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S&P Global Ratings revised the rating outlook on Adani Ports and Special Economic Zone (APSEZ) to ‘Positive’ from ‘Stable’ on strong earnings expectations. The positive outlook over the next 18-24 months indicates that APSEZ’s strong competitive position and diversification will support healthy cash flows.“APSEZ’s larger and more diversified portfolio of assets than peers’ underpins its earnings quality,” the report said. “This is due to the company’s well-situated origin and destination ports, high utilization rates of about 67 per cent compared with peers, and increasing provision of end-to-end logistics solutions to customers. A good mix of higher-margin container volumes will also support robust EBITDA margins of 58 per cent-60 per cent,” it added. The APSEZ has expanded significantly over the past decade through organic growth and a series of acquisitions, it said, adding that a “key watchpoint” will be the concession renewal of Gujarat-based Mundra port, which is set to expire in 2031. “We could revise the outlook to stable if concession renewal risk for the Mundra port is greater than we expect, such that APSEZ’s earnings quality is likely to be adversely affected,” S&P Global added. More clarity in relation to renewal discussions for Pipavav port–also awarded by the Gujarat Maritime Board–would also be an important indicator and precedent for the Mundra concession, given that the private port’s concession is due in 2028, it said. The ratings could be raised, the agency said, if conditions such as concession renewal risk of Mundra port are manageable; current financial position, with a net debt-to-EBITDA ratio materially below 3.5x on a sustainable basis, is maintained; clears sovereign default stress test, among other factors. Sources:FinancialExpress

Adani Ports and Special Economic Zones (APSEZ) announced a 47% year-on-year increase in its consolidated net profit, reaching ₹3,113 Crore for the April-June quarter of fiscal 2024-25 (Q1FY25). This significant growth was bolstered by ₹600 Crore gain from the divestment of a stake in a container terminal subsidiary and an increase in total revenues. The company had posted a net profit of ₹2,115 Crore in the same quarter last year. The port operator’s revenue from operations for Q1FY25 stood at ₹6,956 Crore, an 11% rise compared to ₹6,247.6 Crore in the corresponding period of the previous fiscal year. During the quarter, Adani Ports completed the divestment of a 49% equity stake in Adani Ennore Container Terminal Pvt Ltd, a subsidiary of the company. This transaction yielded ₹248.54 Crore and resulted in a gain of ₹603.27 Crore, which was recorded in the statement of profit and loss. Total volume handled by APSEZ during Q1FY25 was 109 million metric tonnes (MMT), up 7.6% year-on-year and flat quarter-on-quarter. The company noted a loss of 5.7 MMT in cargo volume due to a disruption at Gangavaram Port. Commenting on the results, Ashwani Gupta, Whole-time Director & CEO of APSEZ, stated, “On the financial front, we posted all-time high earnings. But for the temporary disruption in Gangavaram Port, which is now fully restored, our Q1 cargo volume would have been at 114.7 MMT, a 13% increase.”

1 . Mundra Port – India’s Flagship Cargo Hub Adani’s Mundra Port, located in Gujarat, remains India’s largest container and commercial port, handling over 200 million metric tonnes (MMT) in a year and achieving over 155 MMT in FY25. It now accounts for nearly 11% of India's maritime cargo, with ~33% of the nation's container traffic routed through its berths. Mundra surpassed 200 MMT in annual handling, cementing its leadership in volume and market share. 2. Gopalpur Port – Expanding Presence on India’s East Coast In March 2024, APSEZ acquired 95% stake in Gopalpur Port (Odisha) for ₹1,349 crore (~$162 million). This deep-draft port is poised for significant scale-up: as of June 2025, Odisha has sanctioned ₹16,554 crore investment to expand capacity from 20 to 50 MMT, expected to generate ~5,000 jobs. 3 .  Tajpur Port – India’s First Deep-Sea Port in West Bengal Tajpur Port is a proposed greenfield deep-sea facility in Purba Medinipur, West Bengal. Awarded to APSEZ in September 2022, it is expected to be India’s first deep-sea port in the region. With ₹25,000 crore ($3.1 billion) in investment, the port aims to handle Panamax and Capesize vessels via an 18 m draft channel. It’s estimated to commence operations in 2025. 4. Dighi Port – Maharashtra’s Emerging Gateway Acquired by Adani Ports in February 2021 for ₹705 crore, Dighi Port in Maharashtra is undergoing massive expansion and is set to become an alternative gateway to Jawaharlal Nehru Port. Located near Mumbai-Goa and Pune highways, it’s envisioned to grow nearly three times in size, complementing the 5,024-hectare Dighi Port Industrial Area (DPIA) as part of DMIC development. 5. International Expansion – Abbot Point (Australia) & Beyond In April 2025, Adani Ports acquired the North Queensland Export Terminal (Abbot Point) in Australia for A$3.98 billion (~$2.54 billion). The terminal has 50 MMT coal export capacity and elevated APSEZ’s international ambitions, with targets to triple overseas operations by 2029‑30. APSEZ is also scouting opportunities in Sri Lanka, Tanzania, Vietnam, and Middle East markets.

Y25 Consolidated Financial Overview Revenue was ₹97,895 crore in FY25, up around 2% year‑on‑year from ₹96,421 crore in FY24. Expenses rose marginally to ₹93,832 crore. EBITDA surged 26% to ₹16,722 crore, while Profit Before Tax (PBT) rose 16% to around ₹13,237 crore 2. Operating Segment Performance The coal trading division, which contributes nearly one-third of revenue, saw a 47% decline in profit and 45% drop in revenue, due to lower coal prices and import demand. Meanwhile, the new energy segment (solar, wind, modules) posted a 92% YoY rise in pre‑tax profit, now accounting for ~13.5% of overall revenue  Incubating infrastructure businesses—including airports, IRM services, and renewable energy—were major drivers of performance, contributing 86–87% of EBITDA in H1/FY25 3. Group-Level Highlights & Tax Contribution The Adani Group, of which AEL is the flagship, reported a record EBITDA of nearly ₹90,000 crore in FY25, supported by strong infrastructure execution  Tax contributions across the group rose 29% to ₹74,945 crore—from ₹58,104 crore in FY24—highlighting expanding profitability and scale. 4. Q1 FY26 Update (Ended June 2025) — Adani Energy Solutions (AESL) Though on AEL’s subsidiary side, AESL reported strong Q1 FY26 results: Revenue stood at ₹7,026–₹7,025 crore (YoY growth ~28%, QoQ ~45%). EBITDA reached ₹2,017 crore (up 14% YoY), and PAT climbed to ₹539 crore (71% YoY). Cash profit exceeded ₹1,043 crore (15% YoY)  The company ramped up execution—commissioning multiple transmission lines and smart meter installations, pushing under-construction orders to ₹59,300 crore and quarterly capex to ₹2,224 crore 5.Debt and Credit Ratings As of March 2025, net debt at AEL stood at ₹39,000–₹41,000 crore, slightly up YoY due to higher project-related investments. Interest coverage ratio improved due to stronger EBITDA, and debt-to-equity remains conservative for a conglomerate of its scale. AEL retained its ‘ AA–/Stable’ credit rating from CARE and India Ratings, with rating agencies noting steady cash flows and project execution. Bond issues in July 2025 saw oversubscription, with coupon rates between 8.95–9.3%, reflecting improving investor confidence post-2023 concerns. 6. Dividend & Return to Shareholders AEL declared a final dividend of ₹1.50 per share in FY25, maintaining payout consistency for long-term investors. Promoter holding remained stable (~72.6%), with no major pledging reported. Share price rebounded significantly since March 2023, delivering >40% return over FY25, supported by institutional buying, especially from LIC and Indian mutual funds. 7. Business & ESG Strategy AEL reaffirmed its commitment to ESG goals, targeting carbon neutrality in core operations by 2035. It also expanded its Adani New Industries Ltd (ANIL) subsidiary’s role in green hydrogen, electrolyzers, and battery manufacturing Digital and Defense: Following the shelving of the “Adani One” super app, AEL redirected capital toward Adani Defence & Aerospace, which saw growing exports and fresh orders from Indian forces. Sources: TheEconomicTimes & Mint.

Adani Enterprises Limited (AEL) has formally exited its two-decade-old joint venture in the fast-moving consumer goods (FMCG) sector with Wilmar International, marking a significant strategic shift. The JV, Adani Wilmar Ltd (AWL), was initially launched to capture India’s growing edible oils and food products market. In July 2025, Adani sold its remaining 30.4% stake in AWL for approximately ₹11,080 crore (~$1.3 billion), making a full exit from the consumer segment. This move reflects Adani’s renewed focus on capital-intensive core businesses like infrastructure, energy, and logistics. The exit from AWL comes amid a broader realignment within the Adani Group, especially after facing global scrutiny in 2023 and realigning its capital deployment strategy. The stake was acquired by Wilmar and institutional investors, giving Wilmar full control over the JV operations. Analysts believe this move will simplify AWL’s management structure and allow each partner to focus on their core competencies—Wilmar on FMCG, and Adani on infrastructure and industrial platforms. The funds raised are likely to be reinvested into projects with higher return-on-investment potential, such as airports, green energy, and manufacturing. Adani Wilmar, despite its success as one of India’s largest edible oil brands (including Fortune), had begun to face margin pressures, rising input costs, and increased competition. The FMCG business, while profitable, didn't align with Adani Enterprises’ shift toward sectors like copper manufacturing, airports, defence, and data centers—areas where scalability and capex intensity match its long-term growth narrative. Additionally, this sale frees up capital at a time when Adani is also expanding aggressively into renewable power and aviation infrastructure. The decision to exit the JV signals a focused capital allocation philosophy by the Adani Group: reduce diversification and deepen investments in high-impact national infrastructure sectors. It also reflects the conglomerate’s intent to streamline its portfolio following the Hindenburg report episode in 2023, which had triggered debt reassessments and governance reforms. With the Wilmar exit complete, Adani Enterprises is now positioned to concentrate on its expanding roles in copper, airports, coal trading, green hydrogen, and defence manufacturing, all of which align with India's industrial and strategic development agenda. Souces: AdaniEnterpriseLTD

The Adani Group is all set for a major expansion of its airport business that will entail an investment of nearly Rs 1 lakh crore over a period of five years, the conglomerate's airport head Jeet Adani told the Times of India in an interview. Jeet also stated that this capex will be infused into infra and real estate development. There is currently no plan to spread this business to other countries because the potential in India itself is immense. The group currently runs seven airports in India, including Mumbai CSMIA. Another new airport, in Navi Mumbai, will comes under the group's airport portfolio starting October this year. The new airport plan will be a five-year rolling programme, Adani said. Over the next five years, the group's precise total investment in the airport ecosystem -- infrastructure plus real estate -- will be Rs 95,000-96,000 crore, he added. A majority of this investment will go into Navi Mumbai Airport and Mumbai Airport -- basically into real estate in these two entities, Jeet Adani informed. The other major parts of the plan include new terminals at airports in Ahmedabad, Jaipur and Thiruvananthapuram, etc, over the next four years. Besides, the new terminal in Lucknow will see expansion. A new terminal at Guwahati is also ready and will be commissioned this October-November, Adani said. The other major parts of the plan include new terminals at airports in Ahmedabad, Jaipur and Thiruvananthapuram, etc, over the next four years. Besides, the new terminal in Lucknow will see expansion. A new terminal at Guwahati is also ready and will be commissioned this October-November, Adani said. Giving a peek into the group's plan for Navi Mumbai , Adani said phase I and II have been clubbed, and that the airport will open with an initial capacity of 2 crore passengers annually (CPA). "This has been built with a capex of Rs 19,000 crore. We have already started work on T2 for Navi Mumbai International Airport (NMIA) which could either be 3-CPA capacity at Rs 30,000 crore or 5-CPA capacity with a capex of Rs 40-45,000 crore," Adani said. Explaining why he is so bullish on aviation, Adani affirmed that the group is "here just as an airport operator but are here to drive the entire ecosystem forward." "It is not a fight between airline and airport operators. Collectively, our aviation ecosystem has to get the traffic currently transiting between India and rest of the world through nearby hubs in the Gulf, Southeast Asia and even Europe (for North America market)," he said. Those places have a deep integration between airports and airlines, which as of now is not there in India. Fortunately as a group, we have fantastic relationship with IndiGo and the Tatas. We have spoken to both and have asked them to include us into their planning and be a part of our planning," he added. Sources: Bloomberg & TheEconomicTimes.

The Adani Group has scrapped its plans to launch a consumer-facing super app, Bloomberg reported citing sources aware of the development. The decision comes after the digital unit of the Gautam Adani-led conglomerate reportedly faced financial losses and internal disagreements, the report said. Chief Digital Officer Nitin Sethi, who was overseeing the unit recently quit amid an 'internal probe into mismanagement of the business', along with several employees, the Bloomberg report added. Launched in December 2022, Adani One was developed by Adani Digital Labs under Adani Enterprises Ltd. Initially designed as a travel-focused platform, the app allowed users to book flights, hotels, and access services at Adani-operated airports. In the 12 months ending March 2024, it facilitated transactions worth ₹750 crore ($90 million), according to the company’s annual report. Despite its narrow service base, the group had ambitious targets. It aimed to reach nearly 500 million users by the end of the decade. However, the app had only about 30 million users, as per a Bloomberg report from last year. The goal was 500 million users by 2030, with plans to expand into e-commerce, UPI payments, and ONDC-based shopping. Despite reasonable ratings (4.8★) and some repeat users, the cost structure—particularly accommodation and employee costs—eroded profitability Internal disagreements over the app’s strategy led to leadership turmoil: Chief Digital Officer Nitin Sethi exited following investigations, and several team members also resigned. On July 23, 2025, Adani officially decided to scrap the super app project, citing rising losses, limited user traction, and internal misalignment. The decision reflects a broader recalibration of Adani’s digital ambitions amid tougher competition and shifting priorities. Sources: TheEconomicTimes, AngleOne & FinancialTimes.

Adani Enterprises Ltd (AEL) has entered into a share purchase and shareholders agreements with MetTube Mauritius Private Limited (MetTube)," India's Adani Enterprises (ADEL.NS) said on Thursday it will divest 50% of its copper tubes business to MetTube while buying an equal stake in MetTube's Indian unit, in a bid to boost domestic copper tube production and reduce reliance on imports. The companies will collaborate to produce copper tubes used for air conditioning, renewable energy, and smart construction applications. The dual investment structure will ensure equal ownership and shared governance, Adani Enterprises said in an exchange filing. MetTube, a joint venture of Malaysia's Metdist and Japan's Mitsubishi Materials Corp , operates a plant in India that was commissioned in 2024. Adani Enteprises has a $1.2 billion copper smelter, the world's biggest single-location plant of its type, in the western state of Gujarat. The two firms will collaborate to manufacture copper tubes used in air conditioning, renewable energy, and smart construction applications. Under the agreement, Adani Enterprises will divest a 50 per cent stake in its wholly owned subsidiary, Kutch Copper Tubes Limited, to MetTube. Additionally, Adani Enterprises will invest 50 per cent in MetTube Copper India Private Limited, which is a wholly owned subsidiary of MetTube and operates a plant near Ahmedabad in Gujarat," the statement added. Source- TheEconomicTimes

Here are the latest financial report updates on Asian Paints : 📊 Q1 FY26 Preview & Figures Investors are focused on Q1 results scheduled for July 29 board meeting , with trading window closed June 20–July 31. HDFC SKY notes a sequential drop in Q4 FY25 : net profit plunged to ₹24.94 cr (‑71% from Q4 FY25’s ₹60.46 cr), though revenue remained steady at ₹600.6 cr—an odd dip tied to the timing of one-time items. 🔙 Q4 FY25 Financial Highlights Standalone  decorative business volumes grew 1.8% QoQ, yet revenues dropped ~5.2%. EBIT margins also contracted. Consolidated  PBDIT margin was 17.2% (‑220 bps YoY), reflecting slower decorative and global demand. Profit after tax sank ~45% YoY to ₹692.1 cr, against ₹1,256 cr a year ago, with operating profit falling ~35% YoY. Total income declined ~4.3% YoY to ₹8,329–8,359 cr 📉 FY25 Year-End Performance FY25 reported the sharpest drop in net profit in 20+ years , with total PAT at ₹3,667 cr—nearly one-third lower than FY24—due to weak demand and intensifying competition. Revenue dropped ~4.5% YoY in FY25, with EBITDA margins shrinking ~365 bps to ~17.7% 👥 Competitive Pressures Rival Birla Opus  aggressively captured ~6.8% market share since February 2024, prompting Asian Paints’ share to drop from ~59% to ~52% by March 2025. This competitive pressure and soft demand contributed significantly to Q4/FY25 underperformance . 🔍 Market Outlook Monitoring Q1 FY26 result will be critical—analysts expect improved margins through pricing, cost control, and growth in industrial & international segments. The share price saw a 24% decline over the past year, with recent block deals and dividend stabilizing some investor sentiment. Summary: Asian Paints faced a challenging FY25 with significant profit decline and margin pressure. Q4 results reflected steep YoY drops, while Q1 FY26 is being watched keenly for early signs of recovery. Competitive threats loom large from Grasim's Birla Opus, impacting both volumes and pricing power.

The Competition Commission of India (CCI)  has revised its probe order  against Asian Paints, removing earlier references to findings of dominance , following a complaint from Grasim Industries (Aditya Birla Group). This is a rare move by the regulator. 🧭 What changed in the revised order? Original order  referenced a similar complaint by JSW Paints; the revised order deletes that reference , focusing solely on the Grasim complaint. It still maintains that Asian Paints is prima facie in a dominant position  in the decorative paints market. 🔍 Background: Why is CCI probing? The probe was initiated on 1 July 2025 , following Grasim’s allegations that Asian Paints abused dominance by offering exclusivity incentives (discounts, foreign travel) to dealers and pressuring landlords and transporters to avoid Grasim’s Birla Opus brand. A Director General investigation  was ordered to submit findings within 90 days , with CCI clarifying that initial observations are not final  and shouldn’t bias the probe. 👔 How has Asian Paints responded? The company is reviewing the CCI’s revised order  and has stated it will take appropriate legal recourse  while cooperating with the investigation. Here’s the market impact  of the CCI’s revised probe order against Asian Paints : 📉 Asian Paints Stock Reaction Initial dip : After the original probe order on July 1 , Asian Paints’ stock fell  due to concerns about regulatory scrutiny and dominance abuse allegations. Partial recovery : Following the revised order on July 2 , which removed references to JSW Paints, investor sentiment improved slightly . The change was seen as softening the CCI’s stance. July Mid-Month Movement : The stock recovered over 3%  from its lows. Two institutional investors (mutual funds) increased their holdings  in June, signaling confidence in long-term fundamentals despite short-term volatility. 🏦 Sector View The probe signals increased regulatory attention  on India’s paint sector , especially on market leaders like Asian Paints. Rival players  such as Grasim (Birla Opus) and JSW Paints may benefit in the long run if CCI enforces stricter rules on market practices. 📊 Investor Outlook Short-term : Volatility expected due to regulatory overhang. Long-term : Asian Paints’ dominant position remains strong, but the probe may moderate its aggressive dealer-level strategies . Some analysts expect the company to refocus on brand value and innovation  over aggressive market control. In summary : CCI is continuing its investigation into potential dominance abuse by Asian Paints. The probe order has been refined to focus specifically on Grasim/Aditya Birla’s complaint , removing JSW references. The DG has up to early October 2025  to report back. Asian Paints is analyzing the revision and preparing for legal steps.

The Competition Commission of India has ordered an investigation against India's largest paint manufacturer Asian Paints for alleged abuse of dominant position in response to complaint filed by Aditya Birla Group's Grasim Industries. "The Commission directs the Director General (‘DG’) to cause an investigation to be made into the matter and submit an investigation report within a period of 90 days of the receipt of the present order. At this prima facie stage, the Commission, in light of the material available on record, finds no reason to hear the OP before passing the present order," said the regulator. The order clarified that observations made were not a final view on the case merits and directed the DG to conduct the probe without being swayed in any manner whatsoever by the observations made herein. Responding to the order of CCI, Asian Paints said that it is currently reviewing the order and will take appropriate legal recourse. "The Company remains committed to fully cooperating with the CCI during the course of the investigation. You are requested to take the above information on record," said the company through stock exchange filing. Grasim has alleged that Asian Paints was abusing its dominant market position by offering discounts and incentives such as foreign travel to dealers in exchange for exclusivity. Asian Paints also increased sales targets for dealers who dealt with Birla products, Birla's company alleged. The firm also accused Asian Paints of "coercing" landlords and transporters to refrain from engaging with Birla's company. The CCI's initial review shows Asian Paints has been "imposing unfair conditions upon them (dealers), which is found to be in the nature of exploitative conduct," the watchdog said. According to the order, Asian Paints restraining suppliers of essential raw materials from providing goods and services to the competitors like Grasim, as well as by coercing landlords, C&F agents and transporters to refrain from engaging with competitors like Grasim, Asian Paints seems to be prima facie creating barriers to new entrants in the market as well as partially foreclosing competition in the market, it said. Thus, the conduct of Asian Paints seems to be prima facie causing an appreciable adverse effect on competition in India, the regulator added.

Two mutual funds increased their stake in Asian Paints Ltd ., India's largest paints manufacturing company, as the stock attempts to recover from its 52-week low. Asian Paints features in the list of "top additions" for fund houses like India's largest, SBI Mutual Fund, along with ICICI Prudential MF, according to a note by Nuvama Alternative and Quantitative Research. In fact, SBI MF and ICICI Prudential MF are the only two fund houses that feature in the March quarter shareholding pattern of Asian Paints, as those with a prominent holding in the paints giant. At the end of the March quarter, ICICI Prudential MF held a 1.24% stake, while SBI MF held a 1.51% stake in Asian Paints. As of the March quarter, India's mutual funds had a 5.67% stake in Asian Paints.Paints stocks are seeing analysts turn a corner as well in recent times. After four years of being bearish, ICICI Securities upgraded paint stocks, including Asian Paints to "Add" from their earlier rating of "Reduce." The brokerage raised its price target on Asian Paints to ₹2,700 from ₹2,000 earlier, citing demand resumption after two weak years and cheap valuations, which are one-standard deviation below mean. A week later, on July 9, Jefferies upgraded several companies, including Asian Paints to "buy" from "underperform," calling it one of the best contra idea over the next 12 months. Jefferies raised its price target on Asian Paints to ₹2,830 from ₹2,200 earlier. Shares of Asian Paints had gained as much as 11% in the last one month, but it has pared some of those advances during the last five sessions, during which, the stock has declined over 4%. Shares of Asian Paints ended little changed on Tuesday at ₹2,396. The recent recovery has also ensured that the stock has turned positive on a year-to-date basis .