ADANI PORT & SEZ LTD

Operates a network of domestic and international ports together with integrated logistics services. The Port and SEZ Activities segment is the dominant earner, generating Rs 33,532 cr of segment revenue (86%) and Rs 16,942.41 cr of EBIT in the period ending 31 March 2026, by charging tariffs, cargo handling fees, and SEZ rentals to importers, exporters, shipping lines, and SEZ tenants across facilities including Mundra. The 'Others' segment contributed Rs 5,438.6 cr (14%) and Rs 649.24 cr EBIT, covering logistics businesses such as trucking, an Inland Ferry Network, and a marine fleet. In Q1 FY27, domestic ports delivered a 74% EBITDA margin while international ports posted Rs 1,747 cr of revenue (+80% YoY) led by Australian and Colombo ramp-up. Total Q1 FY27 consolidated revenue reached Rs 10,821 cr and EBITDA Rs 6,541 cr, both up 19% YoY, with net debt to EBITDA at 1.9x. The cost structure has no materials component and is dominated by other operating expenses (34.9% of revenue) and depreciation (14.2%). Capacity is targeted to reach 1 billion metric tons by 2031.