 6% on year to 64.7 million tonnes. The company's total domestic volume during the quarter was unchanged on year at 111.7 million tonnes.
The company said it expects revenue in the range of INR 430 billion to INR 450 billion in FY27. It expects EBITDA to range from INR 250 billion to INR 260 billion for the year. Adani Ports plans a capital expenditure of INR 120 billion to INR 140 billion in FY27.
The company reported a consolidated net profit of INR 128.06 billion in FY26, up over 15% from INR 110.92 billion in the year before. Its revenue rose over 27% to INR 387.36 billion.
Adani Ports surpassed its FY26 guidance despite geopolitical and tariff tensions, it said in a press release. Its management aims to more than double the company's revenue and EBITDA by FY31.
The company announced a dividend of INR 7.5 per share and has fixed Jun. 12 as the record date. Thursday, shares of the company ended 0.2% lower at INR 1,657.30 on the National Stock Exchange. End
Edited by Saji George Titus
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