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/APPH acquisition.

• 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.

• Domestic ports reached a record nine-month container share of 40.6%; international business annualizing at INR 4,000–5,000 crore revenue.

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

• The Board approved unaudited financial results and noted the CFO transition 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.

• Logistics revenue for the quarter was INR 1,121 crore, up 62% YoY; 9M FY26 up 81% YoY.

• Net leverage remains controlled at 1.8x post-acquisition; gross debt at ₹53,097 Cr.

• EBITDA margin for the quarter was 60%, and net profit margin was 31%.

Outlook and guidance

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

• Five-year plan targets INR 65,500 crore revenue and INR 36,500 crore EBITDA by FY2029.

• Confident in achieving 1 billion ton cargo target by 2030, with 850 million tons from domestic and 150 million tons from international operations.

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

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