Adani Ports and SEZ Q1 preview: Volumes, realisation to aid strong revenue growth

Seven brokerages project a net profit of Rs 2292.50 crore, up 5% year-on-year and 13% quarter-on-quarter.

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26 Aug, 2025 12:21

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Adani Ports and Special Economic Zone is likely to report strong April-June quarter earnings. The firm will report its earnings on August 1.

According to a Bloomberg poll of eight brokerages, Adani Port is expected to report a revenue of Rs 7,006.80 crore, a 12 percent increase from the previous year and flat quarter-on-quarter. Seven brokerages project a net profit of Rs 2292.50 crore, up 5 percent year-on-year and 13 percent quarter-on-quarter.

Total volume handled at ADSEZ during 1QFY25 stands at 109 MMT, up 7.6 percent yoy and flat qoq. Growth was primarily lower due to the temporary shutdown at the Gangavaram port (impact of 6.0mn tonne cargo volume). EBITDA is anticipated by two brokerages to be Rs 4,132.90 crore, up 10 percent year-on-year and flat quarter-on-quarter.

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Through debt reductions, Adani Ports & SEZ improved its net debt-to-EBITDA ratio to 2.3x from 3.1x in March 2023. APSEZ is expected to achieve 2-3 times India's cargo volume growth, driven by a balanced port mix on both the western and eastern coastlines and an operational ramp-up at recently acquired ports. Cargo volumes are projected to range from 460 MMT to 480 MMT in FY25, with revenue estimated at Rs 30,000 crore.

What factors are driving Adani Ports' earnings?

Revenue Growth: Kotak Institutional Equities model 12 percent yoy improvement in revenues, driven by a combination of organic volume growth (8 percent) and boost from realization. The impact of the loss of Ganvaram volumes was 4 percent on volume, leading to a lower 8 percent growth in volume estimated for the portfolio.

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Elara Securities forecasts a 12 percent YoY growth in port revenue, with an EBITDA margin of 70.5 percent, up 80 basis points QoQ, driven by an 18 percent YoY increase in container volumes and an 11 percent YoY rise in liquid volumes. ADSEZ's consolidated revenue is expected to grow 11 percent YoY, with an EBITDA margin of 59.6 percent.

Key Points to Watch: Global trade trends, performance of international ports, and related factors.

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