Adani Ports Reports 26.5% Revenue Growth in Q4FY26 on North Queensland Export Terminal Ramp-Up and Container Gains

Mumbai | 4 May 2026  

What Were Adani Ports’ Q4FY26 Results? 

Consolidated revenue for the quarter rose 26.5% year-on-year to ₹107.4 billion, up 10.6% from the previous quarter. For the full year FY26, revenue stood at ₹387.4 billion, up 27.1% year-on-year. 

Ports revenue grew 30.5% year-on-year, while marine business revenue more than doubled, rising 101% year-on-year to ₹7.26 billion. The marine fleet expanded to 136 vessels from 129 in the prior quarter. 

Logistics business revenue grew 10% year-on-year to ₹11.3 billion, with EBITDA margin improving to 20.1% from 17.6% a year earlier. 

Operating profit, excluding forex movements, rose 20% year-on-year to ₹60.2 billion. EBITDA margin stood at 56.1%, down 290 basis points year-on-year, reflecting an adverse cargo mix and a shift towards lower-realisation coastal coal at domestic ports. Adjusted PAT grew 10.4% year-on-year to ₹33.3 billion. 

What Drove International Volume Growth? 

International volumes surged 266% year-on-year to 22 mmt, led by CWIT container operations and strong throughput at NQXT. Within the quarter, NQXT contributed approximately 11 mmt, Tanzania approximately 3 mmt, and Haifa approximately 2.5 to 2.6 mmt, with Colombo also contributing. International ports revenue per tonne stood at ₹646, with international margins at 42%. 

Why Did Domestic Volumes Stay Flat? 

Domestic cargo volumes were broadly unchanged year-on-year at 111.7 mmt. Container volumes provided the primary support, growing 9% year-on-year. Bulk volumes declined 8.1% year-on-year to 51 mmt, while liquid volumes rose 21.9% year-on-year to 12 mmt. 

Weakness persisted at Gangavaram, Hazira, Dhamra, and Krishnapatnam ports due to ongoing expansion activity, higher freight costs delaying exports, and softer volumes in tiles, scrap, and paper segments. Management flagged the Morbi shutdown and weak scrap and paper volumes as additional headwinds on dry cargo. 

Domestic ports revenue per tonne declined 8.5% year-on-year to ₹587. All-India market share stood at 26%, with container market share at 45.2%. 

What Is the Company Targeting by FY31? 

The company has outlined a ₹1 trillion capex plan over the next five years. Of this, 67% is earmarked for domestic ports, 12% for marine, 8% for international ports, and 8% for logistics. 

Management has stated a target of approximately one billion tonnes of domestic port capacity and approximately 850 mmt of domestic volumes by FY31. The company expects volumes to grow at 1.5 times India’s GDP, with potential upside to 1.7 to 1.8 times. 

For FY27, the company has guided revenue of ₹43,000 to ₹45,000 crore, EBITDA of ₹25,000 to ₹26,000 crore, and capex of ₹12,000 to ₹14,000 crore. Net debt to EBITDA is targeted at up to 2.5 times. 

How Are Logistics and Marine Businesses Positioned? 

Logistics ROCE improved to 10% during the quarter, supported by a higher share of asset-light and asset-zero businesses. Freight forwarding, classified as asset-zero, is being used as a volume generator for heavier port infrastructure. The company has set a logistics ROCE target of approximately 20% by FY31. 

On marine, the company stated that annual margins of 50% and above are considered sustainable. International presence across Europe and the Middle East is expanding. 

Vizhinjam port is operating at 100% utilisation. The company is fast-tracking Phase 2 to scale capacity to approximately 5.7 million TEUs in phases. CWIT is expanding into EXIM cargo beyond transshipment as part of its Phase 2 ramp-up. 

Outlook 

Near-term headwinds remain from the West Asia conflict, weak export conditions, and commodity volatility in tiles, scrap, and paper. Management expects coal recovery to support near-term domestic volumes. Container volume recovery is tied to freight rate normalisation, according to management. The company’s ₹1 trillion capex plan and FY31 capacity targets reflect its stated long-term growth priorities. 

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