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 international acquisitions such as NQXT Australia and Abbot Point Port Holdings.

• 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

• Consolidated revenue from operations for FY26 was ₹38,735.77 crore, up from ₹30,475.33 crore year-over-year.

• EBITDA for FY26 was ₹24,872.48 crore, up from ₹19,061.78 crore year-over-year.

• PAT for FY26 was ₹12,782.03 crore, compared to ₹11,061.26 crore in the previous year.

• EBITDA margin at 59% (down from 61% in FY25) due to business mix changes.

• Net debt/EBITDA at 1.9x, with gross debt at ₹55,103 crore.

Outlook and guidance

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

• FY27 capex guidance: ₹12,000–14,000 crore, focused on port, logistics, and marine expansions.

• Ambition 2031 targets 1 billion tons capacity and 850 million tons domestic cargo.

• Net debt/EBITDA policy ceiling at 2.5x, with flexibility for strategic M&A.

• Conservative guidance maintained due to macro uncertainties and evolving business mix.