Adani Ports and Special Economic Zone Ltd. reported FY26 revenue growth ahead of guidance, supported by higher cargo volumes and expansion in logistics and marine businesses, while brokerages raised target prices citing visibility on medium-term growth.
Revenue rose 25% year-on-year to Rs 38,736 crore in FY26, exceeding the company's guidance of Rs 38,000 crore. Earnings before interest, tax, depreciation and amortisation increased 20% to Rs 22,851 crore, also ahead of the stated range.
The company handled more than 500 million metric tonnes of cargo during the year, marking a first for its operations. Brokerages expect expansion to be driven by capacity additions, logistics scale-up and disciplined capital allocation over the medium term.
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Key Takeaways
The results reflect scale-up across core and adjacent businesses. Return on capital employed improved to 16% from 15% in the previous year.
"Our strong performance during the quarter underscores the resilience of our business model and the disciplined execution of our strategy," Ashwani Gupta, whole-time director and chief executive officer, said. "Despite geopolitical volatility and global tariff uncertainty, we surpassed our FY26 guidance, led by record cargo volumes. Logistics and Marine businesses also grew rapidly during the year."
He added that the company aims to more than double revenue and EBITDA by FY31, supported by a target of one billion tonnes of cargo by December 2030, expansion of asset-light services and growth in marine operations.
The board proposed a dividend of Rs 7.5 per share, with June 12, 2026 set as the record date.
Segment Performance
Domestic ports revenue rose 13% to Rs 25,755 crore, supported by market share gains. EBITDA from the segment increased 14% to Rs 18,849 crore, with margin at 73.2%. Capacity stood at 653 million metric tonnes at the end of March.
International ports revenue grew 34% to Rs 4,539 crore, driven by additions and ramp-up of assets. EBITDA margin improved to 28.6% from 13.7% a year earlier.
The logistics business recorded a 55% increase in revenue to Rs 4,478 crore, supported by growth in trucking and freight network services. EBITDA rose 34% to Rs 863 crore.
Marine operations saw revenue rise 134% to Rs 2,681 crore, while EBITDA increased 125% to Rs 1,357 crore. The fleet expanded to 136 vessels, with EBITDA margin at 51%.
Balance Sheet
Gross debt stood at Rs 55,103 crore, with cash balance of Rs 12,193 crore. Net debt to EBITDA was 1.9 times.
The company incurred capital expenditure of Rs 15,320 crore during the year. It also completed bond buybacks, including $199.57 million in March 2026 and $386.03 million in August 2025. Average debt maturity stood at 5.4 years as of March 31, 2026.
Credit ratings were affirmed or revised by multiple agencies, including CareEdge, India Ratings, Moody's and Fitch, all with stable outlooks.
Here's what brokerages said after the results announcement:
HSBC
- Maintain Buy; Hike TP to Rs 1,950 from Rs 1,800
- FY31 targets point to higher return on capital with organic growth
- Q4 EBITDA grew 20% year-on-year and exceeded expectations
- FY27 guidance seen as cautious but steady amid disruptions
- Guidance implies 18% EBITDA CAGR and 20% ROCE by FY31
- Target price raised on higher medium-term estimates
Goldman Sachs
- Maintain Buy with unchanged TP of Rs 1,710
- Revenue in line with estimates, with logistics and marine segments supporting growth
- Port cargo volumes rose 13% year-on-year in Q4
- Margins improved in logistics segment
- Management guided for revenue and EBITDA growth of 9-14% for FY27
- Medium-term growth outlook remains supported by multiple business segments
Jefferies
- Maintain Buy; Hike TP to Rs 1,980 from Rs 1,825
- EBITDA for the March quarter exceeded estimates
- Growth driven by domestic port realisations and capacity additions
- Company targets steady volume growth and expansion in capacity
- Focus remains on capital allocation and return metrics
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