Adani Ports Q4 FY26 profit up 10% on cargo rise

Key takeaway from the March quarter

Adani Ports and Special Economic Zone (APSEZ) reported a year-on-year rise in profit for Q4FY26, supported by stronger revenue and higher cargo volumes. The company said earnings improved across domestic and international ports, as well as logistics and marine businesses. While the quarter showed broad-based growth, market share and some operating metrics moderated. APSEZ also declared a dividend and provided FY27 guidance for revenue and EBITDA.

Q4FY26 results at a glance

For the March quarter, APSEZ reported consolidated net profit of ₹3,329 crore, up 10.4% year-on-year. Quarterly revenue from operations was reported at about ₹10,737 crore, up 26.5% year-on-year. The company beat a Bloomberg analysts’ poll estimate for profit of ₹3,159.9 crore, and also exceeded an analysts’ revenue estimate of ₹9,683 crore.

Sequentially, APSEZ’s revenue increased 10.64%, while profit rose about 9.02%, as per one of the reports. On the market side, APSEZ shares on the BSE closed at ₹1,655.15 per share on Thursday, according to the article.

EBITDA and margin: different figures cited across reports

Multiple reports cited different EBITDA numbers and margins for the same quarter.

• One report said EBITDA rose 20% year-on-year to ₹6,020 crore, with an EBITDA margin of 56%.
• Another, based on a stock exchange filing, said EBITDA increased 31% to ₹6,559 crore and EBITDA margin expanded to 61.1% from 59%.
• A separate report said EBITDA grew 20.5% to ₹6,034 crore, but margin slipped to 56.2% from 58.9% a year ago.

The margin discussion in the coverage also flagged that faster growth in lower-margin verticals such as logistics, marine, and international operations can reduce the blended margin compared to domestic ports.

Segment performance: domestic, international, logistics, marine

The quarter saw strong growth in non-core and overseas businesses, alongside higher domestic port revenue.

One report detailed segment revenues for Q4FY26 as:

• Domestic ports revenue: ₹10,738 crore, up 26% year-on-year
• International ports revenue: ₹1,422 crore, up 58% year-on-year
• Logistics revenue: ₹1,133 crore, up 10% year-on-year
• Marine revenue: ₹726 crore, up 101% year-on-year

Separately, for FY26, another report said international ports revenue rose 34%, logistics revenue rose 55%, and marine revenue rose 134%.

Cargo volumes rise, but market share moderates

APSEZ handled 133.4 million metric tonnes (MMT) in Q4FY26, up 13% year-on-year. Domestic volume was stated to be broadly flat at 111.7 mt versus 111.9 mt (as cited in the report). International volumes rose sharply, with one report citing a 262% year-on-year jump to 21.7 mt.

Market share indicators softened during the quarter. All-India market share was reported at 26%, down from 26.3%. Container market share declined to 45.2% from 46.3%. Rail volumes were reported at 166,646 TEUs, described as marginally lower.

FY26 full-year performance and the 500 MMT milestone

For FY26, APSEZ’s revenue was reported around ₹38,736 crore, up roughly 25% to 27.1% year-on-year across different reports. Full-year net profit was reported at ₹12,782 crore (up 16%) in one report, and ₹12,806.21 crore (up 15.45%) in another. FY26 EBITDA was reported at ₹22,851 crore, up 20%.

Operationally, APSEZ handled 500.8 MMT of cargo in FY26, up 11% year-on-year. One report said APSEZ became the first Indian integrated transport operator to breach the 500 MMT cargo mark in a single year.

Dividend and FY27 guidance

APSEZ declared a dividend of ₹7.5 per equity share (face value ₹2), according to the stock exchange filing-based report.

For FY27, the company guided for:

• Revenue: ₹43,000-45,000 crore
• EBITDA: ₹25,000-26,000 crore

The guidance was described as implying double-digit growth.

What management said about the year

Ashwani Gupta, whole-time director and CEO, said the quarter’s performance reflected the resilience of the business model and disciplined execution. He also referenced geopolitical volatility and global tariff uncertainty while noting that APSEZ surpassed its FY26 guidance. The company pointed to record 500 MMT port cargo volumes and strong growth in logistics and marine segments during FY26.

Long-term targets mentioned in the coverage

One report said APSEZ is targeting to more than double revenue and EBITDA by FY31. It also cited a target to reach one billion tonnes of cargo by December 2030.

Key numbers table

Market impact and what investors will watch

The quarter combined strong topline growth with mixed signals on margins and market share. Investors are likely to track how quickly lower-margin verticals scale, and whether the overall margin stabilises as the business mix changes. Operationally, cargo volume growth remained a key support, alongside the company’s FY27 revenue and EBITDA ranges. The dividend declaration and the stated longer-term cargo targets add to the list of near-term and strategic markers that the market will monitor.

Conclusion

APSEZ closed Q4FY26 with higher profit, strong revenue growth, and a rise in cargo volumes, while also reporting softer market share metrics in some categories. The next focus areas will be delivery against FY27 guidance and the company’s execution on scaling logistics, marine, and international operations.