Adani Ports and Special Economic Zone Limited (ADANIPORTS) share price
₹1764.60 on NSE as of 2026-09-11. -0.19% on the day. market cap ₹406,557 Cr. P/E 30.1. 52-week range ₹1303.60 to ₹1883.20. Services.
Adani Ports Q1 FY27: 138 Million Tonnes of Cargo, and Two-Thirds of the Volume Growth Came From Outside India
At a glance
Adani Ports & Special Economic Zone reported consolidated revenue of ₹10,821 crore for the June 2026 quarter, up 18.6% from ₹9,126 crore a year earlier. Operating Profit came in at ₹6,253 crore against ₹5,495 crore, and net profit at ₹3,620 crore against ₹3,315 crore — a 9.2% rise, roughly half the pace of the topline. EPS was ₹15.71 versus ₹15.34.
The gap between revenue growth and profit growth sits in the lines below the operating level: depreciation rose to ₹1,711 crore from ₹1,255 crore, and interest to ₹1,087 crore from ₹846 crore. Other Income of ₹853 crore, against ₹453 crore a year earlier, sat on the other side of the ledger, alongside a ₹288 crore share of losses from joint ventures.
Volumes tell a different story from revenue. Domestic cargo moved 2%, from 112.9 MMT to 115.3 MMT. International cargo went from 7.7 MMT to 22.8 MMT — a near-tripling driven, per the company, by the addition of North Queensland Export Terminal in Australia and the ramp-up at Colombo. Total cargo: 138.1 MMT. International ports revenue rose 80% to ₹1,747 crore, with EBITDA margin at 41.8% against 21.1%.
Management attributed the muted domestic volume to geopolitical and trade disruptions since mid-February, calling ~2% "a very average figure for us." Meanwhile CARE reaffirmed AAA in July, and S&P upgraded the issuer rating to BBB in June.
The interesting part is where the money now comes from. That's the rest of this entry.
Introduction
APSEZ develops, operates and maintains port infrastructure, and runs a multi-product Special Economic Zone contiguous to its Mundra port. It is India's largest private port operator. The domestic footprint is 15 ports and terminals with 653 MMT of installed capacity, spread across the west, south and east coasts — Mundra, Dahej, Tuna, Hazira, Mormugao, Dighi, Karaikal, Ennore, Kattupalli, Krishnapatnam, Gangavaram, Dhamra, Vizhinjam, Haldia and Gopalpur. Four terminals sit overseas: Haifa in Israel, Dar es Salaam in Tanzania, Colombo West International Terminal in Sri Lanka, and NQXT in Australia.
Recent quarters have been busy in a way that ports usually aren't. In FY26 the company consolidated NQXT — a 50 MMTPA Australian terminal bought from the promoter group at an enterprise value of A$3,975 million, settled by issuing 14.38 crore equity shares. In May 2026 it completed the ₹1,500 crore acquisition of Jaypee Fertilizers & Industries, which brings roughly 243 acres in Kanpur earmarked for logistics parks. In June 2026 it signed an agreement under which MSC's terminal arm will invest USD 1.397 billion for 49% of Adani Vizhinjam Port, valuing that asset at USD 2.85 billion. Also in the quarter: a partnership with Oceaneering International for European subsea work, and a ten-year marine services contract tied to Argentina's first LNG exports to India.
The scoreboard behind all this: cargo volume of 500.8 MMT in FY26 against 152 MMT a decade earlier, container volume of 14.94 MTEU, 132 rail rakes, 12 multi-modal logistics parks and a marine fleet of 136 vessels. All-India cargo market share stood at 27.6% in the quarter, and container market share at 44.8%.
Leadership at the ports vertical changed hands during the period — Pranav Choudhary ceased as CEO-Ports on May 31, 2026, with Niraj Bansal appointed from June 1.
Business model
They charge rent on the narrow place where the sea meets India.
That is the entire trick, and it is a magnificent one. Ships must dock somewhere. Somewhere has a deep enough draft, a crane, a rail siding, and a concession running 30-plus years. APSEZ owns rather a lot of the somewheres, and the tariff at every domestic location except three is set by the company rather than a regulator.
Four things happen on the invoice. **Domestic ports** — ₹6,964 crore of the quarter's revenue, at a 74% EBITDA margin. That margin is the number to sit with. Cement companies dream in those digits. **International ports** — ₹1,747 crore, margin 41.8%, a business that existed at a quarter of this scale twelve months ago. **Logistics** — ₹1,173 crore, flat, at an 18.7% margin, which is what happens when you swap concrete for trucks: trucking margin was 5.9%, the international freight network 9.8%. **Marine** — ₹901 crore across 135 third-party vessels, up 67%.
And then **Port development & SEZ**: ₹36 crore this quarter against ₹243 crore last, at a 100% margin because selling land costs nothing but the land. The company describes land monetisation as episodic by nature, which is a lovely way of saying it shows up when it shows up.
The cargo mix is deliberately promiscuous: containers 43%, thermal coal 26%, other dry 12%, coking coal 10%, crude 5%, non-crude liquid 2%, gas 2%. Roughly 53% of cargo is classified as sticky. A hundred-plus commodities pass through, which means no single commodity cycle can end the story — though several can dent a quarter, as Krishnapatnam demonstrated by dropping 19% when, per management, a single customer's plant shut down.
The land bank runs to about 12,500 hectares at Mundra alone, plus Dhamra, Gangavaram and Krishnapatnam. It exists so that factories build next to the port and then ship through it. The port grows the cargo it later charges to move. There is something almost circular about it, and the circle has 27% of the country's tonnage inside it.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Adani Ports and Special Economic Zone Limited.
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