Adani Ports and Special Economic Zone
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Adani Ports and Special Economic Zone (ADANIPORTS) investor relations material

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

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary3 Feb, 2026

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.

What is the new CFO's relevant experience?
How will APPH's non-core items be settled?
What is the revenue of unreviewed subsidiaries?
How will the INR 75,000 Cr investment be funded without fresh borrowings?
Assess DFC impact on long-term rail container share
What drives coal portfolio diversification strategy?
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Q4 25/2630 Apr, 2026
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Frequently asked questions

Adani Ports and Special Economic Zone Limited, develops, operates, and maintains port infrastructure facilities in India. The company offers cargo handling services, including break bulk and bulk carriers; container vessels; and oil tankers to coal and iron ore producers, importers and exporters. It also provides multi-modal logistics services; warehousing and logistics services on a linear layout to warehouses; and technical repair services for ship equipment, such as cranes, loaders, tractors, trailers, passenger vehicles, excavators and other earth moving equipment. Adani Ports and Special Economic Zone Limited was incorporated in 1998 and is headquartered in Ahmedabad, India.

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