Adani Ports and Special Economic Zone Limited (ADANIPORTS) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Adani Ports and Special Economic Zone Limited (ADANIPORTS) runs India's largest private ports network — port operations, logistics and marine services across 16 ports and terminals — and enters this quarter on record cargo momentum, with H1 FY27 volumes at 280 MMT, up 15% YoY. The print will speak to whether the FY27 guidance of Rs. 43,000-45,000 Cr revenue and Rs. 25,000-26,000 Cr EBITDA stays on track, and how marine margins hold up against a sharp rise in bunker fuel costs.

Adani Ports and Special Economic Zone Limited Q2 Results Date and Time

Adani Ports will hold its board meeting on October 28, 2026 to consider the Q2 and H1 FY27 financial results, with the trading window shut from October 1.

An analyst call is scheduled for 6:00 pm IST on October 28, 2026, with CEO Ashwani Gupta and CFO S Krishna Menon among the participants.

What to expect from Adani Ports and Special Economic Zone Limited's Q2 FY27 results

The quarter's story is record cargo momentum meeting a cost headwind: monthly volumes ran at 46.3, a record 50.0 and 46.0 MMT through Jul-Sep (H1 +15% YoY), while Singapore VLSFO bunker fuel averaged $870/mt in September versus $491/mt a year earlier — a direct pressure point for the 135-vessel marine fleet, where Q1 EBITDA margin was 44.8% against a guided return to the historical mid-50s%. A weaker rupee (RBI weekly spot moved from 95.79 on Sep 25 to 96.61 by Oct 9 before recovering to ~94.7-94.9) is a tailwind, since 40-45% of cargo is containerized and dollar-linked along with dollar-linked harbour income. The thermal-coal setup is a specific volume tailwind — power-plant stocks fell to a nine-day cover and power-sector coal imports hit a 15-month high of 5.52 mt in August — which aligns with the ports that handle imported coal and could reverse the Q1 drag when Krishnapatnam fell 19% YoY. The soft spot is logistics: rail was -13% YoY in H1 before September's +3% YoY turn (62,302 TEUs), so the call will likely be pressed on whether that recovery is durable against the double-digit logistics growth target and the 80% ICD-utilization goal. Management has reiterated the ambition of 1 billion tonnes of throughput by FY31 and said FY29/FY31 targets will not be revised on quarterly updates.

Key Things To Watch

Performance vs FY27 guidance: Q1 FY27 delivered roughly a quarter of the full-year ranges; Q2 updates will show whether the run-rate holds.

• Revenue — Rs. 43,000-45,000 Cr by FY27 — Q1: Rs. 10,821 Cr = 24-25% of range
• EBITDA — Rs. 25,000-26,000 Cr by FY27 — Q1: Rs. 6,541 Cr = 25-26% of range
• Net debt/EBITDA — up to 2.5x (policy ceiling) — Q1: 1.9x
• Marine revenue — over Rs. 3,300 Cr by FY27 — Q1: Rs. 901 Cr
• Capex — Rs. 12,000-14,000 Cr by FY27 — Q1 disclosure deferred to Q2

Q2 capex and balance-sheet disclosure: Management committed at Q1 to reporting capex with Q2 results.

• Check the capex run-rate against the Rs. 12,000-14,000 Cr FY27 guidance and the 'slightly ahead of guidance' characterization
• Net debt/EBITDA vs the 2.5x ceiling, with CWIT Phase II, Vizhinjam Phase 2, Paradip and Mundra CT5 spend underway

Rail and logistics recovery: Rail volumes are the quarter's clearest soft patch.

• H1 FY27 rail -13% YoY (312,763 TEUs) vs September's +3% YoY turn at 62,302 TEUs — is the recovery called durable?
• Progress toward the 80% ICD-utilization goal across four major ICDs 'in the upcoming quarters' and the open-ended double-digit logistics growth target

Paradip, Mundra and Vizhinjam milestones: Several capacity milestones fall due around this quarter.

• Paradip: concession agreement was to be signed within 30 days of the Sep 9, 2026 LOA; watch confirmation and the development schedule for the +18 MMT addition
• Mundra: next container capacity addition expected within the current calendar year, with container utilization near full
• Vizhinjam/MSC: MSC cash is subject to regulatory approvals; Phase 2 expansion from 1.6 to 5.7 million TEUs by FY29 is underway

Marine margin and Haifa swing factor: Bunker costs and Israel are the two flagged swing factors for margins.

• Marine EBITDA margin was 44.8% in Q1 FY27 vs the guided return to historical mid-50s% as the Middle East situation normalizes — with Singapore VLSFO at $932/mt on Oct 22, watch what pass-through is embedded
• Haifa realization per ton is ~4x India but margins are currently low due to the macro situation — management flagged it as the swing factor for international port margins