Adani Ports shares rallied to ₹1,872 on Thursday as strong Q2 FY27 earnings and higher annual guidance drew market attention. NiftyTrader data showed a 10.30% increase in November futures open interest, indicating an expansion in outstanding derivatives positions during the rally.
Adani Ports and Special Economic Zone (APSEZ) shares surged 6.29% to ₹1,872 on Thursday, October 29, compared with the previous NSE close of ₹1,761.30, according to NiftyTrader’s 3:41 PM IST market snapshot. The rally followed the company’s September-quarter earnings announcement, which showed a 24% increase in revenue and an 18% rise in consolidated profit after tax.
The share-price rally was accompanied by a sharp expansion in outstanding November futures positions. NiftyTrader’s Adani Ports futures data showed November-series open interest rising 10.30%, while the corresponding futures price advanced 6.11%.
The combination puts Adani Ports among the notable earnings-driven F&O stocks to watch, although higher open interest alone does not establish who initiated the positions or whether the rally will continue.
Adani Ports Q2 Results: Revenue Rises 24%, Profit Up 18%
According to the company’s official Q2 FY27 earnings release, published on October 28, consolidated revenue from operations increased to ₹11,340 crore from ₹9,167 crore a year earlier.
EBITDA rose 23% to ₹6,807 crore, compared with ₹5,550 crore in Q2 FY26. Consolidated profit after tax reached ₹3,682 crore, up from ₹3,120 crore.
| Financial metric | Q2 FY27 | Q2 FY26 | YoY growth |
|---|---|---|---|
| Revenue | ₹11,340 Cr | ₹9,167 Cr | 24% |
| EBITDA | ₹6,807 Cr | ₹5,550 Cr | 23% |
| Consolidated PAT | ₹3,682 Cr | ₹3,120 Cr | 18% |
The earnings improvement extended beyond domestic port operations.
International ports revenue increased 71% year-on-year to ₹1,839 crore, helped by the expansion of overseas operations and the contribution from NQXT Australia. Marine revenue grew 57% to ₹1,007 crore, while domestic ports revenue rose 13% to ₹7,177 crore.
However, the international growth rate also reflects changes in the company’s operating portfolio, including acquisitions. It should not be treated as entirely organic growth.
FY27 Guidance Upgrade Adds Another Dimension to the Rally
One of the key developments accompanying the results was Adani Ports’ decision to raise its full-year FY27 revenue, EBITDA and capital expenditure guidance.
| Metric | Earlier FY27 guidance | Revised guidance |
|---|---|---|
| Revenue | ₹43,000–45,000 Cr | ₹44,000–46,000 Cr |
| EBITDA | ₹25,000–26,000 Cr | ₹26,000–27,000 Cr |
| Capital expenditure | ₹12,000–14,000 Cr | ₹15,000–17,000 Cr |
The company increased its revenue and EBITDA guidance bands by ₹1,000 crore each, while the planned capital expenditure range moved ₹3,000 crore higher.
The changes suggest management expects stronger operating performance alongside accelerated investment. However, the higher spending commitment also makes project execution, utilisation and cash generation important factors for investors to monitor.
APSEZ reported a net debt-to-EBITDA ratio of 1.8 times at the end of September 2026.
Adani Ports November Futures OI Jumps 10.30%: What Does It Indicate?
Derivatives data provided a second important development during Thursday’s session.
According to NiftyTrader’s stock futures dashboard, the November 23, 2026, Adani Ports futures contract showed the following figures at 3:41 PM IST:
| Futures metric | October 29 reading |
|---|---|
| November futures price | ₹1,870 |
| Futures price change | +6.11% |
| Outstanding futures OI | 1,52,29,450 shares |
| Change in OI | +14,22,150 shares |
| Percentage change in OI | +10.30% |
| Futures expiry | November 23, 2026 |
The simultaneous increase in futures prices and open interest is consistent with what derivatives analysts commonly describe as a long build-up.
This classification indicates that outstanding positioning expanded alongside rising futures prices. It does not, by itself, prove that institutional investors accumulated shares or establish the identities and motivations of market participants.
Notably, the November futures contract traded at ₹1,870, a ₹2 discount to the ₹1,872 spot reading at the time of the snapshot.
What Should Adani Ports Investors Watch Next?
The next trading sessions will help establish whether the strong earnings reaction is accompanied by sustained price momentum and derivatives positioning.
Three factors warrant attention: whether the company can translate its upgraded FY27 guidance into actual performance, whether international ports continue contributing to growth, and whether the accelerated investment programme remains supported by operating cash flows.
Thursday’s rally followed the company’s earnings and guidance announcements. Nevertheless, the expansion in futures open interest should be interpreted alongside subsequent price movements, changes in options positioning and wider market conditions rather than as a standalone bullish signal.
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Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice. Futures and options involve substantial risk. Market data represents the stated timestamp and may change with subsequent updates.
