India · Delayed Price · Currency is INR Adani Ports and Special Economic Zone Earnings Call Transcripts
Fiscal Year 2026
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FY 2026 saw 25% revenue growth, 20% EBITDA growth, and 16% PAT growth, with strong performance across domestic, international, logistics, and marine segments. CapEx was accelerated to support expansion, while net debt/EBITDA improved to 1.9x. Guidance remains conservative amid macro uncertainties.
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Q3 FY2026 saw robust double-digit growth in revenue and EBITDA, with logistics up 62% year-over-year and international business scaling rapidly. Guidance was raised, leverage remains low, and major expansions like Vizhinjam Phase II are underway, supporting strong long-term targets.
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Q2FY26 saw record revenue, EBITDA, and market share, with strong growth across domestic, international, logistics, and marine segments. Strategic investments and operational efficiency drove higher margins and ROCE, while the balance sheet and credit outlook improved.
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Strong YoY growth in International, Logistics, and Marine segments drove higher margins and market share, despite Q1 volume softness from geopolitical and energy demand factors. Management remains confident in meeting FY2026 guidance, with S&P upgrading outlook to positive.
Fiscal Year 2025
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Reported 16% revenue, 20% EBITDA, and 37% net profit growth year-over-year, with strong performance across domestic ports, logistics, and marine segments. FY26 guidance targets further revenue and EBITDA growth, with continued focus on high ROCE and risk mitigation.
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Revenue, EBITDA, and PAT saw strong double-digit growth year-over-year, with upgraded FY25 guidance and improved margins. Logistics and international segments are expanding rapidly, and major port and tech initiatives are on track.
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Cargo volumes grew 9% year-over-year to 220 MMT in H1 FY25, with revenue, EBITDA, and PAT up 13%, 21%, and 42%, respectively. Major acquisitions and expansions, strong container and logistics growth, and improved margins support confidence in meeting full-year guidance.
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Q1 FY25 delivered record revenue, EBITDA, and PAT, with 8% YoY cargo growth and strong container performance. New concessions, capacity expansions, and improved credit ratings support a positive outlook, while CapEx and financial discipline remain on track.