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Adani Ports reported healthy consolidated revenue growth of 19 percent YoY

ICICIdirect Research 30 Jul 2026 DISCLAIMER

News: Adani Ports reported healthy consolidated revenue growth of 19% YoY at ₹ 10820 crore for Q1FY27 aided by strong revenue growth in international ports (+80% YoY) and marine business (+67% YoY) verticals in Q1FY27. On a segmental basis Domestic Ports/ International Ports /Logistics /Marine – Up 12%/80%/0.3%/67% YoY at ₹ 6964 /₹ 1747 /₹ 1173 /₹ 901 crore respectively. International Ports revenues were driven by cargo volume of 22.8 MMT vs 7.7 MMT in Q1FY26 driven by addition of NQXT, Australia and ramp up in Columbo.  Marine operations growth driven by ongoing vessel additions (135 vessels vs 118 vessels in Q1FY26).  All India cargo market share at 27.6% vs 27.8%  in Q1FY26. Consolidated EBITDA was up 19% YoY at ₹ 6540 crore (EBITDA margins up 23 bps YoY to 60.4%). Notably, International ports/ Marine EBITDA margins improved to 42%/45% vs 21%/27% in Q1FY26. Overall, its consolidated PAT grew by 10% YoY to ₹ 3649 crore PAT margins down 388 bps YoY (+247 bps QoQ) to 31%.

View: Adani ports saw healthy Revenue and EBITDA growth of 19% YoY despite geopolitical uncertainty led by EXIM volumes and marine expansion speaks of it’s resourcefulness. The drop in domestic port volumes are temporary and the company expects to do better volumes in 9MFY27E. Capex for Q1FY27 is slightly ahead of guidance. Company has maintained its Revenue/ EBITDA guidance for FY27E of ~₹430-450/ ₹250-260 billion (+15-16% YoY).

Impact: Positive

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