New Delhi, Aug. 27 -- The cargo counter at Mundra Port ticked past 500 million metric tonnes on an annualised basis in the April-June quarter of FY27, and Adani Ports & SEZ did not celebrate quietly. The milestone arrived as the company reported Q1 FY27 revenue of approximately Rs 7,200 crore, up 22% year-on-year, with EBITDA margins holding near 70% - the structural advantage of owning port infrastructure that cannot be replicated overnight.

to port operators with first-mover scale advantage, and away from government-affiliated intermediaries struggling to hold market share.

Container Corporation of India - Concor - is the number that demands explanation. Revenue grew just 6% to approximately Rs 2,250 crore, an underwhelming result for...