ADANIPORTS · Services
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹846 cr, +74.8% on the year; 15% of EBITDA.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 60.2%, −247 bps on the year (+124 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹6,646 cr | ₹6,920 cr | ₹6,896 cr | ₹7,560 cr | ₹7,067 cr | ₹7,964 cr | ₹8,488 cr | ₹9,126 cr | ₹9,167 cr | ₹9,705 cr | ₹10,738 cr | ₹10,821 cr |
| YoY | — | — | — | +21% | +6% | +15% | +23% | +21% | +30% | +22% | +27% | +19% |
| EBITDA margin | 55.1% | 60.6% | 58.1% | 62.7% | 61.8% | 60.3% | 59.0% | 60.2% | 58.3% | 59.6% | 56.1% | 57.8% |
| Other income, % of PBT | 14% | 18% | −3% | 10% | 9% | 8% | 12% | 12% | 23% | 5% | 24% | 20% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 30% | 19% | 14% | 14% | 16% | 17% | 14% | 14% | 15% | 16% | 11% | 15% |
| Net profit | ₹1,762 cr | ₹2,208 cr | ₹2,015 cr | ₹3,107 cr | ₹2,413 cr | ₹2,518 cr | ₹3,023 cr | ₹3,311 cr | ₹3,120 cr | ₹3,043 cr | ₹3,308 cr | ₹3,650 cr |
| YoY | — | — | — | +47% | +37% | +14% | +50% | +7% | +29% | +21% | +9% | +10% |
| Core profit YoY | — | — | — | +54% | +21% | +24% | +29% | +5% | +8% | +23% | −10% | +2% |
| EPS | ₹8.09 | ₹10.22 | ₹9.44 | ₹14.41 | ₹11.32 | ₹11.67 | ₹13.95 | ₹15.34 | ₹14.39 | ₹13.25 | ₹14.45 | ₹15.71 |
| Flags | · | · | · | ✓ | 1 | ✓ | 1 | 1 | 3 | ✓ | 2 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Adani Ports and Special Economic Zone Ltd. reported revenue of ₹9,126 cr (+20.7% on the year) and net profit of ₹3,311 cr (+6.6% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved +4.7% on the year, against +6.6% for reported profit.
1 check raised a question: Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
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