Adani Ports Q1: consolidated PAT +10% to ₹3,650 Cr trails 19% revenue jump on JV loss

Consolidated revenue rose 18.6% YoY to ₹10,820.80 Cr (flat QoQ), comfortably above management's 11–16% FY27 revenue guidance and ahead of the street's read. But consolidated PAT of ₹3,649.50 Cr grew just 10.2% YoY, and net margin eased to 34% from 36% a year earlier — reported profit growth clearly trailed the topline. EPS was ₹15.71 vs ₹15.34.

The gap sits almost entirely on one line: the group's share of joint-venture results swung to a ₹287.76 Cr loss from a ₹157.30 Cr profit a year ago — an adverse swing of roughly ₹445 Cr. Strip that out and the operating engine was strong: profit before JV, exceptionals and tax rose 24.5% YoY to ₹4,595.07 Cr, EBITDA climbed ~19% to ~₹6,541 Cr and operating margin held at 60% (up from 56% in Q4). Cargo volumes were up 15% YoY (138.1 MMT), led by containers. Depreciation jumped 36% to ₹1,711.27 Cr and interest costs 27% to ₹994.73 Cr as the Abbot Point/NQXT Australian acquisition was consolidated — ₹2,403 Cr of goodwill was finalised this quarter — while other income nearly tripled to ₹852.91 Cr, cushioning the JV hit.

The stock went into the print at ₹1,730.5, down 4.4% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.

Against the street, revenue and EBITDA beat (Nomura had modelled ~16% EBITDA growth) but reported PAT undershot the ~16% profit-growth consensus embedded in FY27 estimates, purely on the JV swing; with no exceptional items this quarter the 10.2% figure is a clean, unadjusted number. The board also cleared two large capital moves: an agreement to sell 49% of Adani Vizhinjam Port to Mundi Limited for ~$1.397 Bn (subject to approvals) and the completed ₹1,500 Cr acquisition of Jaypee Fertilizers. Standalone tells a very different, non-comparable story — PAT leapt to ₹1,557.49 Cr from ₹597 Cr on ₹1,259.74 Cr of other income (largely subsidiary dividends) — so the consolidated ₹3,650 Cr is the number to anchor on.