Adani Ports shares rally over 18% in 2025 so far; here's what analysts said after Q2 results

At 14:10 PM, Adani Ports shares were trading at ₹1,442 apiece on NSE, falling 0.17%. The stock has gained 1.5% to an intraday high of ₹1,466.30 while slipping 0.54% to the day’s low of ₹1,436.60 apiece on Thursday.

For a month’s time, the stock has climbed nearly 3%, while for a six-month period, it has surged 9%. From the beginning of the year, Adani Ports shares have rallied over 18%.

Its market capitalisation stands at ₹3.11 lakh crore.

Adani Ports Q2 numbers

Adani Ports and SEZ had reported a consolidated net profit of ₹3,109 crore on Tuesday for the July-September quarter (Q2 FY26), marking an increase of 27% from ₹2,445 crore logged in the same period last year.

The country's largest private port operator’s revenue from operations grew 30% to ₹9,167 crore in the June quarter, as against ₹7,067 crore registered in the year-ago period.

Adani Ports' operating profit, also known as earnings before interest, taxes, depreciation, and amortisation (EBITDA), jumped 27% to ₹5,548 crore as compared to ₹4,369 crore in the corresponding quarter of the previous fiscal year.

Its EBITDA margin, however, contracted to 60.5% in the reporting quarter from 61.81% in Q2 FY25.

The Adani group firm’s domestic ports business segment’s performance improved to ₹6,351 crore in Q2 FY26, up from ₹5,474 crore in Q2 FY25.

The logistics segment posted strong growth, with revenue rising 92% year-on-year to ₹2,224 crore, driven by the ramp-up in trucking and international freight network services. The segment’s return on capital employed (RoCE) improved to 9%, compared to 6% in FY25.

Here's what analysts said

Analysts at Goldman Sachs noted that the company’s Q2 earnings were in line with expectations. They further anticipate growth recovery in the second half of the current fiscal year. A stronger balance sheet positions the company well to pursue both organic and inorganic growth opportunities, they added.

Analysts at Jefferies observed that new port additions are supporting volume growth, while the company’s strategy remains centred on driving absolute EBITDA growth through an integrated logistics approach. They also highlighted that capital allocation continues to be a key area of focus.

CLSA highlighted that strategic expansion and deleveraging have strengthened Adani Ports’ fundamentals. The firm’s diversification into logistics and recent asset acquisitions are yielding positive results. Additionally, rising operating cash flows have reduced leverage in the second quarter to its lowest level in nine years.

Fitch, in a note dated November 3, said it expects liquidity and funding to remain commensurate with APSEZ's ratings, with financial flexibility supported by its cash flows, which are driven by a robust portfolio of seaports, a degree of capex flexibility and demonstrated credit market access. “While the timing and eventual outcome of the US investigation and its impact on the Adani Group are uncertain, we expect risks to be manageable for APSEZ in the near term,” it added.

Further, Fitch expects annual cargo growth of 10-15% and EBITDA margins of about 55%, with total debt-to-EBITDA projected to stay below 2.5x through FY29.

Here's what management said

“Our strong, across-the-board profitable growth momentum truly underscores the success of our unmatched Integrated Transport Utility value proposition. Logistics and marine businesses have continued their exponential growth trajectory, further reinforcing our port-gate to customer-gate offering,” said Ashwani Gupta, Whole-time Director & CEO of Adani Ports.

Gupta said the company’s vision of becoming an integrated transport utility is progressing rapidly, supported by the strategic expansion of its multi-modal capabilities. He noted that the growing network of 12 logistics parks, 3.1 million sq. ft. of warehouses, an expanding trucking fleet, and international freight services are helping build a seamless supply chain ecosystem.

Gupta added that the ongoing expansion of port capacities and a 127-vessel marine fleet across the MEASA region, along with the company’s foray into West African waters, positions Adani Ports as a truly integrated global supply chain player.