India’s Adani Ports raises annual earnings forecast, expects Australia terminal boost

India’s Adani Ports and Special Economic Zone raised its annual core earnings forecast on Tuesday, driven by a higher-than-anticipated growth and the acquisition of an export terminal in Australia.

That and U.S. President Donald Trump’s announcement of reducing tariffs on Indian goods, which lifted the broader markets, propelled the company’s stock by as much as 9.54%, its highest intraday rise since June 2024.

The company, part of billionaire Gautam Adani-led group, raised the upper end of its core earnings forecast for the fiscal year ending March 2026 by 8 billion rupees ($88.74 million) to 228 billion Indian rupees ($2.53 billion).

“Their revenue growth is in line with our estimates, and strong growth across the business portfolio reiterates their ability to achieve all of the company’s long-term targets across segments,” said Ankita Shah, VP equity research at Elara Securities.

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Adani Ports, India’s largest private port operator by volume, said its consolidated net profit rose nearly 21% to 30.54 billion rupees ($338.02 million) for the quarter ended December 31, led by strong volume growth.

The company “sustained momentum” across its four business units, along with the consolidation of Australia’s North Queensland Export Terminal (NQXT) enabled the firm to raise its fiscal year 2026 EBITDA forecast, CEO Ashwani Gupta said in a press release.

In December, the Adani company completed the acquisition of NQXT, a natural deep-water, multi-user export terminal with a capacity of 50 million tons per annum.

It also named group insider Sreedhar Krishna Menon as its new chief financial officer. He replaces D. Muthukumaran, who has held the role since 2022, the company said.

Revenue from operations grew nearly 22% year-on-year to 97.05 billion rupees, led by a 9% rise in cargo volume.

Last month, smaller rival JSW Infrastructure also posted a 14% rise in its third-quarter profit. Parent Adani Enterprises also reported a higher third-quarter profit on Tuesday as gains in its airport and renewable energy businesses offset weak demand in its core coal trading segment.