Adani Ports September cargo rises 11% to 46 million tonnes

Adani Ports and Special Economic Zone Limited

RTS handled 46 million tonnes of cargo in September 2026, up 11% from a year ago. The data came out on October 2, after the stock fell 3.36% to ₹1,738 on October 1, so the first reaction is on Monday. What happened: Container volumes rose 15%. Cargo for April to September was 280 million tonnes, up 15%. Logistics rail volumes were 62,302 TEUs in September, up 3%, but 312,763 TEUs for the half year, down 13%. Why it matters: August cargo growth was 19%, so September slowed by eight points. Q1 cargo was 138.1 million tonnes. That leaves about 141.9 million tonnes for Q2, or 47.3 million a month by my calculation. September at 46 million was below that average. My view: One slower month is not a trend, and 11% growth is still healthy for a port operator. But the pattern matters. Containers grew faster than the total, so bulk cargo grew slower than 11%. Container cargo usually earns more per tonne, so the mix may help margin even as headline growth slows. The weak spot is rail, which is down 13% for the half. I do not know the Q2 margin yet, and volume alone does not show earnings. The risk to a cautious view is October volumes returning to mid-teens growth. What I am watching: October cargo in early November. Q2 FY27 results for EBITDA per tonne. Price: ₹1,738, the October 1 close, as the line to hold, and ₹1,798.30, the September 30 close, as resistance. Stance: Neutral. Wait for October volumes. I do not hold a position in Adani Ports and Special Economic Zone Limited.] Not investment advice.