Adaniports Ltd — Q1 FY26
Adani Ports reported a mixed Q1 FY26 with strong growth in logistics and marine segments offsetting domestic port volume headwinds.
bullish
high
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Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
71%Questions answered1Evaded / deflected12Questions audited
Answered
High priority
Breakup of international volume and domestic volume growth excluding Vizhinjam, Dhamra, Gangavaram.
Asked by Nidhi Shah, ICICI Securities
Management provided specific volume breakdown for international ports.
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Question
What is the breakup for the V 7.2 that we are reporting?
Ashwani Gupta, Whole-Time Director and CEO
International, Haifa has done 2.9 million metric tons. Tanzania has done 3.5 million MT. Colombo has done 1.4 million MT. You are 7.7 as International contribution.
Partial answer
High priority
Why is volume drop only at Adani ports and not other Gujarat ports?
Asked by Nidhi Shah, ICICI Securities
Explained transshipment impact but did not directly compare with other Gujarat ports.
no specific competitor data given
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Question
Why is the case then like that only for us?
Pranav Choudhary, CEO Ports
Mundra is the last port of call... transshipment cargo out of Mundra... gateway cargo we've actually posted a handsome growth, about 4% or so.
Partial answer
Medium priority
Key growth drivers for logistics revenue improvement.
Asked by Nidhi Shah, ICICI Securities
Qualitative description but no quantitative breakdown of growth drivers.
no specific numbers given
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Question
What are some of the key growth drivers that we're seeing for the improvement of logistics revenues?
Divyej Taneja, CEO Logistics
Apart from rail and terminal side, there is also strong growth on trucking and forwarding... moving into a more integrated model.
Answered
Medium priority
Reason for moderation in EBITDA margin at Dhamra Port.
Asked by Priyankar Biswas, JM Financial
Explained seasonal factors and commodity mix impact.
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Question
I see that there has been some moderation in the EBITDA margin at Dhamra Port. Any specific reason behind this?
Pranav Choudhary, CEO Ports
No particular reason... seasonal variations... heavy incoming volume on coastal coal... lower iron ore volume.
Partial answer
High priority
How will volume catch up to FY26 guidance and EBITDA tracking despite lower volumes?
Asked by Priyankar Biswas, JM Financial
Provided qualitative recovery signs but no quantitative catch-up plan.
no specific monthly volume targets
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Question
Can you give the moving parts, like how we would catch up to at least the lower end of the guidance?
Ashwani Gupta, Whole-Time Director and CEO
Container 10% higher in July... energy demand coming back... ports like Colombo, Vizhinjam, Gangavaram doing better... believe to be within guidance.
Partial answer
Medium priority
Target ROCEs for logistics business and market share.
Asked by Priyankar Biswas, JM Financial
Gave ROCE target but did not address market share.
no market share number given
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Question
What is your eventual target ROCEs for the business, and if you can just add what would be our share in the real market.
Pranav Choudhary, CEO Ports
Return on equity expectation is 16% in rupee terms... threshold is 10% but expect significantly higher.
Answered
High priority
Is 89% margin at Vizhinjam the new normal?
Asked by Achal Lohade, Nuvama Institutional Equities
Explained one-time support and normalized margin expectation.
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Question
The 89% margin, is that a new normal?
Pranav Choudhary, CEO Ports
Vizhinjam includes INR 92 crore of government support... remove that 92%, gives healthy 45% EBITDA margin... expect to catch up with regular margins.
Partial answer
High priority
Why is other cargo at Mundra down 30% YoY?
Asked by Achal Lohade, Nuvama Institutional Equities
Explained coal decline but did not fully address other cargo components.
did not address non-coal dry cargo specifically
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Question
If I look at the other cargo like in case of dry cargo, it's down like 30% YoY.
Ashwani Gupta, Whole-Time Director and CEO
Coal linked to energy demand... thermal power generation down 8%... market share in coking coal up 9.8%, power coal up 3.1%.
Answered
High priority
Bulk of incremental volume growth domestic or international? Downfield expansion vs acquisition?
Asked by Parash Jain, HSBC
Provided clear strategy on domestic vs international and capex priorities.
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Question
Is it fair to say that bulk of the incremental volume growth would be domestic? Can you tell us what's in your mind with respect to downfield expansion...
Ashwani Gupta, Whole-Time Director and CEO
We keep 1 billion MT by 2030... 115 from International... may think of doing more than 150 in International... first priority is capacity expansion in containers.
Evasive
High priority
Will revenue/EBITDA beat guidance given volume miss?
Asked by Alok Deora, Motilal Oswal
Did not confirm or deny beating guidance; instead discussed business transformation.
reframed the questionno direct answer on guidance
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Question
Is it fair to assume that you would kind of do more than the guided numbers, or are we seeing some sort of maybe a realization or a margin kind of coming down?
Ashwani Gupta, Whole-Time Director and CEO
We are not linking financial numbers with cargo volume... transforming to integrated transport utility... financial models need to be updated.
Answered
Medium priority
What is competition not doing that allows Adani to gain logistics share?
Asked by Manish Somaiya, Cantor Fitzgerald
Provided specific differentiators vs competition.
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Question
What is the competition not doing well in the marketplace that's allowing you to gain such a strong growth and share in logistics?
Ashwani Gupta, Whole-Time Director and CEO
Two things: technology platform and people... recruiting fresh people, training them, giving them air conditioned accommodation...
Answered
Medium priority
Steady state margins for logistics business.
Asked by Pulkit Patni, Goldman Sachs
Provided specific margin target range.
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Question
Where should these margins stabilize as the mix changes further towards trucking as a segment?
Pranav Choudhary, CEO Ports
We should creep up in margin... get to anywhere between 35%-40% in three, four years.