In , Adani Ports & Special Economic Zone Ltd (Marine Port & Services) is outperforming Nifty 500 with +14.9% relative strength. Fundamentals: Average. On a 6-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: Domestic Port EBITDA Margin: 74.2%
“Domestic Ports also delivered the highest ever H1 EBITDA margin at 74.2% which is the result of successful implementation of various operational efficiency initiatives.”
What: International Ports Revenue: INR 1,077 crores
“International Ports revenue hit lifetime high of INR 1,077 crores... international business is also becoming between INR4,000 crores to INR5,000 crores revenue annual business.”
What: Container Market Share: 45.6%
“The domestic ports delivered the highest ever 9-month container share at 45.6%, which is our main pillar of growth.”
What: Net Debt to EBITDA: 1.8x
“We are still able to keep our leverage under a check of 1.8x... we have been actually prepaying some loans.”
What: MOU for Vadhavan Port: 2 MOUs
“we have already signed the non-binding MoU for the exploratory studies for the Vadhavan.”
What: Marine Revenue growth of 237% to INR 641 crores.
“Marine revenue grew remarkably by 237% to INR 641 crores in Quarter 2 FY '26... driven by ready to deploy vessel acquisitions.”
What: INR 22,000 crore → INR 22,800 crore
“So with the operational excellence and the financial discipline, we have revised our guidance by INR 800 crores.”
Earnings deceleration risks from management commentary
Trigger: Geopolitical tensions lead to redefinition of supply chains and cargo routes.
Management view: Diversifying port locations and focusing on domestic coastal trade to offset international volatility.
Monitor: geopolitical
Trigger: Lower power demand and increased domestic coal production reduce the need for imported thermal coal.
Monitor: commodity
Trigger: Concessions are approaching renewal dates in the coming years.
Management view: Management expects renewals to be closed out in short order with plenty of time margin.
Monitor: regulatory
Key quotes from recent conference calls
“Your full-year EBITDA guidance is nearly INR 21,000, INR 22,000 crore. We have already achieved half of that. [Previous Full-year EBITDA guidance]”
“we announced INR16,000 crores within Vizhinjam Phase II expansion... this will increase the capacity from the current 1.6 million TEUs to... 5.7 million TEUs. [Initiative: Vizhinjam Phase II Expansion]”
“We had the challenge because of Operation Sindoor and the geopolitics. There was a redefinition of the cargo. [Risk (geopolitical): MEDIUM]”
“thermal coal import all India basis was minus 2.7%... Mundra ecosystem and their dependency on the imported coal is definitely hitting them hard. [Risk (commodity): LOW]”
Headline numbers from the latest earnings call
Revenue
INR 9,167 crores
Why: Growth was driven by strong double-digit performance across business segments, particularly a 237% increase in Marine revenue.
The company achieved record quarterly revenue with significant contributions from international ports and marine services.
EBITDA
INR 5,550 crores
Why: EBITDA growth was led by better capital efficiency across Ports, Logistics, and Marine segments and successful operational efficiency initiatives.
Domestic Ports delivered their highest ever H1 EBITDA margin at 74.2%.
PAT
INR 3,120 crores
Why: Profitability increased in line with revenue growth and improved margins in the international and logistics businesses.
Net profit growth closely tracked EBITDA growth, supported by higher ROCE.
Other Highlights
• Free cash flow generation exceeded INR 3,000 crores during H1 FY26.
• Net debt to EBITDA closed at 1.8x with average debt maturity increasing to 5.2 years.
• International Ports revenue hit a lifetime high of INR 1,077 crores in Q2.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Container Market Share (India)
45.6%
Why: Driven by hyper-growth in container volumes and outperforming the general market growth.
Domestic Port EBITDA Margin
74.2%
Why: Result of successful implementation of various operational efficiency initiatives.
Marine Vessel Count
127 vessels
Why: Driven by acquisitions like Astro and en-bloc purchase of platform supply vessels.
Gross Crane Rate (Vizhinjam)
30 lifts/hour
Why: Achieved world-class benchmark efficiency just 8 months after starting operations.
Net Debt to EBITDA
1.8x
Why: Maintained through strong cash generation and disciplined capital allocation.
Logistics ROCE
9%
Why: Reflecting focus on capital efficient growth and ramp up in asset-light trucking.
International Port Revenue
INR 1,077 Cr
Why: Driven by growth in Tanzania and stable operations in Haifa.
Current Port Capacity
633 MMT
Forward-looking targets from management for FY29
OPM Guidance
75–77%
Capex Plan
₹75000 Cr
INR 65,500 crores
Domestic Port EBITDA Margin
INR 75,000 crores
Organic growth including Vizhinjam Phase II, Dhamra expansion, and logistics parks.
2030 Volume Target
Guidance Changes
Full-year EBITDA: INR 22,000 crore → INR 22,800 crore
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +27% | +23% | Stable |
| PAT (Net Profit) | +9% | +33% | Stable |
| OPM | 56.0% | -300 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Adani Ports & Special Economic Zone Ltd's latest quarterly results (Mar 2026) show
Adani Ports & Special Economic Zone Ltd's profit is growing with an stable trend.
Adani Ports & Special Economic Zone Ltd's revenue growth trend is stable.
Adani Ports & Special Economic Zone Ltd's operating margin is volatile.
Adani Ports & Special Economic Zone Ltd's long-term compounding rates
Adani Ports & Special Economic Zone Ltd's earnings growth is stable with improving on a sequential basis.
Adani Ports & Special Economic Zone Ltd's trailing twelve month (TTM) performance
Adani Ports & Special Economic Zone Ltd appears significantly undervalued based on our fair value analysis.
Adani Ports & Special Economic Zone Ltd's current PE ratio is 29.4x.
Adani Ports & Special Economic Zone Ltd's current PE is 29.4x.
Adani Ports & Special Economic Zone Ltd's price-to-book ratio is 4.0x.
Adani Ports & Special Economic Zone Ltd is rated Average with a fundamental score of 55.72/100. This score is calculated from objective financial metrics
Adani Ports & Special Economic Zone Ltd has a debt-to-equity ratio of N/A.
Adani Ports & Special Economic Zone Ltd's return ratios over recent years
Adani Ports & Special Economic Zone Ltd's operating cash flow is positive (FY2026).
Adani Ports & Special Economic Zone Ltd's current dividend yield is 0.42%.
Adani Ports & Special Economic Zone Ltd's shareholding pattern (Mar 2026)
Adani Ports & Special Economic Zone Ltd's promoter holding has remained stable recently.
Adani Ports & Special Economic Zone Ltd has been outperforming Nifty 500 for 6 consecutive weeks, indicating building momentum.
Adani Ports & Special Economic Zone Ltd is an established outperformer with 6 weeks of consecutive Nifty 500 outperformance.
Adani Ports & Special Economic Zone Ltd has 7 key growth catalysts identified from recent earnings analysis
Adani Ports & Special Economic Zone Ltd has 3 key risks worth monitoring
In Q3 FY26, Adani Ports & Special Economic Zone Ltd's management highlighted
Adani Ports & Special Economic Zone Ltd's management has provided the following forward guidance for FY29
Adani Ports & Special Economic Zone Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Adani Ports & Special Economic Zone Ltd may be worth studying
Adani Ports & Special Economic Zone Ltd investment thesis summary:
Adani Ports & Special Economic Zone Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
