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Adani Ports and Special Economic Zone Q2 FY27 results: net profit up 18.0% to ₹3,682 crore, revenue up 23.7%
Adani Ports and Special Economic Zone Limited reported consolidated Q2 FY27 revenue of ₹11,340 crore and a net profit of ₹3,682 crore. Revenue rose 23.7% from a year ago, while EBITDA increased 22.6% to ₹6,807 crore and the margin eased 0.5 percentage points to 60.0%.
Key points
- Q2 FY27 consolidated revenue was ₹11,340 crore, up 23.7% from ₹9,167 crore in Q2 FY26.
- EBITDA was ₹6,807 crore, up 22.6% year on year, with the margin at 60.0% against 60.5%.
- Net profit was ₹3,682 crore, up 18.0% from a year ago and 0.9% from Q1 FY27.
- Basic EPS was ₹15.72, compared with ₹14.39 in Q2 FY26 and ₹15.71 in Q1 FY27.
How did Adani Ports and Special Economic Zone perform in Q2 FY27?
On a consolidated basis, Adani Ports and Special Economic Zone reported Q2 FY27 revenue of ₹11,340 crore, up 23.7% from ₹9,167 crore in Q2 FY26. EBITDA rose 22.6% to ₹6,807 crore, while the margin declined 0.5 percentage points to 60.0% from 60.5%.
Profit before tax increased 10.9% from a year ago to ₹4,326 crore, and net profit rose 18.0% to ₹3,682 crore. Basic EPS was ₹15.72 against ₹14.39 in Q2 FY26. Against Q1 FY27, revenue rose 4.8%, EBITDA rose 4.1%, and net profit rose 0.9%.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 11,340 | 10,821 | 9,167 | +23.7% | +4.8% |
| Other income | 269.37 | 852.91 | 836.60 | −67.8% | −68.4% |
| Total expenses | 7,253 | 7,079 | 6,104 | +18.8% | +2.5% |
| EBITDA | 6,807 | 6,541 | 5,550 | +22.6% | +4.1% |
| EBITDA margin | 60.0% | 60.4% | 60.5% | −0.5 pp | −0.4 pp |
| Profit before tax | 4,326 | 4,595 | 3,900 | +10.9% | −5.9% |
| Tax | 783.32 | 657.81 | 570.08 | +37.4% | +19.1% |
| Net profit | 3,682 | 3,650 | 3,120 | +18.0% | +0.9% |
| EPS (₹) | 15.72 | 15.71 | 14.39 | +9.2% | +0.1% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Adani Ports and Special Economic Zone's costs and profit?
Total expenses increased 18.8% from Q2 FY26 to ₹7,253 crore. Employee cost was ₹665.09 crore, up ₹79.58 crore or 13.6%; depreciation was ₹1,713 crore, up ₹449.44 crore or 35.6%; and other expenses were ₹3,869 crore, up ₹836.98 crore or 27.6%. Finance costs declined by ₹216.83 crore or 17.7% to ₹1,006 crore. The filing did not state reasons for these movements.
Other income fell ₹567.23 crore or 67.8% to ₹269.37 crore. The quarter included an exceptional charge of ₹30.76 crore, compared with no exceptional item in Q2 FY26. Tax expense rose ₹213.24 crore or 37.4% to ₹783.32 crore, while profit before tax rose ₹425.78 crore or 10.9% to ₹4,326 crore.
Against Q1 FY27, total expenses rose ₹174.12 crore or 2.5%, while other income fell ₹583.54 crore or 68.4%. Employee cost declined 2.4% and finance costs declined 7.5%, but other expenses rose 7.5% and tax rose 19.1%. These figures show the changes; the filing did not provide a detailed explanation for them.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 665.09 | 585.51 | +79.58 | +13.6% |
| Finance costs | 1,006 | 1,223 | −216.83 | −17.7% |
| Depreciation | 1,713 | 1,264 | +449.44 | +35.6% |
| Other expenses | 3,869 | 3,032 | +836.98 | +27.6% |
| Total expenses | 7,253 | 6,104 | +1,149 | +18.8% |
| Other income | 269.37 | 836.60 | −567.23 | −67.8% |
| Tax | 783.32 | 570.08 | +213.24 | +37.4% |
| Exceptional items | −30.76 (charge) | none |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹22,161.2 crore, up 21.1% from ₹18,293.6 crore in H1 FY26. Total income increased 19.9% to ₹23,283.48 crore, while profit before tax rose 17.5% to ₹8,921.32 crore.
Net profit for H1 FY27 was ₹7,331.94 crore, up 14.0% from ₹6,430.8 crore in H1 FY26. EPS increased from ₹29.74 to ₹31.43, a rise of ₹1.69 or 5.7%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 22,161 | 18,294 | +21.1% |
| Profit before tax | 8,921 | 7,591 | +17.5% |
| Net profit | 7,332 | 6,431 | +14.0% |
| EPS (₹) | 31.43 | 29.74 | +5.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹196,920.52 crore, compared with ₹185,314.76 crore at 31 March 2026. Total equity rose to ₹105,321.65 crore from ₹98,981.48 crore, while borrowings increased to ₹57,716.51 crore from ₹55,102.97 crore.
Cash declined to ₹5,074.45 crore from ₹5,161.55 crore. Inventories were ₹788.76 crore against ₹685.0 crore, trade receivables ₹6,893.9 crore against ₹6,382.54 crore, and trade payables ₹3,496.67 crore against ₹2,736.24 crore.
For H1 FY27, operating cash flow was ₹13,326.54 crore, compared with ₹9,503.44 crore in H1 FY26. Investing cash flow was negative ₹10,718.01 crore against negative ₹9,952.88 crore, financing cash flow was negative ₹2,695.63 crore against ₹421.16 crore, and capital expenditure was ₹10,521.49 crore against ₹6,462.39 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,96,921 | 1,85,315 |
| Total equity | 1,05,322 | 98,981 |
| Borrowings | 57,717 | 55,103 |
| Cash and equivalents | 5,074 | 5,162 |
| Inventories | 788.76 | 685 |
| Trade receivables | 6,894 | 6,383 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 13,327 | 9,503 |
| Cash from investing | −10,718 | −9,953 |
| Cash from financing | −2,696 | 421.16 |
| Capital expenditure | 10,521 | 6,462 |
Source: Company's results filing (XBRL).
How has Adani Ports and Special Economic Zone done over the last 8 quarters?
Revenue rose in each of the last eight quarters on a year-on-year basis. It increased from ₹7,963.55 crore in Q3 FY25 to a series high of ₹11,340.4 crore in Q2 FY27, with the latest quarter continuing the upward direction. Profit also rose year on year in each of the last eight quarters.
Quarterly net profit moved from ₹2,518.39 crore in Q3 FY25 to a low of ₹3,042.93 crore in Q3 FY26 and then reached ₹3,682.44 crore in Q2 FY27. EBITDA margin bottomed at 56.1% in Q4 FY26, recovered to 60.4% in Q1 FY27, and was 60.0% in the latest quarter.
Which businesses drove the quarter?
Port and SEZ Activities generated revenue of ₹9,897.33 crore in Q2 FY27, up 22.9% from ₹8,054.13 crore in the year-ago quarter. Segment EBIT rose to ₹5,126.95 crore from ₹3,945.76 crore, while the reported EBIT margin was 51.8%.
The Others segment recorded revenue of ₹1,501.44 crore, up 25.5% from ₹1,196.35 crore. EBIT was ₹106.25 crore against ₹130.8 crore in Q2 FY26, and the reported EBIT margin was 7.1%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Port and SEZ Activities | 9,897 | +22.9% | 5,127 | 51.8% |
| Others | 1,501 | +25.5% | 106.25 | 7.1% |
Source: Company's results filing (XBRL segment data).
What did Adani Ports and Special Economic Zone's management say?
Management said domestic port capacity is targeted at 1 billion metric tonnes and may be reached slightly before 2031 if execution continues. The Colombo terminal capacity is being doubled from 1.6 million to 3.2 million TEUs, with Phase 2 commissioning underway, and management expects market-share gains in Q3-Q4 FY27 without quantifying them.
CEO Ashwini Gupta said the company would not pursue acquisitions solely for the purpose of doing an acquisition. Management identified uncertainty around international-port margin normalisation, the Strait of Hormuz closure, war insurance, idle vessels, and developed-market acquisitions as risks, while noting that the H2 margin outlook was not precisely guided because Q3-Q4 forecasts remained assumption-based.
How did Adani Ports and Special Economic Zone shares react?
The stock was up 0.5% after five minutes, 0.8% after 15 minutes and 1.0% after 30 minutes from the price when the filing appeared. It closed unchanged on the reaction day from the previous close, while the Port & Port services industry median fell 1.0%.
By the next day's close, the stock was up 6.7% from its pre-results close, against a 1.6% rise for the industry median and a 0.9% rise for the Nifty 100. By the fifth-session close, it was up 8.5% from the pre-results close, compared with an 8.4% industry median move.
Earlier reaction-day moves were mixed: the stock fell 3.3% on 29 July 2026, rose 1.2% on 30 April 2026 and rose 9.2% on 3 February 2026. It also fell 2.4% on 5 August 2025 and rose 4.4% on 1 May 2025.
| After the filing | Stock | Port & Port services median |
|---|---|---|
| 5 minutes | +0.5% | |
| 15 minutes | +0.8% | |
| 30 minutes | +1.0% | |
| Reaction day | +0.0% | −1.0% |
| Next day | +6.7% | +1.6% |
| 5 days | +8.5% | +8.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 29 July 2026 | −3.3% |
| 30 April 2026 | +1.2% |
| 3 February 2026 | +9.2% |
| 4 November 2025 | −0.3% |
| 5 August 2025 | −2.4% |
| 1 May 2025 | +4.4% |
| 30 January 2025 | −2.2% |
| 29 October 2024 | +1.5% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Adani Ports and Special Economic Zone's revenue in Q2 FY27?
Revenue from operations was ₹11,340 crore, up 23.7% from ₹9,167 crore in Q2 FY26 (consolidated).
Did Adani Ports and Special Economic Zone make a profit in Q2 FY27?
Yes. Net profit was ₹3,682 crore, against a net profit of ₹3,120 crore in Q2 FY26.
What was Adani Ports and Special Economic Zone's EPS in Q2 FY27?
Basic earnings per share were ₹15.72, against ₹14.39 in Q2 FY26.
How did Adani Ports and Special Economic Zone shares react to the Q2 FY27 results?
On the reaction day the stock moved +0.0% from the previous close; the median Port & Port services stock moved −1.0%.
When did Adani Ports and Special Economic Zone announce its Q2 FY27 results?
On 28 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Considering And Approving The Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026. (BSE, 5 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 28 October 2026) · PDF
- Outcome Of Board Meeting (BSE, 28 October 2026) · PDF
- The earnings call (28 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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