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Informist, Monday, Oct. 26, 2026

 

By Anand JC

 

MUMBAI – Adani Ports and Special Economic Zone Ltd.'s consolidated profit for the September quarter is expected to grow at a three-quarter high on a year-on-year basis and will likely reflect the strength in its overseas portfolio even as domestic port volumes grew at a relatively weaker rate, according to analysts. The company's margin for the reporting quarter is projected to dip on year due to higher contribution from lower-margin non-port and international businesses, analysts said.

 

The Adani group firm's consolidated net profit is projected to be INR 37.03 billion for the September quarter, up 19% on year, according to the average of estimates from eight brokerages. The highest estimate is INR 40.33 billion from JM Financial Institutional Securities Pvt. Ltd. and the lowest is INR 32.46 billion from Prabhudas Lilladher Pvt. Ltd. The company had reported a net profit of INR 31.09 billion for the year-ago quarter, up 27% on year.

 

Consolidated revenues for the quarter ended Sept. 30 are projected to be INR 110.17 billion, up 20% on year, according to the estimates. Revenue projections range from a low of INR 106.87 billion from Prabhudas Lilladher to a high of INR 111.93 billion from JM Financial. For the year-ago quarter, the company's top line rose 30% on year to INR 91.67 billion.

 

Adani Ports, a part of the Adani group, is India's biggest integrated transport company and moves roughly 27% of the country's total cargo. Beyond transport and logistics, it treats marine support services as a major growth area, serving both domestic and overseas ports. Within India, it runs 15 ports, the most prominent being Mundra in Gujarat, Krishnapatnam in Andhra Pradesh, and Vizhinjam in Kerala. Its overseas portfolio includes Haifa in Israel, Dar es Salaam in Tanzania, North Queensland Export Terminal in Australia, and Colombo in Sri Lanka.

 

Earlier this month, the company reported that it had handled around 142 million tonnes of cargo in the September quarter, up 15% on year and around 3% on quarter. Its port volumes rose 15% in the June quarter and 11.5% in the year-ago quarter. This includes the volumes handled by Australia-based NQXT, Adani Ports' deep-water terminal. Excluding the contribution of NQXT, the volume growth for the reporting quarter is expected to be around 4-7% on year, according to analysts.

 

Adani Ports' revenues are expected to rise 20% on year to INR 109.68 billion on the back of a 45% growth in revenues from the international ports business and marine segments, and 16% from the logistics business, Emkay Global Financial Services Ltd. said. Analysts expect the marine segment to grow due to continued fleet addition. Growth of the logistics business may be impacted by an uptick in fuel costs during the reporting quarter, Kotak Securities Ltd. said.

 

Adani Ports' consolidated earnings before interest, tax, depreciation, and amortisation for the September quarter are seen at INR 65.41 billion, up 18% on year, according to the estimates. The highest consolidated EBITDA projection is INR 66.94 billion from JM Financial and the lowest is INR 63.69 billion from Prabhudas Lilladher.

 

Most analysts expect Adani Ports' EBITDA margin to contract a tad year-on-year and remain between 58% and 60%. The company had reported an EBITDA margin of 60.54% for the year-ago quarter and 60.40% for the June quarter. "We believe Adani Ports can exceed its FY27E EBITDA guidance of INR 250 billion–260 billion and also do not rule out the possibility of the management considering raising its EBITDA guidance," JM Financial said. 

 

Adani Ports will declare its September quarter earnings Wednesday. The market will also track the company's update on capacity additions at Mundra, Dhamra, Hazira, and Vizhinjam ports, alongside plans for ramp-up at Colombo West International Terminal after the completion of the second phase of expansion.

 

Monday, its shares ended at INR 1,752.50 apiece on the National Stock Exchange, up 2.9% from Friday. The stock is up 2% since the company announced its June quarter earnings on Jul. 29. All nine brokerage reports on the company available with Informist have a "buy" recommendation on the stock with an average target price of INR 2,048 per share. This is roughly 17% higher than the current market price.

 

Following are the consolidated September quarter earnings estimates of Adani Ports and Special Economic Zone from eight brokerages in descending order of the estimate for net profit, in INR billion:

 

Brokerages	Net sales	Net profit	EBITDA
JM Financial Institutional Securities Pvt. Ltd.	111.93	40.33	66.94
Emkay Global Financial Services Ltd.	109.68	38.82	65.29
Kotak Securities Ltd.	111.24	38.64	66.37
Elara Securities (India) Pvt. Ltd.	109.57	37.83	66.06
Equirus Securities Pvt. Ltd.	111.71	37.14	65.68
Motilal Oswal Financial Services Ltd.	110.09	36.19	64.41
Nuvama Wealth Management Ltd.	110.29	34.82	64.84
Prabhudas Lilladher Pvt. Ltd.	106.87	32.46	63.69
Average	110.17	37.03	65.41

End

 

Edited by Shubhayan Bhattacharya

 

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