Adani Port & SEZ (ADSEZ IN) – Q4FY26 Result Update – War impact negated by NQXT; structural story intact – BUY
Published on 01 May 2026
ADSEZ reported a strong operating performance in Q4FY26 mainly aided by NQXT consummation; while domestic volumes were impacted due to West Asia crisis and weaker imported coal volumes. Although transshipment volumes post closure of strait supported domestic ports’ NSR and EBITDA/t mainly at Mundra, other key ports (Gangavaram, Hazira, Dhamra and KP) performance was weak due to ongoing expansion, higher freight delaying exports and negative impact from certain sectors such as tiles, scrap and paper. Margins moderated due to adverse cargo mix and lower realisations from shift towards coastal coal. Despite these headwinds, performance remained supported by strong growth in marine and steady traction in logistics. Overall market share stood at 26%, with container market share at 45.2%. Maintain ‘BUY’ with revised TP of Rs1,872 (earlier Rs1,810) valuing at same 18x EV of Mar’28E EBITDA.
