Key Financial Figures (Consolidated, ₹ Cr)
| Particulars | Q1 FY27 | Q1 FY26 | YoY Growth |
| Revenue | 10,821 | 9,126 | 19% |
| EBITDA | 6,541 | 5,495 | 19% |
| PAT | 3,650 | 3,311 | 10% |
| EBITDA Margin | 60.4% | 60.2% | 20 bps improvement |
Segment-wise Performance (₹ Cr)
| Segment | Revenue Q1 FY27 | Revenue Q1 FY26 | YoY % | EBITDA Q1 FY27 | EBITDA Q1 FY26 | YoY % |
| Domestic ports | 6,964 | 6,200 | 12% | 5,152 | 4,637 | 11% |
| International ports | 1,747 | 973 | 80% | 730 | 205 | 256% |
| Logistics | 1,173 | 1,169 | 0.3% | 219 | 212 | 3% |
| Marine | 901 | 541 | 67% | 404 | 297 | 36% |
| Port development & SEZ | 36 | 243 | -85% | 36 | 144 | -75% |
Operational Highlights
- Total Cargo Volume: 138.1 MMT in Q1 FY27 vs 120.6 MMT in Q1 FY26 (14% growth)
- Domestic Volume: 115.3 MMT (2% growth)
- International Volume: 22.8 MMT (196% growth)
- All-India cargo market share: 27.6% (27.8% in Q1FY26)
- All-India container cargo market share: 44.8% (45.2% in Q1FY26)
- Sticky cargo share: 53% (consistent with Q1FY26)
International Ports Breakdown
- Australia: 10 MMT (newly consolidated from Q4 FY26)
- Colombo: 6.9 MMT (revenue up 5x YoY)
- Tanzania: 3.7 MMT (revenue up 36% YoY)
- Israel: 2.2 MMT
- International ports EBITDA margin: 41.8% in Q1 FY27 vs 21.1% in Q1 FY26
Domestic Ports Performance
- Capacity: 653 MMT as of June 30, 2026
- EBITDA margin: 74% (best-in-class)
- Expansion program: Targeting 1,000 MMT by December 2030
- Cluster-wise performance:
- Mundra: Revenue ₹2,208 Cr, EBITDA ₹1,549 Cr
- West Coast (excluding Mundra): Revenue ₹756 Cr, EBITDA ₹492 Cr
- South Coast: Revenue ₹1,134 Cr, EBITDA ₹762 Cr
- East Coast: Revenue ₹1,295 Cr, EBITDA ₹1,153 Cr
Logistics Business
- Rail volume (TEUs): 145,310 for Q1 FY27 (179,479 for Q1 FY26, -19%)
- GPWIS volume: 5.3 MMT (5.7 MMT in Q1 FY26, -7%)
- Trucking revenue: Up 26% YoY
- International Freight Network revenue: Up 28% sequentially
Marine Operations
- Vessel count: 135 vessels in Q1 FY27 vs 118 vessels in Q1 FY26
- Breakdown: 77 tugs, 42 OSVs, 16 flat-top barges
- Recent wins: Partnership with Oceaneering International in Europe, 10-year contract for Argentina's first LNG exports to India
Credit Profile and Debt Management
- Gross debt: ₹56,776 Cr
- Cash balance: ₹12,428 Cr
- Net debt/EBITDA: 1.9x (proforma with TTM NQXT EBITDA: 1.8x)
- Average debt maturity: 5.1 years as of June 30, 2026 (5.2 years as of June 30, 2025)
- Credit rating upgrades:
- S&P Global: Upgraded to "BBB" from "BBB-" with Stable outlook
- JCR (January 2026): Assigned "A-/Stable" rating
- Domestic ratings: "AAA" reaffirmed by CARE Ratings and ICRA Limited
Joint Venture Performance (₹ Cr)
| JV Partner | Revenue Q1 FY27 | EBITDA Q1 FY27 | PAT Q1 FY27 |
| MSC (AICTPL) | 637 | 362 | 260 |
| CMA-CGM (ACMTPL) | 347 | 205 | 131 |
| TOTAL (Dhamra LNG) | 188 | 125 | (41) |
| MSC (AECTPL) | 72 | 17 | (20) |
| IndianOil (IAVL) | 124 | 83 | 55 |
FY27 Guidance
| Metric | Guidance Range | Q1 FY27 Actual |
| Revenue (₹ Cr) | 43,000 - 45,000 | 10,821 |
| EBITDA (₹ Cr) | 25,000 - 26,000 | 6,541 |
| Net debt/EBITDA | Up to 2.5x | 1.9x |
Strategic Developments
- Terminal Investment Limited (TiL) to invest $1.397bn for 49% in Adani Vizhinjam Port Private Limited
- Acquisition of Jaypee Fertilizers & Industries Ltd. for ₹1,500 Cr to gain 243 acres in Kanpur for logistics development
- Partnership with Kaleris to deploy AI-enabled solutions with investment up to $100 million
- Dhamra completed mechanization of BB-4 Phase-1 commissioned in June 2026
- Expansion of Agri Silo ecosystem with 11 new operational locations, reaching 37 facilities with ~1.88 MMT capacity
ESG Updates
- First Indian transport company to publish TNFD-aligned disclosure
- Afforested and conserved over 7,000 hectares of mangroves
- 12 ports certified Zero Waste to Landfill
- Net Zero commitment by 2040
- CARE ESG rating upgraded to 84.3/100 from 81
- CRISIL ESG score upgraded to 67 from 61
- ESGRisk.ai rating of 83 with "Excellent" classification