Adani Ports Q1 net seen up 8.4%, volume may drive earnings

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26 Aug, 2025 12:21

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Adani Ports & SEZ's first quarter consolidated net profit may increase 8.4 percent year-on-year to Rs 616 crore and revenue may jump 35.5 percent to Rs 1,709 crore, according to average of estimates of analysts polled by CNBC-TV18.

Analysts expect a robust topline growth driven by commissioning of Kandla Port, full consolidation of Dharma port (acquired in May 2014) and Panipat refinery (important driver of volumes).

Core operating profit (ex-forex) is seen rising 31.5 percent to Rs 1,094 crore but margin may fall 190 basis points to 64 percent year-on-year.

On stanalone basis, profit in June quarter is likely to increase 10.6 percent to Rs 558 crore and revenue may climb 17.8 percent to Rs 1,035 crore compared to year-ago period.

Core operating profit (ex-forex) is seen rising 13.8 percent to Rs 697 crore but margin may drop 230 basis points to 67.3 percent during the same period.

Analysts expect another bumper quarter from Adani Ports as traction may come from smaller ports ex-Mundra. Analysts now believe that Dhamra and Hazira ports may drive the next leg of growth for the company.

Volume growth across ports may drive earnings for the quarter. Ports like Dhamra and other smaller ports like Vizag, Kandla and Goa mayh see traction in volumes as well.

Analysts see 18-23 percent volume growth in consolidated business. Of this 8-10 percent may come from Mundra and the remaining contribution from new port assets. There may also be a 10-12 percent increase in net blended realisation.

They expect to see a big Y-o-Y jump in both depreciation and interest costs, which may impact bottomline.

On standalone basis, volume at Mundra is seen at 28.5 million metric tonnes, up almost 10 percent Y-o-Y.

Key factors to watch out for-Pick up in volumes at Mundra Port which have remained muted for the last few quarters. Financials of Mundra are getting negatively impacted on lower imported coal volumes.-Mundra Port is also suffering from a high base now-Consistency in performance and evidence of ramp up in volumes at ports like - Dahej, Dhamra, Kandla and Hazira-In Q4FY15 – Hazira and Dhamra registered EBITDA margin stronger than Mundra – indicating the inherent strength in assets. Continued strengthening of margins for these ports will be key factor to watch for.