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Revenue
₹10,738 Cr
verified against source
Revenue YoY
25%
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 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.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for FY27 revenue growth of 11-16%, assuming conservative assumptions amid West Asia disruptions.
- Target to handle 1 billion tonnes of cargo by FY31, including 850 million tonnes domestic, with 20% ROCE.
- Management reiterated net debt to EBITDA ceiling of 2.5x, with flexibility for strategic M&A up to ~3.2x.
- Capex guided at ₹12,000-14,000 crore for FY27, accelerated for Mundra CT5, Dhamra expansion, and Vizhinjam phase two.
Risks flagged
- Continued disruptions in the Middle East could further depress container volumes and margins, especially at Mundra and Tuna.
- EBITDA margin declined to ~56% due to free storage, dry cargo mix changes, and operational resets; recovery timing uncertain.
- Talks for port concession extensions (e.g., Mundra) are ongoing but timing and terms are not controlled by management.
- Rupee depreciation increases gross debt burden; management uses natural hedges but exposure remains.
Key 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.
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