We  remain optimistic about ADANIPORTS’ growth prospects, supported by its  integrated port-logistics model, capacity expansions, and international forays.

Navkar FY26 revenue/ EBIDTA to reach Rs7-8bn/Rs1bn volume growth and lower contribution from logistics business. Cargo volumes maintenance shutdowns, and lower third-party cargo, despite strong coal handling operations at Ennore, PNP and Paradip. Volumes at its largest port, Jaigarh, remained tepid due to the delay in government orders to Jul'25. Port...

We remain optimistic about ADANIPORTS’ growth prospects, supported by its integrated port-logistics model, capacity expansions, and international forays.

Adani Ports and Special Economic Zone Ltd. is promoted by Adani Group. Mundra Port, India's largest private port, provides cargo handling and other value-added port services. The port offers a number of locational and logistical advantages. The company offers following...

Gujarat Pipavav Port's (GPPL) container volumes grew 13% YoY. Bulk and RoRo volumes de-grew 18%, and 6% mainly due to lower growth in the fertiliser volumes and weak consumer demand, respectively, while liquid volumes grew 25%. This led overall revenue to remain flat YoY. Subsequently, EBITDA margins increased 576 bps mainly due to Ind-AS 116 adjustment of | 5.1 crore in the operating expense element. However, PAT grew 20% YoY mainly due to higher other income (includes dividend from subsidiary PRCL). The management expects the macro situation to remain...

Trans-shipment led to strong growth in FY19 container volume In FY19, container volumes grew 28% to 903 (000) TEU, led by strong transshipment volumes (that command lower realisation). Bulk volumes grew 10% to 2 MMT, led by a resurgence in fertiliser volumes, while liquid and Ro-Ro volumes declined 38% and 23%to 0.64 MMT and 76000 cars, respectively. The management expects container and liquid volumes to remain strong in FY20. However, they expect volatility to continue in the bulk segment and slower growth in Ro-Ro segment. We expect 15% container...

ICICI Securities Ltd | Retail Equity Research Revenues grew 13% YoY to | 171 crore (I-direct estimate: | 163 crore). Container volumes grew 49% YoY to 238000 TEUs (I-direct estimate: 179200 TEUs). Growth was mainly due to higher transhipment volumes. Bulk volumes grew 3% YoY to 0.53 MT (vs. 0.62 MT in Q1FY19). Liquid volumes declined 67% YoY to 0.09 MT (vs. 0.16 MT in...

ICICI Securities Ltd | Retail Equity Research Revenues grew 4% YoY to | 176 crore (I-direct estimate: | 168 crore). Container volumes grew 18% YoY to 195000 TEUs (I-direct estimate: 189800 TEUs). Growth was mainly on the back of addition of a new liner in Q4FY18. Bulk volumes grew 23% YoY to 0.62 MT vs. 0.27 MT in Q4FY18. Liquid volumes fell 25% YoY to 0.16 MT vs. 0.21 MT in...

ICICI Securities Ltd | Retail Equity Research Revenues de-grew 5.2% YoY to | 165.5 crore (I-direct estimate: | 171 crore). Container volumes grew 30% YoY to 205000 TEUs (I-direct estimate: 187400 TEUs). Growth was mainly on the back of new services & ad hoc calls. Bulk volumes de-grew 19% YoY to 0.27 MT vs. 0.33 MT in Q4FY17. Liquid volumes declined 16% YoY to 0.21 MMT vs. 0.25 MMT in Q4FY17. Volumes from Ro-Ro activity declined 4% YoY to 23000 cars vs. 24000 cars in Q4FY17...

ICICI Securities Ltd | Retail Equity Research Revenues de-grew by 4% YoY (up 7% QoQ) to | 162.7 crore (I-direct estimate: | 168.8 crore). Container volumes grew 4% YoY (8% QoQ) a to 173000 TEU's (higher than our estimate of 170000 TEU's). Bulk volumes grew by 10% YoY (up 8% QoQ) to 0.55 MT as compared to 0.5 MT in Q3FY17 and 0.51 MT in Q2FY18. Liquid volumes rose by 39% YoY (up 14% QoQ) to 320000 MT vs. 230000 MT in Q3FY17 (280000 MT in Q2FY18). Volumes from Ro-Ro activity rose by 11%...

Revenues de-grew 12% YoY (down 10% QoQ) to | 151.7 crore (Idirect estimate: | 165.7 crore). In addition to the subdued demand on the west coast, dollar strengthening, loss of two to three calls in the current quarter and a liner (INDFEX) in previous quarter continue to impact the overall realisations and volumes Container volumes de-grew for a fourth consecutive quarter by 4% YoY (down 3% QoQ) to 160000 TEUs (in line with our estimates). Bulk volumes de-grew 27% YoY (up 3% QoQ) to 0.52 MT vs. 0.71 MT in Q2FY17, 0.51 MT in Q1FY18. The number of trains fell from 665 trains...

ICICI Securities Ltd | Retail Equity Research Revenues grew 8.4% YoY (up 3% QoQ) to | 174.6 crore (I-direct estimate: | 173.5 crore). Growth was mainly on the back of execution of a project cargo to the extent of | 24.6 crore Container volumes came in at 158000 TEUs vs. our estimate of 170000 TEUs. Bulk volumes stayed adversely impacted in the quarter at 301000 MT vs. 502000 MT in Q3FY17 and 377000 MT in Q4FY16. Rail volumes fell 13% YoY to 1580000 MT vs. 1810000 MT in Q4FY16,...

Port EBITDA of ~Rs 12 bn (up 25% YoY) was driven by 8% YoY volume growth at 41 MT. Cargo at flagship Mundra port grew ~7% YoY (driven by containers). Profitability surprised positively rising 15% YoY to Rs 300/t. Results were boosted by SEZ income of Rs 2 bn.

Container volumes de-grew 6% YoY (up 1% QoQ) to 167000 TEUs vs. our expectation of 174000 TEUs. This was completely offset by growth in bulk volumes, which was at 14% YoY (down 29% QoQ) to 502000 MMT vs. our estimate of 400000 MMT. Rail volumes continued to remain sluggish with de-growth of 3% YoY to 1.76 MMT. Following seasonal demand, liquid volumes for the quarter grew 22% YoY to 230000 MT compared to 189000 MT in Q3FY16 (78000 MT in Q2FY17). Growth in volumes for Ro-Ro facility were impressive with highest...

ICICI Securities Ltd | Retail Equity Research Revenue for Q2FY17 grew 16% YoY (up 3% QoQ) to | 172 crore (Idirect estimate: | 173 crore). Optically, growth was higher mainly due to a subdued Q2FY16 on account of bad weather conditions Container volumes grew 14% YoY (down 3% QoQ) to 166000 TEUs (vs. expectation of 171000 TEUs). Likewise, bulk volumes also grew 12% YoY (up 18% QoQ) to 705000 MT. Growth in rail volumes remained sluggish at 2% YoY (up 8% QoQ) to 1.82 MMT. Liquid volumes grew 20% YoY (down 48% QoQ) to 128000 MT. Growth in...

ICICI Securities Ltd | Retail Equity Research GPPL's Q1FY17 revenues de-grew 9% YoY (down 4% QoQ) to | 167 crore (I-direct estimate: | 176 crore). The decline was mainly on the back of continued numbness in container and bulk volumes Container volumes were at 172000 TEUs (down 11% YoY; 3% QoQ) compared to our expectation of 189100 TEUs. Rail volumes de-grew 32% YoY (down 7% QoQ) to 1.69 MMT. Bulk volumes remained down, with de-growth of 41% YoY to 600000 MT. Liquid volumes...