Adani Ports Q2 FY27 Results (NSE: ADANIPORTS)

28 Oct 2026 · Analysis by Alpha Inflection

Signal: Steady quarter

The read

The trajectory is broadening beyond domestic ports: international ports delivered 71% revenue growth and 236% EBITDA growth, marine grew 57% and logistics grew 21%, enabling a FY27 guidance upgrade despite group EBITDA margin slipping 50bps to 60% and market share falling 80bps to 27.3%.

P&L walk

Revenue grew 24% to ₹11,340 Cr, EBITDA grew 23% to ₹6,807 Cr and PAT grew 18% to ₹3,682 Cr; international ports and marine drove growth, but group EBITDA margin eased 50bps to 60%.

Segments

International ports were the main incremental earnings engine: revenue rose 71% to ₹1,839 Cr and EBITDA increased 236% to ₹878 Cr, while domestic ports remained the anchor at ₹7,177 Cr revenue and ₹5,201 Cr EBITDA.

Key positives

• International ports revenue rose 71% to ₹1,839 Cr and EBITDA rose 236% to ₹878 Cr, with margin expanding to 47.7% from 24.2% as Australia and Colombo operations scaled.
• Domestic ports generated ₹5,201 Cr EBITDA at a 72.5% margin on ₹7,177 Cr revenue, preserving the group's earnings anchor despite margin easing 130bps YoY.
• Marine revenue grew 57% to ₹1,007 Cr and EBITDA grew 32% to ₹447 Cr as the fleet expanded to 138 vessels from 127.
• H1 operating cash flow of ₹13,327 Cr funded ₹10,521 Cr of investments, while net debt/EBITDA remained 1.8x.
• FY27 revenue and EBITDA guidance were each raised by ₹1,000 Cr, reflecting stronger-than-expected H1 performance.

Key concerns

• Group EBITDA margin declined 50bps to 60% despite 24% revenue growth, with logistics margin falling 230bps to 18.6%.
• Domestic cargo volume grew only 3.5% to 118 MMT and all-India cargo market share fell 80bps to 27.3%, while container market share fell 150bps to 44.4%.
• Logistics container rail volume declined 6.4% YoY to 167,453 TEUs, even as logistics revenue rose 21% to ₹1,273 Cr.

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