Adani Ports Q2 FY27 Results Analysis: Revenue Jumps 23.7%, Leverage Improves to 1.86x (ADANIPORTS)
Adani Ports & Special Economic Zone Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 11,340.40 Cr (+23.70% YoY) and PAT growth of +18.02% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 28, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 11,340.40 Cr (+23.70% YoY) |
| PAT (Q2) | Rs. 3,682.44 Cr (+18.02% YoY) |
| EBITDA margin | 60.00% (-52 bps YoY) |
| EPS (Q2) | Rs. 15.72 (+9.24% YoY) |
| Market cap | Rs. 424,389.26 Cr |
| CMP | Rs. 1,842.00 |
Quarter Snapshot
Q2 FY27 delivered 23.70% revenue growth and 22.64% EBITDA growth with H1 tracking within all four assessable FY27 guidance ranges (revenue, EBITDA, leverage, capex). Cash conversion was strong (CFO/PAT 1.82x) and leverage improved to 1.86x net debt/EBITDA, though logistics margins compressed to 7.08% and capex is running ahead of the full-year guidance pace. No guidance beat is evident — results are in-line with management's own targets.
Key Investment Insights
Key Positives
- Revenue grew 23.70% YoY to Rs.11,340.40 crore; H1 is 49.2–51.5% of the FY27 guidance range of Rs.43,000–45,000 crore
- EBITDA grew 22.64% YoY to Rs.6,806.65 crore; H1 is 51.3–53.4% of the FY27 guidance range of Rs.25,000–26,000 crore
- Port & SEZ result margin expanded ~281 bps YoY to 51.80%
- JV income swung +Rs.349.70 crore YoY (Rs.139.51 crore inflow vs Rs.210.19 crore loss year-ago)
- CFO/PAT of 1.82x in H1 with FCF of Rs.2,805.05 crore after Rs.10,521.49 crore capex
- Net debt/EBITDA of 1.86x vs 2.5x policy ceiling; debt-equity improved to 0.56 from 0.76
- Finance costs fell 17.73% YoY to Rs.1,006.05 crore including a Rs.149.15 crore net derivative gain
- Standalone PAT grew 64.48% YoY to Rs.940.97 crore
Risk Factors
- Others (logistics) segment result margin fell to 7.08% from 10.93% YoY despite revenue growth of 25.5%
- Other income collapsed 67.80% YoY to Rs.269.37 crore, a dividend/investment-income timing swing
- Operating expenses grew 29.08% YoY, faster than revenue, giving up ~52 bps of EBITDA margin
- Current ratio fell to 0.78 from 1.11 year-ago; current borrowings rose to Rs.14,250.30 crore from Rs.4,678.81 crore
- Net profit margin declined to 32% from 34% year-ago
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.