Adani Ports and Special Economic Zone (ADANIPORTS) Q3 25/26 earnings summary

Executive summary

• Achieved record revenue and profitability across all business pillars, with high double-digit growth rates and significant international expansion, including the acquisition of NQXT in Australia and APPH in Singapore.

• Maintained leadership as India's largest private port operator, with a 27.4% all-India cargo market share and 45.6% container market share for 9M FY26.

• Enhanced operational excellence with new records at Mundra and Vizhinjam ports, and expanded logistics and marine fleet capabilities.

• Logistics revenue grew 62–81% year-on-year, driven by a mix of asset-heavy, asset-light, and asset-zero strategies.

• Continued focus on technology investment, sustainability, and adoption of Taskforce on Nature-related Financial Disclosures.

Financial highlights

• Q3 FY26 revenue rose 22% YoY to ₹9,705 Cr; 9M FY26 revenue at ₹27,998 Cr; EBITDA margin at 60% for both periods.

• PAT for Q3 FY26 was ₹3,043 Cr; 9M FY26 PAT at ₹9,474 Cr; EPS for the quarter was ₹6.17.

• Logistics segment revenue at INR 1,121 crore, up 62% YoY; marine revenue up 150% YoY.

• Net leverage maintained at 1.8–1.9x despite new acquisitions and investments; gross debt at ₹53,097 Cr.

• Operating cash flow conversion expected to exceed INR 18,000 crore for the year.

Outlook and guidance

• FY 2029 targets reaffirmed: INR 65,500 crore revenue and INR 36,500 crore EBITDA; FY26 revenue guidance raised to ₹38,000 Cr, EBITDA to ₹22,800 Cr.

• CapEx for Vizhinjam Phase II at INR 16,000 crore, expanding capacity to 5.7 million TEUs by FY 2029.

• Capex guidance for FY25–FY29: ₹65,000–75,000 Cr, focused on capacity expansion and decarbonization.

• NQXT consolidation from January, with expected quarterly EBITDA contribution of INR 300 crore at 65% margin.

• No change in five-year CapEx plan; timing of investments may shift but overall targets remain.