Adani Ports and Special Economic Zone Limited Earnings Summary — Q1 FY2027
Adani Ports Reports 10% Profit Growth Led by Robust Port and SEZ Activity
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 8 consecutive quarters.
- Revenue of ₹10,821 Cr is 18.6% higher year-on-year.
- Revenue has compounded at 22.2% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit has reached its highest level in 10 quarters.
- Net profit of ₹3,620 Cr is 9.2% above the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 29.0% annualised across the period.
- Operating margin stands at 57.8% in Q1 FY2027.
- Operating margin compressed by 243 bps year-on-year.
- Over the last two years operating margin has contracted by 490 bps.
- PBT margin is 39.8%.
- Expenses grew 25.8% against revenue growth of 18.6%.
- Operating profit of ₹6,253 Cr is 13.8% higher year-on-year.
- Operating leverage has been under pressure recently.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 73/100 (Strong) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 10,821 | 10,738 | 9,705 | 9,167 | 9,126 | 8,488 | 7,964 | 7,067 | 7,560 | 6,897 |
| Expenses | Improving | 4,568 | 4,718 | 3,919 | 3,827 | 3,631 | 3,482 | 3,161 | 2,700 | 2,820 | 2,887 |
| Operating Profit | Improving | 6,253 | 6,020 | 5,786 | 5,340 | 5,495 | 5,006 | 4,802 | 4,367 | 4,739 | 4,009 |
| Operating Margin | Stable | 57.8% | 56.1% | 59.6% | 58.3% | 60.2% | 59.0% | 60.3% | 61.8% | 62.7% | 58.1% |
| Other Income | Improving | 853 | 900 | 189 | 837 | 453 | 426 | 247 | 254 | 349 | -70 |
| Interest | Improving | 1,087 | 1,605 | 980 | 1,223 | 846 | 715 | 923 | 659 | 484 | 619 |
| Depreciation | Improving | 1,711 | 1,615 | 1,384 | 1,264 | 1,255 | 1,185 | 1,106 | 1,077 | 1,012 | 979 |
| Profit Before Tax | Improving | 4,307 | 3,700 | 3,611 | 3,690 | 3,848 | 3,532 | 3,020 | 2,885 | 3,593 | 2,341 |
| Tax | Improving | 658 | 392 | 568 | 570 | 537 | 509 | 501 | 473 | 485 | 326 |
| Net Profit | Improving | 3,620 | 3,329 | 3,054 | 3,109 | 3,315 | 3,014 | 2,520 | 2,445 | 3,113 | 2,040 |
| Net Margin | Stable | 33.5% | 31.0% | 31.5% | 33.9% | 36.3% | 35.5% | 31.6% | 34.6% | 41.2% | 29.6% |
Key Takeaways
- Revenue from operations grew by 18.6% year-on-year to ₹10,821 crore, driven primarily by the Port and SEZ segment.
- Consolidated Net Profit rose to ₹3,620 crore, a 9.2% increase compared to the same quarter last year.
- Operating margins improved to 60% in Q1 FY27 from 56% in the preceding quarter (Q4 FY26).
- The company finalized the Purchase Price Allocation for the acquisition of Abbot Point Port Holdings, recording a goodwill of ₹2,403.27 crore.
- APSEZ expanded its portfolio through the acquisition of Jaypee Fertilizers & Industries Limited (JFIL) on May 21, 2026.
- Management noted the resolution of US DOJ and SEC matters involving a non-executive director, stating no impact on the company's financials.
- The Port and SEZ segment remains the dominant contributor, generating ₹9,510.83 crore in income for the quarter.
Management Guidance
Management is focused on transitioning from a port operator to a gate-to-gate logistics provider, emphasizing long-term growth through integrated logistics services.
Sentiment Shift
Improving
Operating margins recovered to 60% levels and net profit showed resilience despite higher depreciation and amortisation costs compared to the previous year.
Outlook
The company continues to expand its global and domestic footprint with new acquisitions like JFIL and strategic partnerships such as the 49% stake investment by Mundi Limited in the Vizhinjam Port subsidiary.
From the Annual Report (Key Quotes)
“Port and SEZ activities includes developing, operating and maintaining the Ports services and related infrastructure.”
“The asset cover for the Secured Non-Convertible Debentures as of June 30, 2026, exceeds hundred percent of the requirement.”
“Having regard to the status of the above-mentioned matters... there were no impact to the Company as on reporting date.”
Official Quarterly Documents
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This summary is AI-generated from Adani Ports and Special Economic Zone Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.
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