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Revenue
₹8,488 Cr
verified against source
Revenue YoY
16%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Adani Ports delivered a stellar FY25 with 16% revenue growth, 20% EBITDA growth, and 37% PAT growth, surpassing all guidance. Domestic ports achieved a record 27% market share and 73% EBITDA margin, while Mundra became India's first port to cross 200 MMT. Logistics revenue surged 39% YoY, driven by new asset-light services like trucking and freight forwarding. Management guided FY26 revenue of INR 36,000-38,000 crore and EBITDA of INR 21,000-22,000 crore, with capex of INR 10,000-12,000 crore. The company is pivoting from volume-led to value-led growth, emphasizing ROCE and ROE. Key risks include global trade uncertainty and coal volume volatility, though management believes its multi-commodity portfolio mitigates these.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided FY26 revenue in the range of INR 36,000-38,000 crore, implying 12-18% growth over FY25.
- EBITDA guided at INR 21,000-22,000 crore for FY26, with margin expansion expected.
- Capex of INR 10,000-12,000 crore planned, primarily for container terminal expansion and logistics.
- Marine services revenue expected to cross INR 3,300 crore by FY27, driven by fleet expansion and long-term contracts.
Risks flagged
- Ongoing tariff disputes and trade policy uncertainty could impact cargo volumes, though management believes guidance is independent of this.
- India's thermal coal imports declined 9.4% in FY25, and further weakness could pressure volume growth. Management expects container growth to offset.
- International ports face geopolitical and currency risks, but management states these are factored into return expectations.
- New logistics businesses (trucking, freight forwarding) are at gestation stage with blended 10% margins; ramp-up to target levels may take time.
Key quotes
- We are shifting our financials from EBITDA percentage of domestic port to the absolute amount of revenue, absolute amount of profit in mid to long term by having a multimodal transport utility business.
- We are beyond volume. We are giving you separate ROCE. We are giving you a separate guidance note. In the guidance we have actually taken down the volume as a footnote.
- We are focusing on control over cargo than custody over the cargo.
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