ADANIPORTS / Q4-FY26 / claim-ledger

Audit the questions that mattered.

Adani Ports · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ4-FY26 · 2026-04-13Back to quarter ↗

Questions audited

Answered directly

42%

Numeric claims

Consistency

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Question ledger

What was answered, and how?

Alok Deora · Motilal Oswal Financial Services

evasive

Why have EBITDA margins dropped from 59-60% to 56%? Is it one-off?

when we talk about margins, you always have a seasonality. The fundamentals are there, and we are delivering the fundamentals. As you saw, that overall port margins remain consistent.

Alok Deora · Motilal Oswal Financial Services

evasive

Will logistics margins improve as revenue grows to INR 20,000 crore by FY31?

our objective is to give you 20% return on capital employed at APSEZ level. How the business mix will change, how we will move forward, we wanted to give you an hypothesis so that you have in your mind.

Alok Deora · Motilal Oswal Financial Services

direct

Can 850 million tonnes volume be achieved from 1 billion tonnes capacity by 2030?

when we do the theoretical capacity planning, we always consider 20%, right? Always capacity planning is done at 80%. That I have 1 billion, you can see it is at 80% of the total capacity.

Manish Somaiya · Cantor Fitzgerald

partial

What are the key milestones over the next 12 months?

I think the Q1 is very important, because in Q1 we expect to get the business mix change. All the free storages and everything and the business mix change between the containers and so on, may be improved in next three months.

Manish Somaiya · Cantor Fitzgerald

partial

What is the sustainable margin for international ports?

they will be best in class as compared to their competitors in those regions. Obviously, they cannot match the margins which we make in India.

Manish Somaiya · Cantor Fitzgerald

direct

Why was CapEx higher than guidance?

We have accelerated the CapEx on. If you see Ambition 2031, slide number 20. We have accelerated our CapEx, A, in Mundra, because we are fully full and now we have CT5 which is coming up.

Koundinya Nimmagadda · Jefferies

partial

What assumptions underpin the 11-16% revenue growth guidance for FY27?

What we have done is the minimum range is that, we grow exactly as India is growing in optimistic way. If India growth goes down because of fuel and so on, we do 1.5x of India growth. That's our minimum.

Koundinya Nimmagadda · Jefferies

partial

How will 14% CAGR domestic volume growth be achieved by 2030?

we can grow 1.5x without inorganic. If India is growing at 7%, we can easily do 10% or 11%. Let's not forget the fact that we have five years where we have the merger and acquisitions.

Nikhil Nigania · Bernstein

evasive

Clarity on extension of concession agreements for Gujarat ports?

the talks are going on, and the talks are positive. We have to just wait for the conclusion.

Achal Lohade · Nuvama Institutional Equities

deflected

What is the five-year CapEx outlook for reaching 1 billion tonnes?

Slide number 20. In the Ambition Plan 2031, you will find all the details. Then in subsequent slide, you will see which commodity and which port.

Achal Lohade · Nuvama Institutional Equities

evasive

Are marine margins sustainable at current levels or one-off?

this is a business which is driven by the customer contracts. Definitely, we should not conclude this business depending on just one quarter. There is nothing to worry about.

Parag Sheth · HSBC

direct

Is the 2.5x net debt/EBITDA target a ceiling or aspirational?

2.5 is the ceiling, but even if I go to three with a quality asset, I will not have an issue with the rating agency.