Adani Ports and Special Economic Zone Limited Earnings Summary — Q4 FY2026

• Revenue crossed the INR 10,000 Crore mark for the first time in a single quarter, reflecting strong volume expansion.
• Net Profit reached INR 3,308 Crore, up 9% Year-on-Year, supported by a significant jump in Other Income (INR 900 Cr).
• Operating Profit Margins (OPM) moderated to 56% in Q4 compared to 59% in the same quarter last year.
• Interest expenses saw a sharp quarterly spike to INR 1,605 Crore, up from INR 980 Crore in Q3, impacting bottom-line growth.
• The company significantly expanded its equity base and reserves, leading to a much stronger debt-to-equity ratio of 0.66x compared to 0.81x in the previous year.
• Annual sales for FY26 reached INR 38,736 Crore, representing robust 27% growth over FY25.

Management remains focused on transforming APSEZ into an integrated 'gate-to-gate' logistics provider while targeting a net debt to EBITDA ratio of approximately 2.5x.

Stable

Robust top-line momentum and operational scale-up offset the quarterly margin compression and rising interest costs.

The outlook remains strong as Mundra and other ports continue to capture a larger share of India's EXIM trade, supported by a diversifying logistics footprint and improved financial discipline regarding leverage.