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Adani Ports and Special Economic Zone Limited Q2 FY26 results deck summary

NSE: ADANIPORTS · BSE: 532921

Results deck of 4 Nov 2025, summarised by AI from the filing.

APSEZ Q2 FY26 revenue ₹9,167 cr (+30% YoY), PAT ₹3,120 cr (+29% YoY); guides FY26 revenue ₹36,000-38,000 Cr.

Key takeaways

  1. Q2 FY26 results Revenue ₹9,167 cr (+30% YoY), EBITDA ₹5,550 cr (+27% YoY), PAT ₹3,120 cr (+29% YoY).
  2. FY26 guidance Revenue ₹36,000-38,000 Cr, EBITDA ₹21,000-22,000 Cr, Capex ₹11,000-12,000 Cr, Net debt to EBITDA up to 2.5x.
  3. Logistics growth Logistics H1 FY26 revenue ₹2,224 cr, up 92% YoY, driven by Trucking and International Freight Network.
  4. Margin mix Mix change to Integrated Transport Utility lowers EBITDA margin due to Trucking and International Freight Network.

Original filing on BSE

Adani Ports and Special Economic Zone Limited Q1 FY27 results

As filed: Revenue ₹10,821 cr (+19% year on year), EBITDA ₹6,541 cr (+19% year on year), PAT ₹3,650 cr (+10% year on year), EBITDA margin 60.4% (+23 bps).

The Q1 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

  • Q4 FY26: Revenue ₹10,738 cr (+27% year on year), EBITDA ₹6,020 cr (+20% year on year), PAT ₹3,308 cr (+9% year on year), EBITDA margin 56.1% (−291 bps). Score 45 of 100, In line with trend. Revenue growth was well above the company's own trend; EBITDA growth was in line with it; profit growth was well below it. EBITDA margin fell 291 bps year on year. Tax rate 11%. Share price after the results: +8.6% in 29 days (Nifty 500: −0.9%).
  • Q3 FY26: Revenue ₹9,705 cr (+22% year on year), EBITDA ₹5,786 cr (+20% year on year), PAT ₹3,043 cr (+21% year on year), EBITDA margin 59.6% (−69 bps). Score 70 of 100, Above trend. Revenue growth was in line with the company's own trend; EBITDA and profit growth were below it. EBITDA margin fell 69 bps year on year. Consolidated profit +21% but standalone -30%. Revenue rose ₹1,741 cr on a year ago, more than the ₹1,044 cr it added the year before. Share price after the results: −2.1% in 30 days (Nifty 500: −3.2%).
  • Q2 FY26: Revenue ₹9,167 cr (+30% year on year), EBITDA ₹5,550 cr (+27% year on year), PAT ₹3,120 cr (+29% year on year), EBITDA margin 60.5% (−129 bps). Score 58 of 100, In line with trend. Revenue growth was above the company's own trend; EBITDA growth was in line with it; profit growth was below it. EBITDA margin fell 129 bps year on year. Tax rate 15%. Profit fell 6% from last quarter. Profit rose ₹707 cr on a year ago, more than the ₹651 cr it added the year before. Share price after the results: +4.2% in 30 days (Nifty 500: −0.3%).
  • Q1 FY26: Revenue ₹9,126 cr (+21% year on year), EBITDA ₹5,495 cr (+13% year on year), PAT ₹3,311 cr (+7% year on year), EBITDA margin 60.2% (−390 bps). Score 26 of 100, Below trend. Revenue growth was in line with the company's own trend; EBITDA growth was below it; profit growth was well below it. EBITDA margin fell 390 bps year on year. Tax rate 15%. Consolidated profit +7% but standalone -35%. Revenue rose ₹1,566 cr on a year ago, more than the ₹1,312 cr it added the year before. Share price after the results: −4.4% in 30 days (Nifty 500: −0.2%).
  • Q4 FY25: Revenue ₹8,488 cr (+23% year on year), EBITDA ₹5,006 cr (+24% year on year), PAT ₹3,023 cr (+50% year on year), EBITDA margin 59.0% (+33 bps). Score 65 of 100, Above trend. Revenue, EBITDA and profit growth were in line with the company's own trend. EBITDA margin rose 33 bps year on year. Revenue rose ₹1,591 cr on a year ago, more than the ₹1,100 cr it added the year before. Share price after the results: +17.8% in 29 days (Nifty 500: +3.5%).
  • Q3 FY25: Revenue ₹7,964 cr (+15% year on year), EBITDA ₹4,803 cr (+12% year on year), PAT ₹2,518 cr (+14% year on year), EBITDA margin 60.3% (−173 bps). Score 20 of 100, Below trend. Revenue growth was below the company's own trend; EBITDA and profit growth were well below it. EBITDA margin fell 173 bps year on year. Consolidated profit +14% but standalone -22%. Profit rose ₹310 cr on a year ago, against ₹871 cr the year before.
  • Q2 FY25: Revenue ₹7,067 cr (+6% year on year), EBITDA ₹4,370 cr (+19% year on year), PAT ₹2,413 cr (+37% year on year), EBITDA margin 61.8% (+671 bps). Score 65 of 100, In line with trend. EBITDA margin rose 671 bps year on year. Not enough history for a trend yet: scored on growth alone. Revenue fell 7% from last quarter.

Past price moves after results do not indicate future moves. Not a recommendation.

Adani Ports and Special Economic Zone Limited earnings call, investor presentation and press release summaries

Figures from the company's filings with NSE and BSE. Not investment advice.