Domestic Port Market Share
27.1%
+? YoY
Domestic ports handled 451 MMT, market share increased to 27.1%.
ADANIPORTS
Infrastructure
13 Apr 2026
Adani Ports and Special Economic Zone Ltd — Q4 FY26
Adani Ports delivered a strong FY26, exceeding guidance across revenue, EBITDA, and capex.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Logistics ROCE
10%
+400bps YoY
Logistics ROCE improved from 6% to 10%, driven by asset-light and asset-zero services.
International Ports EBITDA Growth
180%
+180% YoY
International ports EBITDA grew 180% led by CWIT Colombo ramp-up and NQXT Australia acquisition.
Net Debt to EBITDA
1.9x
-0.6x YoY
Net debt to EBITDA improved to 1.9x, well below the 2.5x ceiling.
Management Guidance
FY27 Revenue Growth 11-16%
Management guided for FY27 revenue growth of 11-16%, assuming conservative assumptions amid West Asia disruptions.
revenueAmbition 2031: 1 Billion Tonnes Cargo
Target to handle 1 billion tonnes of cargo by FY31, including 850 million tonnes domestic, with 20% ROCE.
growthNet 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.
otherCapex Acceleration in FY27
Capex guided at ₹12,000-14,000 crore for FY27, accelerated for Mundra CT5, Dhamra expansion, and Vizhinjam phase two.
capexKey Risks
Prolonged West Asia Crisis Impact
Continued disruptions in the Middle East could further depress container volumes and margins, especially at Mundra and Tuna.
high · analyst_questionMargin Compression from Business Mix Shift
EBITDA margin declined to ~56% due to free storage, dry cargo mix changes, and operational resets; recovery timing uncertain.
medium · analyst_questionConcession Renewal Uncertainty
Talks for port concession extensions (e.g., Mundra) are ongoing but timing and terms are not controlled by management.
medium · analyst_questionCurrency Depreciation Impact on Debt
Rupee depreciation increases gross debt burden; management uses natural hedges but exposure remains.
low · analyst_questionNotable Quotes
We said 500 million metric tons and we delivered it. This marks an India's infrastructure moment.
Every year we set a guidance and every year we exceeded. This is not by luck. This is integrated in our culture.
We have to choose the crisis before the crisis chooses us.