Adani ports Q3 preview | Healthy numbers expected; pick up in cargo volumes to support growth

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26 Aug, 2025 12:21

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Adani Ports and Special Economic Zone (SEZ) will release its December quarter earnings on February 9 wherein brokerages believe pick up in cargo volumes will support growth prints.

Brokerage firm Antique Stock Broking highlighted that Adani Ports significantly outperformed All India Port growth during Q with overall Cargo/Container growing 20 percent/30 percent year-on-year (YoY) during Q3.

Antique expects the company's topline to grow 19 percent YoY, led by 37 percent YoY growth in Port revenues.

"Port volumes for Q3 are higher 37 percent YoY at 76.5mnT (including KPCL); on an organic basis, volumes are higher 20 percent YoY during Q3," Antique said.

The brokerage expects a 12 percent YoY growth in EBITDA and believes the appreciation in rupee during Q3 would positively impact reported PAT by about Rs 200 crore.

"Adjusting for Forex, we expect 8 percent YoY growth in PAT," said Antique.

Brokerage firm Kotak Institutional Equities expects a 23.1 percent YoY rise in the company's December quarter net sales.

Reported PAT is likely to rise 18.9 percent YoY while adjusted PAT may climb 18.9 percent YoY, Kotak said.

Further, EBITDA can climb 19.4 percent YoY but the EBITDA margin may see a decline of 209 bps YoY.

However, Kotak expects a sequential improvement of 271 bps in EBITDA margin on continued strong port EBITDA margin in existing portfolio and cost efficiencies at Krishnapatnam port.

"We model 36 percent YoY increase in volumes on 17 percent YoY improvement in cargo throughput for APSEZ's existing portfolio and incremental 10MT to come from Krishnapatnam during Q3FY21. We continue to build in lower SEZ income for Q3FY21 too," Kotak said.

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