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Informist, Monday, Jul. 27, 2026

 

By Anand JC

 

MUMBAI – Adani Ports and Special Economic Zone Ltd. is expected to report the weakest on-year growth in its consolidated bottom line in the last 14 quarters for the June quarter, according to brokerage estimates. Its revenue growth is projected to slow down to a six-quarter low, but is still expected to be higher than profit growth, indicating a margin pressure on the bottom line from higher costs. The company has already disclosed healthy growth in volumes handled across its ports in the reporting quarter despite the disruptions due to the ongoing war in West Asia.

 

Adani Ports' consolidated net profit is expected to grow a paltry 1.8% on year to INR 33.75 billion for the June quarter, according to the average of eight estimates. Projections for the ports major's bottom line range between INR 30.77 billion from JM Financial Institutional Securities Pvt. Ltd. and INR 36 billion from Nuvama Wealth Management Ltd.

 

The company's consolidated revenues for the reporting quarter are seen at INR 105.61 billion, up 16% on year, according to the average of estimates. The highest estimate for Adani Ports' top line is INR 108.39 billion from Prabhudas Lilladher Pvt. Ltd. and the lowest is INR 95.27 billion from JM Financial.

 

Adani Ports, part of the Adani Group, is India's largest integrated transport company, handling around 27% of the country's overall cargo. Apart from transport and logistics, the company counts marine support services as a key growth vertical, through which it provides services across domestic and international ports.

 

Adani Ports' revenues are likely to increase 16% on year to INR 106.13 billion, according to Emkay Global Financial Services Ltd. This would be because of a 12% on-year growth in its domestic ports business, 47% growth in international ports business, and a 45% growth in the marine segments, offset by subdued quarter for its logistics segment due to route rationalisation in railways, higher cost pressures in trucking, and higher freight rates overall, Emkay said.

 

In India, the company operates a network of 15 ports, with key ones being Mundra port in Gujarat, Krishnapatnam port in Andhra Pradesh, Vizhinjam port in Kerala, among others. Its international ports include Haifa in Israel, Dar es Salaam in Tanzania, NQXT in Australia, and Colombo in Sri Lanka. Adani Ports handled 138.1 million tonnes of cargo in the June quarter, up 15% on year, the company had said in a quarterly update. Its container volumes grew 18% on year and liquids grew 12%.

 

The 15% volume growth recorded in the June quarter was the highest in the last five quarters, according to data available with Informist. Volumes handled by Adani Ports had improved 13% in the March quarter and 11% in the June quarter a year ago.

 

"The port volumes growth is driven by inorganic elements and transshipment volumes with modest growth assumption for domestic port volumes," Kotak Securities Ltd. said. By "inorganic elements", the brokerage firm referred to the addition of volumes at NQXT, which the company acquired only recently. Prabhudas Lilladher attributed the growth in volumes handled by Adani Ports to sustained container throughput across ports, mainly in Vizhinjam and Colombo West International Terminal, despite the disruption in trade flows due to the conflict in West Asia.

 

Adani Ports' consolidated earnings before interest, tax, depreciation, and amortisation for the June quarter is likely to grow 12% on year to INR 61.54 billion, according to the average of estimates. The highest estimate for its consolidated EBITDA is INR 63.97 billion from Elara Securities (India) Pvt. Ltd. and the lowest is INR 56.41 billion from JM Financial.

 

Analysts expect Adani Ports' EBITDA margin to contract due to higher contribution from lower-margin non-ports and international businesses. "We model in around 59?ITDA margin, down around 150 bps QoQ (quarter-on-quarter) on account of growing share of lower-margin international business (transshipment, NQXT businesses) and high base of domestic port EBITDA margin (the company had booked a one-time income from Vizhinjam port in the March quarter)," Kotak Securities said.

 

"Ongoing capacity additions, coupled with the gradual scaling up of Vizhinjam International Seaport, should support medium-term volume and earnings growth," Elara Securities said. According to the brokerage, key points to monitor include the durability of volume growth at the company's ports, execution of ramp-up activities at its international ports, and operations in the logistics segment.

 

Adani Ports will announce its earnings for the June quarter Wednesday. Monday, its shares ended at INR 1,770.4 apiece on the National Stock Exchange, marginally up from Friday. The stock is up 7% since its March quarter earnings were announced on Apr. 30.  

All nine brokerage reports on the company available with Informist have a "buy" recommendation on the stock with an average target price of INR 2,022 per share. This is roughly 14% higher than the current market price.

 

Following are the consolidated June quarter earnings estimates of Adani Ports and Special Economic Zone from eight brokerages, in descending order of the estimate of net profit, in INR billion:

 

Brokerages	Net sales	Net profit	EBITDA
Nuvama Wealth Management Ltd.	106.19	36.00	62.94
PhillipCapital (India) Pvt. Ltd.	107.24	34.70	62.90
Emkay Global Financial Services Ltd.	106.13	34.53	60.17
Prabhudas Lilladher Pvt. Ltd.	108.39	34.13	61.24
Elara Securities (India) Pvt. Ltd.	107.52	33.69	63.97
Motilal Oswal Financial Services Ltd.	107.52	33.49	62.09
Kotak Securities Ltd.	106.59	32.66	62.57
JM Financial Institutional Securities Pvt. Ltd.	95.27	30.77	56.41
Average	105.61	33.75	61.54

 

End

 

Edited by Shubhayan Bhattacharya

 

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