Adani Ports raises revenue guidance by 1,000 crore rupees after 24% second-quarter growth

Key Facts

Adani Ports and Special Economic Zone reported results for the second quarter of fiscal 2027, ended September 30, 2026, and raised its revenue, EBITDA and capital expenditure guidance for the rest of the year. The company said consolidated revenue was 11,340 crore rupees, up 24% from 9,167 crore rupees in the same period a year earlier. EBITDA rose 23% to 6,807 crore rupees from 5,550 crore rupees. Profit after tax increased 18% to 3,682 crore rupees, compared with 3,120 crore rupees a year earlier. The results reflect growth across the company's business drivers, while the strong first half prompted management to raise its annual targets.

Adani Ports raised its fiscal 2027 revenue guidance by 1,000 crore rupees to a range of 44,000–46,000 crore rupees, and increased its EBITDA target by the same amount to 26,000–27,000 crore rupees. The previous revenue range was 43,000–45,000 crore rupees, and the EBITDA range was 25,000–26,000 crore rupees. The company also raised its capital expenditure guidance by 3,000 crore rupees to 15,000–17,000 crore rupees, from a previous range of 12,000–14,000 crore rupees. Chief Executive Officer and Managing Director Ashwani Gupta said, "Strong first-half performance reflects our upgraded fiscal 2027 guidance for revenue, EBITDA and capital expenditure." The revision combines higher operating targets with a faster investment plan for the year.

Among its growth drivers, logistics revenue rose 21% year over year, which the company attributed to expanding its integrated shore-to-door network. Marine revenue increased 57%, driven by global fleet expansion and the launch of subsea services, the company said. It said its logistics business recovered from the impact of the West Asia crisis in the first quarter. Second-quarter container volumes rose 15% from the first quarter to 167,453 units from 145,310 units. These indicators show an improvement in logistics activity between quarters, alongside marine activity growth compared with a year earlier.

Cargo volume at domestic ports was 118 million metric tonnes during the quarter, while the company held 27.3% of India's cargo market and 44.4% of its container market. At international ports, cargo volume doubled to 24 million metric tonnes from 10 million in the second quarter of fiscal 2026. Reuters reported that the company's total cargo handled in the September quarter was 142 million metric tonnes, up nearly 15% year over year. The figures show domestic activity alongside growth in international operations, with the company retaining a large share of India's container market. The different measures reflect the scope of the company's operations across domestic and international ports.

In the first half of fiscal 2027, consolidated revenue was 22,161 crore rupees, EBITDA was 13,347 crore rupees and profit after tax was 7,332 crore rupees. Revenue rose 21% from 18,294 crore rupees in the same period a year earlier, while EBITDA increased 21% from 11,046 crore rupees. Profit after tax grew 14% from 6,431 crore rupees. The company generated operating cash flow of 13,327 crore rupees during the first half, which funded investments of 10,521 crore rupees. Net debt to EBITDA stood at 1.8 times.

Capital expenditure in the first half was 10,521 crore rupees, and the company said it generated free cash flow of 2,806 crore rupees during the period despite higher spending. Gupta said the company had deployed 30,346 crore rupees in capital expenditure over the past two years, while keeping net debt to EBITDA at 1.8 times. Adani Ports targets revenue of 91,500 crore rupees and EBITDA of 52,000 crore rupees for fiscal 2031, equivalent to 2.4 and 2.3 times their respective fiscal 2026 levels. The higher capital expenditure guidance forms part of these long-term targets, alongside the company's continued funding of investments from cash flows. The company has provisionally scheduled a board meeting on January 28, 2027, to consider its third-quarter fiscal 2027 results; the date is subject to change.