Adani Ports and Special Economic Zone Limited (ADANIPORTS)
₹1,750.80 +0.44% last close, 16 Oct
Q2 FY27 results
📅 Next results: 28 Oct 2026 (board meeting)Adani Ports and Special Economic Zone Limited's board meets on 28 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Adani Ports' revenue was ₹10,821 Cr (+18.6% year on year, +0.8% on the previous quarter), and net profit ₹3,650 Cr (+10.2% year on year); the operating margin was 60.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹10,821 | +18.6% | +0.8% |
| Operating profit | ₹6,541 | +19.0% | +8.6% |
| Net profit | ₹3,650 | +10.2% | +10.3% |
| EPS (₹) | 15.71 | +2.4% | +8.7% |
| Operating margin | 60.4% | — | — |
ADANIPORTS delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 56.14% of the ADANIPORTS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 60.71%. That is close to its usual level. Volume was 0.5 times its average, well below normal. In ADANIPORTS futures, open interest fell 1.35% while the futures price fell 0.41%: long unwinding (longs closing out).
Delivery in the last 5 sessions: 93.3% · 71.9% · 53.6% · 61.7% · 56.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Adani Ports and Special Economic Zone Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from RTA MUFG Intime India confirms that all share certificates received for dematerialisation during the period were duly processed, confirmed, or rejected within prescribed timelines. Furthermore, the mutilated certificates were cancelled and depository records updated accordingly. This is a standard administrative compliance filing with no impact on operations or financials.
- Quarterly compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarter ended September 30, 2026
- Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 3, 2026
- Confirms timely mutilation and cancellation of dematerialised securities
Adani Ports and Special Economic Zone Limited (APSEZ) has incorporated a wholly owned subsidiary, Paradip Mahanadi Terminal Limited, on October 6, 2026. The new entity has an initial authorized and paid-up share capital of Rs 5,00,000 (50,000 equity shares of Rs 10 each). It has been set up specifically for the development and operations of two dry bulk berths at Paradip Port in Odisha. This project supports APSEZ's broader East Coast expansion and long-term goal of scaling domestic cargo capacity towards 850 MMT by 2030.
- Incorporated wholly owned subsidiary Paradip Mahanadi Terminal Limited on October 6, 2026
- Authorised and paid-up share capital stands at Rs 5,00,000 divided into 50,000 shares of Rs 10 each
- Formed for the development and operations of 2 dry bulk berths at Paradip Port, Odisha
- APSEZ holds 100% ownership and control in the newly incorporated entity
Adani Ports handled 46 MMT of cargo in September 2026, delivering an 11% YoY growth driven primarily by a 15% increase in container volumes. For H1 FY27, cumulative cargo volume reached 280 MMT (+15% YoY), supported by 15% growth across both container and dry cargo segments. In logistics, rail volumes for September 2026 grew 3% YoY to 62,302 TEUs, although H1 FY27 rail volumes declined 13% YoY to 312,763 TEUs. The overall cargo momentum remains consistent with the company's annual run rate, where H1 FY27 volumes track well against the broader growth target.
- Cargo volume in September 2026 reached 46 MMT, up 11% YoY
- Container segment led September monthly growth, rising 15% YoY
- H1 FY27 total cargo handled stood at 280 MMT, growing 15% YoY
- Both containers and dry cargo grew 15% YoY during H1 FY27
- Logistics rail volumes reached 62,302 TEUs in Sep'26 (+3% YoY), but fell 13% YoY in H1 FY27 to 312,763 TEUs
Adani Ports and Special Economic Zone (APSEZ) has inaugurated the Phase II expansion of its Colombo West International Terminal (CWIT), doubling terminal capacity from 1.6 million to 3.2 million TEUs. The total investment for the terminal stands at USD 750 million (~Rs 6,250 crore, or ~15% of TTM revenue). Developed under a 35-year BOT concession with John Keells Holdings and the Sri Lanka Ports Authority, CWIT has already handled 2 million TEUs within its first 18 months of operation. The expanded facility allows simultaneous berthing of three ultra-large container vessels and aims to capture 25% of Port of Colombo's 13 million TEU throughput target by 2028.
- Doubles CWIT container capacity from 1.6 million TEUs to 3.2 million TEUs
- Involves a total project investment of USD 750 million
- Terminal handled 2 million TEUs within its first 18 months of operation
- Enables simultaneous berthing of three ultra-large container vessels under a 35-year BOT concession
- Aims to handle ~25% of Port of Colombo's targeted 13 million TEU capacity by 2028
SEBI has issued a settlement order for Adani Ports and Special Economic Zone Limited, its directors Gautam S. Adani and Rajesh S. Adani, and three erstwhile directors. The proceedings pertained to alleged historical violations of shareholding and listing regulations, including Rule 19A of SCRR and Regulations 31 and 38 of SEBI LODR. The settlement was concluded without admitting or denying the findings of fact or conclusions of law upon payment of ₹37,05,000. The financial impact is entirely immaterial relative to the company's annual PAT of ₹12,781.8 Cr (FY26).
- SEBI approved settlement terms for alleged non-compliances under SCRR 1957 and SEBI Listing Regulations
- Settlement amount finalized at INR 37,05,000 across the company and named directors
- Pertains to directors Gautam S. Adani, Rajesh S. Adani, and three erstwhile directors
- Order passed on September 28, 2026, without admission or denial of findings of fact
SEBI has issued a settlement order resolving proceedings against Adani Ports' Managing Director Karan Adani and former CFO B. Ravi under SEBI Settlement Regulations, 2018. The settlement pertains to alleged violations of Regulation 17(8) of SEBI LODR read with Section 21 of SCRA, settled on a 'neither admitting nor denying' basis. Both individuals have paid a settlement amount of INR 13,65,000 each. The company confirmed there is nil financial impact on APSEZ.
- SEBI settlement order received on September 10, 2026
- Managing Director Karan Adani paid settlement charges of INR 13,65,000
- Former CFO B. Ravi paid settlement charges of INR 13,65,000
- Nil financial impact on the listed company Adani Ports and SEZ Ltd
Adani Ports and Special Economic Zone Limited (APSEZ) has received a Letter of Award (LOA) from Paradip Port Authority for the development and operation of two dry bulk berths (CQ-I & CQ-II) in Odisha. The project will be executed under a Build, Operate and Transfer (BOT) model with a 30-year concession period. This win adds 18 MMT of mechanized dry bulk capacity, expanding APSEZ's domestic capacity from 653 MMT to 671 MMT. Total project value is not ascertainable as it depends on future cargo throughput, and the formal agreement is scheduled to be signed within 30 days.
- Awarded 30-year concession on BOT basis to mechanize, operate, and maintain CQ-I & CQ-II Berths at Paradip Port
- Adds 18 MMT of dry bulk capacity, expanding APSEZ's domestic portfolio from 653 MMT to 671 MMT (+2.76%)
- Concession Agreement to be signed within 30 days of the LOA issuance
- Strengthens presence across India's East Coast alongside existing 140 MMT capacity across Haldia, Dhamra, Gopalpur, and Gangavaram
Adani Ports and Special Economic Zone Limited has informed the exchanges regarding a scheduled physical visit for institutional investors and analysts to its Vizhinjam port facility. The site visit is scheduled to take place on September 19, 2026. The company stated that the presentation for the meeting has been made available on its official website.
- Event: Physical site visit for institutional investors and analysts
- Venue: Vizhinjam port
- Scheduled Date: September 19, 2026
- Meeting presentation uploaded to the company website
Adani Ports and Special Economic Zone Ltd (APSEZ) has launched a dedicated Empty Container Yard (ECY) with integrated warehousing at Mundra Port and SEZ. Mundra Port currently handles nearly 35% of India's container trade, with empty container volumes estimated at ~1.6 million TEUs annually. As part of its Ambition 2031 roadmap, APSEZ plans to add over 6 million TEUs of container capacity over the next five years. The new facility provides end-to-end services including storage, maintenance, inspection, and faster turnaround to reduce logistics costs.
- Launched dedicated Empty Container Yard (ECY) at Mundra Port handling ~1.6 million TEUs of empty containers annually.
- APSEZ commands 45.5% of India's container market share in FY26, with Mundra handling nearly 35% of total container trade.
- Plans to add more than 6 million TEUs of container handling capacity across its network over the next 5 years.
- APSEZ currently maintains 653 million tonnes per annum port capacity, targeting 1 billion tonnes throughput by 2030.
Adani Ports and Special Economic Zone Limited has disclosed its schedule for upcoming institutional investor and analyst interactions in September 2026. The management will attend the Jefferies 5th India Forum in Gurgaon on September 17, followed by the J.P. Morgan India Conference in Mumbai on September 21, 2026. Additionally, the company will participate in the 33rd CITIC CLSA Flagship Investors' Forum in Hong Kong on September 22, 2026. All meetings are scheduled in physical mode.
- Meeting at Jefferies 5th India Forum scheduled for September 17, 2026 in Gurgaon
- Interaction at J.P. Morgan India Conference scheduled for September 21, 2026 in Mumbai
- Participation at 33rd CITIC CLSA Flagship Investors' Forum on September 22, 2026 in Hong Kong
- All three investor interactions will be conducted in physical mode
Adani Ports and Special Economic Zone Limited (APSEZ) achieved a record monthly cargo volume of 50 MMT in August 2026, marking a 19% YoY growth. Growth was driven by a 25% YoY rise in dry cargo and a 15% YoY increase in container volumes, supported by transshipment platforms at Vizhinjam and Colombo. YTD August 2026 cargo volumes reached 234.4 MMT, up 16% YoY. However, YTD logistics rail volume declined 33% YoY to 2,50,461 TEUs, despite a 6% sequential improvement in August at 54,131 TEUs.
- Highest-ever monthly cargo throughput of 50 MMT in August 2026, up 19% YoY
- YTD August 2026 cargo volume reached 234.4 MMT, reflecting 16% YoY growth
- August growth led by dry cargo (+25% YoY) and container volumes (+15% YoY)
- August logistics rail volume rose 6% sequentially to 54,131 TEUs (YTD down 33% YoY at 2,50,461 TEUs)
- Company reiterated its long-term ambition to reach 1 billion metric tons of annual cargo by FY31
Adani Ports and Special Economic Zone's step-down subsidiary, Astro Offshore PTE Limited, incorporated a wholly owned subsidiary named Astro Offshore MESA Company in Saudi Arabia on August 31, 2026. The new entity was set up with an initial capital of SAR 50,000 to manage and operate ships locally. This move aligns with APSEZ's marine platform strategy across the Middle East. Given the nominal initial capital compared to APSEZ's TTM revenue of ₹40,431 crore, this is an administrative step with no immediate financial impact.
- Incorporated wholly owned subsidiary Astro Offshore MESA Company in the Kingdom of Saudi Arabia on August 31, 2026
- Entity set up with an initial authorized/subscribed capital of SAR 50,000
- Line of business designated as Ships Management and Operation under step-down subsidiary Astro Offshore PTE Limited
- 100% shareholding held by Astro Offshore PTE Limited
Adani Ports and Special Economic Zone Limited announced the schedule for its upcoming interaction with institutional investors and analysts at the Adani Annual Conference 2026. The physical meetings, comprising 1-on-1 and group formats, are slated for September 7-8, 2026, in London, and September 9, 2026, in Abu Dhabi. Investor presentations are available on the company website. This is a routine compliance disclosure under SEBI LODR Regulation 30.
- Physical 1-on-1 and group meetings scheduled in London on September 7 and 8, 2026
- Physical investor meetings scheduled in Abu Dhabi on September 9, 2026
- Conducted as part of the Adani Annual Conference 2026
- Investor presentation uploaded to the company website
Adani Ports and Special Economic Zone Limited has notified the exchanges regarding an upcoming Non-Deal Roadshow. The company's management will conduct in-person interactions with institutional investors and analysts in the United States from August 24, 2026, to August 28, 2026. The investor presentation for these interactions is available on the company's official website. This is a routine investor engagement event with no direct material or financial impact.
- Non-Deal Roadshow scheduled between 24th August, 2026 and 28th August, 2026
- Interaction mode: In-person meetings in the U.S.A.
- Investor presentation uploaded to the company website
Adani Ports and Special Economic Zone Limited (APSEZ) has incorporated a new step-down subsidiary, Ocean Sparkle Offshore Limited (OSOL), on August 10, 2026. The entity is a wholly-owned subsidiary of Ocean Sparkle Limited and will focus on ship management and operations. With an initial paid-up capital of only ₹5,00,000, the immediate financial impact is negligible compared to APSEZ's TTM revenue of ₹38,737 Cr. This move is part of the company's strategy to diversify its marine fleet globally and build an integrated marine platform.
- Incorporation of Ocean Sparkle Offshore Limited (OSOL) on August 10, 2026
- Authorized and paid-up share capital of ₹5,00,000 divided into 50,000 equity shares
- 100% ownership held by Ocean Sparkle Limited, a step-down subsidiary of APSEZ
- Business focus on Ships Management and Operation for global fleet diversification
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 30% YoY to INR 9,167 Cr in Q2 FY26. Segment growth: Domestic Ports grew 16% to INR 6,351 Cr; International Ports grew 35% to INR 1,077 Cr; Logistics grew 79% to INR 1,055 Cr; and Marine services grew 237% to INR 641 Cr. H1 FY26 total revenue reached INR 18,294 Cr, a 25% YoY increase.
Geographic Revenue Split
Domestic operations contribute the majority of revenue, with Domestic Ports accounting for 69% (INR 6,351 Cr) of Q2 FY26 revenue. International Ports contributed 11.7% (INR 1,077 Cr), showing a significant increase from 11.3% in the previous year due to the commencement of Colombo operations and improved margins in Tanzania and Israel.
Profitability Margins
Consolidated EBITDA margin remained healthy at ~60-61%. Domestic ports achieved a record H1 FY26 EBITDA margin of 74.2% (up from 72.7% in H1 FY25). Logistics RoCE improved significantly to 9% in H1 FY26 from 6% in FY25, driven by higher capacity utilization in trucking and warehousing.
EBITDA Margin
Consolidated EBITDA for Q2 FY26 was INR 5,550 Cr, up 27% YoY. H1 FY26 EBITDA rose 20% to INR 11,046 Cr. The margin expansion is supported by operational efficiencies, with Mundra port maintaining a 74% EBITDA margin and international operations improving from 11% to 16% margin visibility.
Capital Expenditure
Planned capex for FY26 is guided at INR 11,000 - 12,000 Cr. Long-term capex guidance for FY25-FY29 is set at INR 65,000 - 75,000 Cr, with INR 45,000 - 50,000 Cr allocated to domestic ports and INR 15,000 - 20,000 Cr for logistics expansion.
Credit Rating & Borrowing
Maintains top-tier ratings: [ICRA]AAA (Stable) and [CARE]AAA (Stable). International ratings include Fitch at BBB- (Stable) and S&P at BBB- (Positive). Net debt-to-EBITDA stood at 1.82x as of September 2025, well below the internal cap of 2.5x.
Operational Drivers
Raw Materials
As a service utility, primary operational costs are Fuel (Diesel/Bunker oil) for vessel and truck operations (~10-15% of logistics/marine costs) and Energy/Power for port equipment and cold storage.
Import Sources
Fuel and energy are sourced domestically within India for port operations, while international port assets in Israel, Tanzania, and Sri Lanka source utilities locally in their respective regions.
Key Suppliers
Specific suppliers are not disclosed, but the company procures marine vessels from global manufacturers and maintains a trucking fleet of 937 units for its logistics division.
Capacity Expansion
Current domestic cargo volume was 227 MMT in H1 FY26 (+7% YoY). The company targets 505-515 MMT for FY26 and has a long-term goal of 850 MMT domestic cargo volume by 2030. Capacity was recently bolstered by the addition of Gopalpur, Vizhinjam, and Dar-es-Salaam ports (53 MMT combined).
Raw Material Costs
Operating expenses are managed through high efficiency, reflected in a turnaround time of 0.7 days compared to 2 days for state-owned ports. Logistics costs are being optimized through an integrated 'port-gate to customer-gate' model.
Manufacturing Efficiency
Port efficiency is industry-leading with 0.7 days turnaround time. Container market share increased to 45.5% in H1 FY26 from 45.1% YoY.
Logistics & Distribution
Distribution is handled via an integrated network of 937 trucks and a growing rail fleet, providing end-to-end solutions that increase customer stickiness to 56%.
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
Growth will be achieved through the 'Integrated Transport Utility' model, scaling the logistics segment (92% H1 growth) and marine business (213% H1 growth). Strategic acquisitions like Gopalpur Port and Astro Offshore, alongside the operationalization of the Vizhinjam transshipment hub and Colombo terminal, are key drivers.
Products & Services
Port handling and storage, marine support services (tugging/dredging), rail and truck logistics, warehousing, and international freight forwarding.
Brand Portfolio
Adani Ports, Ocean Sparkle, Astro Offshore, Shanti Sagar International Dredging.
New Products/Services
Expansion into West Africa waters via Platform Supply Vessels (PSVs) and the ramp-up of the International Freight Network which contributed to the 92% growth in logistics revenue.
Market Expansion
Expanding presence in the MEASA region (Middle East, Africa, South Asia) and the East-West trade corridor. Target to reach 850 MMT domestic cargo by 2030.
Market Share & Ranking
Ranked #1 private port operator in India with a 28% overall market share and 45.5% container market share.
Strategic Alliances
Partnerships include a 49% stake divestment in Adani Ennore Container Terminal to strategic partners and JVs for international port operations in Colombo and Haifa.
External Factors
Industry Trends
The industry is shifting toward integrated logistics (port-to-hinterland). APSEZ is positioned as a leader in this transition, moving from a pure port operator to an integrated transport utility with a 28% market share.
Competitive Landscape
Competes with state-owned major ports and other private operators like DP World and PSA, but maintains a lead through lower turnaround times (0.7 days) and superior infrastructure.
Competitive Moat
Moat is built on 'sticky' cargo (56%), strategic locations of ports (Mundra, Vizhinjam), and integrated logistics infrastructure (rail/trucks/warehousing) which creates high switching costs for customers.
Macro Economic Sensitivity
Highly sensitive to India's GDP growth and global EXIM trade volumes. Port volume growth typically tracks at 2x-3x of industry growth.
Consumer Behavior
Increased demand for end-to-end supply chain visibility and faster turnaround is driving customers toward integrated players like APSEZ.
Geopolitical Risks
Trade route disruptions and local geopolitical issues in regions like Israel or East Africa could hamper volume growth or delay project execution.
Regulatory & Governance
Industry Regulations
Operations are governed by the Major Port Authorities Act (for certain terminals) and environmental norms for coastal zones. Pricing is flexible at most locations except three regulated terminals.
Environmental Compliance
Targeting Net Zero by 2040. Ranked in the Top 5% of Global Transportation companies by S&P Global CSA for ESG performance.
Taxation Policy Impact
Subject to standard corporate tax rates in India and international jurisdictions; benefits from SEZ tax incentives at specific locations like Mundra.
Legal Contingencies
Investigations by the US SEC and US DoJ regarding certain matters remain sub-judice. Any adverse outcome is a key monitorable for credit ratings.
Risk Analysis
Key Uncertainties
Global trade volatility (impact 5-10% on volumes), geopolitical instability in international markets, and the outcome of pending legal investigations.
Geographic Concentration Risk
Mundra Port remains a significant contributor (handling ~200 MMT of 450 MMT total group cargo in FY25), though concentration is reducing through diversification.
Third Party Dependencies
Dependency on global shipping lines for container volumes; mitigated by 56% sticky cargo and long-term concession agreements.
Technology Obsolescence Risk
Risk of falling behind in port automation; mitigated by a dedicated INR 5,000 Cr technology capex plan.
Credit & Counterparty Risk
Strong receivables quality supported by a diverse client base and the 'sticky' nature of cargo contracts providing healthy revenue visibility.
