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Informist, Sunday, Feb. 1, 2026

 

By Anand JC

 

MUMBAI – The consolidated top line of Adani Ports and Special Economic Zone Ltd. is likely to rise in double digits for the December quarter as its port volumes grew nearly by double digits, according to analysts. The company handled cargo volumes of 123.1 million tonnes in the reporting quarter, up nearly 10% on year. Additionally, ramp-up at the Vizhinjam port in Kerala and at the Colombo West International Terminal in Sri Lanka are expected to support the company's profitability for the latest quarter, brokerages said.

 

The Adani Group company's consolidated net profit for the reporting quarter is projected to increase 28% on year to nearly INR 32.66 billion, according to the average of estimates from seven brokerages. Its consolidated revenue is expected to rise almost 17% on year to INR 92.92 billion, according to the average of estimates. From the trailing quarter, the net profit is likely to increase 5% and revenue is expected to grow 1.4%, the estimates show. The ports operator will announce its December quarter results Tuesday.

 

The highest estimate for the company's net profit is INR 34.80 billion from JM Financial Institutional Securities Pvt. Ltd. while the lowest estimate is INR 30.74 billion from Elara Securities (India) Pvt. Ltd. The highest estimate for Adani Ports' December quarter revenue is INR 95.55 billion from Kotak Securities Ltd. and the lowest is INR 90.68 billion from Nuvama Wealth Management Ltd.

 

Logistics and ports companies had an unfavourable base in the December quarter as the pre-festive season demand this year was spread across the September and December quarters in 2025, whereas it was concentrated only in the December quarter in the previous year, Emkay Global Financial Services Ltd. said in a note.

 

Adani Ports is India's largest commercial port operator, with a market share of 27% of the country's total cargo volume as on 2024-25 (Apr-Mar). The company operates over 11 ports and terminals with a combined capacity of 633 million tonnes per annum across seven states. Additionally, it also has ports in Israel, Sri Lanka, and Tanzania. Recently, it completed the acquisition of the North Queensland Export Terminal in Australia. Adani Ports' volume grew 9.6% on year in the December quarter, led by container volume growth at the Mundra, Vizhinjam, and Colombo ports, Prabhudas Lilladher said.

 

The company operates a fleet of over 114 tugs and over 28 dredgers for marine services, and provide comprehensive supply chain solutions, including rail, road, and warehousing. 

 

"ADSEZ's (Adani Ports) logistics and marine businesses are expected to deliver strong sequential growth, with sharp increase expected in revenue. This reflects continued ramp-up in rail, trucking, ICDs (in-land container depots), and international freight, reinforcing ADSEZ's integrated transport utility strategy," Prabhudas Lilladher said.

 

Revenue of the company's ports business is expected to grow 11% on year while that of its logistics business is projected to rise 60% on year, Emkay said. In the year-ago quarter, the company's domestic ports business' revenue had grown 8% on year to INR 59.94 billion while that of its logistics business had grown 31% on year to INR 6.93 billion.

 

"The residual portfolio has likely grown a feeble low-single digit YoY, reasonable in the context of sectoral trends and constraints in Mundra (Tata Power plant closure, Iran oil embargo)," Kotak Securities said. Tata Power Co. Ltd.'s supercritical thermal power plant at Mundra in Gujarat is currently suspended due to a disagreement over power purchase agreements with the states that buy power from that unit. Tata Power imports coal for this 4,000 megawatt plant through the Mundra port operated by Adani Ports.

 

The company's consolidated earnings before interest, tax, depreciation, and amortisation for the December quarter are expected to be INR 55.91 billion, which would translate to a year-on-year growth of a little over 16%, according to the average of estimates. The highest estimate for Adani Ports' EBITDA is INR 56.85 billion from Kotak Securities and the lowest estimate is INR 54.16 billion from Nuvama.

 

Analysts expect the company's EBITDA margin for the reporting quarter to be stable year-on-year despite higher contribution of its lower-margin non-ports businesses such as the marine and logistics businesses. The company's EBITDA margin in the year-ago quarter and the September quarter was 60.3% and 60.5%, respectively.

 

Adani Ports was the first Adani group company to be added to Nifty 50 and has been a part of the benchmark index since 2015. Adani Enterprises Ltd. is the only other Adani group stock on the benchmark Nifty 50 index. Sunday, Adani ports shares closed 5.3% lower at INR 1,344.90 on the National Stock Exchange. The stock has fallen roughly 7% since it disclosed its September quarter earnings.

 

All seven research reports on the company available with Informist have a 'buy' or equivalent recommendation on the stock with an average target price of INR 1,819. This is nearly 28% higher than the current market price.

 

Following are the consolidated Oct-Dec earnings estimates for Adani Ports and Special Economic Zone Ltd. from seven brokerage firms in the descending order by the estimate of net profit in INR billion:

 

Brokerages	Net sales	Net profit	EBITDA
JM Financial Institutional Securities Pvt Ltd	91.58	34.80	55.81
Kotak Securities Ltd	95.55	33.81	56.85
Emkay Global Financial Services Ltd	93.85	33.64	56.23
Motilal Oswal Financial Services Ltd	93.05	32.54	55.78
Prabhudas Lilladher Pvt Ltd	92.94	31.61	56.67
Nuvama Wealth Management Ltd	90.68	31.50	54.16
Elara Securities (India) Pvt Ltd	92.79	30.74	55.90
Average	92.92	32.66	55.91

 

End

 

Edited by Akul Nishant Akhoury

 

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