Quarter Ended: March 2026
Adani Ports & SEZ Ltd – Q4 FY26 Results
NSE
adaniports
BSE
532921
Core port business continues to drive growth with strong operating leverage, though financing outflows remain elevated
key financial highlights
- Revenue from Operations:
- Total Income (Q4 FY26): ₹10,737.58 Cr
- QoQ Change: +10.6%
- YoY Change: +26.5%
- Previous Quarter (Q3 FY26): ₹9,704.59 Cr
- Previous Year (Q4 FY25): ₹8,488.44 Cr
- Total Income (Q4 FY26): ₹10,737.58 Cr
- Profit After Tax (PAT):
- PAT (Q4 FY26): ₹3,308.30 Cr
- QoQ Change: +8.7%
- YoY Change: +9.2%
- Previous Quarter (Q3 FY26): ₹3,042.93 Cr
- Previous Year (Q4 FY25): ₹3,023.10 Cr
- PAT (Q4 FY26): ₹3,308.30 Cr
- QoQ Performance
- Revenue Trend: Strong growth
- Profit Trend: Moderate growth
Margin Analysis
Drivers:
- Operating leverage from higher port volumes
- Stable employee and operating costs
- Improved contribution from SEZ operations
Insight:
- Margins remain resilient despite higher finance costs, indicating strong core business efficiency
Segment performance
Segment: Port & SEZ Business
- Revenue: ₹9,493.66 Cr
- Dominates overall revenue (~88%)
- Strong YoY growth driven by cargo volumes
Segment: Others (Logistics & Transport)
- Revenue: ₹1,289.96 Cr
- Stable contribution with moderate growth
Segment insight
Summary:
- Business remains highly concentrated in port operations with logistics acting as a supporting growth lever
Charcateristics:
- Core infra-led revenue model
- High operating leverage
- Diversification gradually improving
Earning quality check
Drivers:
- Strong core operating profit
- Limited reliance on exceptional items
- Stable contribution from joint ventures
Interpretations:
- High-quality earnings backed by operational performance rather than one-offs
balance sheet Analysis
- Total Assets: ₹1,85,314.76 Cr
- Total Liabilities: ₹86,333.28 Cr
Insight:
- Balance sheet expansion driven by infrastructure investments and asset growth, with manageable leverage
Cash flow analysis
Operating Cash Flow: ₹20,356 Cr (Strong)
Investing Cash Flow: ₹(13,190 Cr) (Heavy capex)
Financing Cash Flow: ₹(5,483 Cr)
Insight:
- Strong operating cash flow is being reinvested into expansion, typical of infra-heavy businesses
key risks
- High finance costs impacting net margins
- Capital-intensive business model
- Exposure to global trade cycles
management strategy signals
Focus Area:
- Expansion of port capacity
- Strengthening logistics integration
- Improving asset utilization
Financial metrics table
| Particular | Q4 FY26 | Q.O.Q | Y.O.Y |
|---|---|---|---|
| Total Income | ₹11,489.45 Cr | +15.6% | +31.1% |
| EBITDA | ₹4,614.93 Cr | +2.5% | +15.7% |
| PAT | ₹3,308.30 Cr | +8.7% | +9.2% |
Adani Ports continues to deliver strong operational performance with robust revenue growth and stable profitability. Despite high capital expenditure and financing outflows, the business fundamentals remain strong, making it a structurally solid infrastructure play
Official Exchange Filing: Adani Ports & SEZ Ltd
Quarterly Performance Context
FISCAL YEAR
2025-2026
AUDIT STATUS
REVIEWED