Adani Ports vs Tara Chand Infralogistic Q4 FY26

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Adani Ports

Q4 FY26 · Infrastructure

Adani Ports delivered a strong FY26, exceeding guidance across revenue, EBITDA, and capex. Revenue grew 25% YoY, EBITDA 20%, and PAT 16%, driven by domestic port market share of 27.1%, international port EBITDA surging 180% (led by CWIT Colombo and NQXT Australia), and logistics revenue up 55% with ROCE doubling to 10%. Management unveiled 'Ambition 2031' targeting 1 billion tonnes cargo (850Mt domestic) with 20% ROCE and 18-19% CAGR. Near-term guidance for FY27 is conservative (11-16% revenue growth) due to West Asia disruptions and business mix normalization. Key risk: prolonged Middle East crisis could further pressure container volumes and margins.

Guidance read

FY27 Revenue Growth 11-16%: Management guided for FY27 revenue growth of 11-16%, assuming conservative assumptions amid West Asia disruptions. Ambition 2031: 1 Billion Tonnes Cargo: Target to handle 1 billion tonnes of cargo by FY31, including 850 million tonnes domestic, with 20% ROCE. Net Debt to EBITDA Ceiling of 2.5x: Management reiterated net debt to EBITDA ceiling of 2.5x, with flexibility for strategic M&A up to ~3.2x. Capex Acceleration in FY27: Capex guided at ₹12,000-14,000 crore for FY27, accelerated for Mundra CT5, Dhamra expansion, and Vizhinjam phase two.

Risk read

Key risks include Prolonged West Asia Crisis Impact — Continued disruptions in the Middle East could further depress container volumes and margins, especially at Mundra and Tuna.; Margin Compression from Business Mix Shift — EBITDA margin declined to ~56% due to free storage, dry cargo mix changes, and operational resets; recovery timing uncertain.; Concession Renewal Uncertainty — Talks for port concession extensions (e.g., Mundra) are ongoing but timing and terms are not controlled by management.; Currency Depreciation Impact on Debt — Rupee depreciation increases gross debt burden; management uses natural hedges but exposure remains..

Promise ledger

Scorecard data is being built as historical quarters are processed.

Tara Chand Infralogistic delivered a solid FY26 with revenue of ₹284.8 crore (+14.9% YoY) and EBITDA of ₹105.5 crore (+27% YoY), driving EBITDA margin expansion of ~400bps to 37.05%. The equipment rental segment (60% of revenue) grew 23% YoY with standalone rental margins at 62%, while renewable energy mix tripled to 15%. PAT growth lagged at 12% due to higher depreciation and finance costs from ₹290 crore capex over two years. Q4 revenue of ₹89.5 crore missed the ₹100 crore target due to ~₹10 crore project deferrals and slower Danuni stockyard ramp-up. FY27 guidance: 20-25% revenue growth, EBITDA margins sustained at 37-38%, and capex of ₹80-100 crore. Key risk: receivable days stretched to 93 (target 80) due to RINL contract closure, with recovery expected in H1 FY27.

Guidance read

FY27 revenue growth target of 20-25%: Management targets 20-25% revenue growth for FY27, driven by equipment rentals and specialized services. EBITDA margin sustained at 37-38%: Management expects EBITDA margins to remain in the 37-38% band for FY27. Capex of ₹80-100 crore in FY27: Planned capital expenditure for FY27 is in the range of ₹80-100 crore, calibrated to client demand. Net debt-to-equity below 1x: Management reiterated its ceiling of net debt-to-equity below 1x.

Risk read

Key risks include Receivable days stretched to 93 days — Receivable days closed at 93 vs target of 80, partly due to RINL contract closure. Recovery expected in H1 FY27.; Project execution delays causing revenue deferral — Q4 revenue missed target by ~₹10 crore due to project execution delays at client sites, deferred to Q1 FY27.; Margin dilution from new metallics subsidiary — Analyst raised concern about potential margin dilution from Tarachand Metallics; management provided no concrete numbers.; Foreign currency fluctuation impacting equipment costs — Management cited forex volatility as a risk for new equipment purchases, though mitigated by annual purchase plans..

Promise ledger

Scorecard data is being built as historical quarters are processed.