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

Executive summary

• Achieved record revenue and profitability in Q3 and 9M FY26, with strong double-digit growth across all business pillars, including significant international expansion through the NQXT and APPH acquisitions.

• 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.

• Logistics revenue rose 81% year-on-year in 9M FY26, driven by a diversified asset strategy and strong segment performance.

• Sustainability initiatives advanced, including adoption of Taskforce on Nature-related Financial Disclosures and multiple ESG upgrades.

• CFO succession announced, with Mr. Muthukumaran transitioning and Mr. Krishna Menon appointed effective March 1, 2026.

Financial highlights

• Q3 FY26 revenue rose 22% YoY to ₹9,705 Cr; EBITDA up 20% YoY to ₹5,786 Cr; PAT up 21% YoY to ₹3,043 Cr.

• 9M FY26 revenue increased 24% YoY to ₹27,998 Cr; EBITDA up 20% YoY to ₹16,832 Cr; PAT up 18% YoY to ₹9,474 Cr.

• Domestic realization increased 9% YoY, supported by price increases, mix changes, and take-or-pay charges.

• Net leverage maintained at 1.8x–1.9x despite acquisitions and debt, with strong cash flow conversion and interest coverage at 6.2x.

• Logistics and marine revenues grew 81% and 150% YoY respectively in 9M FY26.

Outlook and guidance

• FY26 revenue guidance raised to ₹38,000 Cr; EBITDA guidance increased to ₹22,800 Cr.

• FY2029 targets reaffirmed: ₹65,500 Cr revenue and ₹36,500 Cr EBITDA.

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

• Double-digit growth expected to continue in logistics and container volumes.

• Coal's share of cargo projected to stabilize at 20–22% over five years as container and liquid volumes grow.