Adani Ports

Adani Ports delivered a strong FY26, exceeding guidance across revenue, EBITDA, and capex. Revenue grew 25% YoYCurrent reported value: 25% YoY. No comparable prior figure is available in the source record., EBITDA 20%Current reported value: 20%. No comparable prior figure is available in the source record., and PAT 16%Current reported value: 16%. No comparable prior figure is available in the source record., driven by domestic port market share of 27.1%Current 27.1%. Reported change: +? YoY., international port EBITDA surging 180%Current 180%. Reported change: +180% YoY. (led by CWIT Colombo and NQXT Australia), and logistics revenue up 55% with ROCE doubling to 10%Current 10%. Reported change: +400bps YoY.. 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.