Adani Ports and Special Economic Zone Limited Q3 FY2026 Results
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Overview
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Detailed Analysis
Sentiment
Positive
Executive Summary
Adani Ports Q3 FY26: Revenue ₹9,705 Cr (vs ₹7,964 Cr Q3 FY25), PAT ₹3,043 Cr (vs ₹2,518 Cr Q3 FY25)
In Q3 FY26 Adani Ports (APSEZ) reported consolidated revenue of ₹9,705 Cr and PAT of ₹3,043 Cr, reflecting 22% and 21% YoY growth respectively, with EBITDA at ₹5,786 Cr (+20% YoY). Performance was driven by strong Logistics (asset-light services) and Marine (vessel acquisitions) growth, while Domestic Ports delivered stable volumes and record segment EBITDA. The company completed the acquisition of NQXT Australia (50 MTPA) and upgraded FY26 EBITDA guidance to ₹22,800 Cr (up ₹800 Cr). Balance sheet actions include consolidation of NQXT debt (gross debt ₹53,097 Cr) and cash balance of ₹11,807...Revenue (Q3 FY26)
₹9,705 Crvs ₹7,964 Cr in Q3 FY25
EBITDA (Q3 FY26)
₹5,786 Crvs ₹4,802 Cr in Q3 FY25
PAT (Q3 FY26)
₹3,043 Crvs ₹2,518 Cr in Q3 FY25
Cargo volume (Q3 FY26)
123.1 MMTvs 112.5 MMT in Q3 FY25
All-India container market share (Q3 FY26)
45.8%vs 45.4% in Q3 FY25
Gross debt (as on Dec 31, 2025)
₹53,097 Crincludes consolidated NQXT core debt
Net debt/EBITDA (9M FY26)
1.9xPolicy up to 2.5x
Key Highlights
9
Logistics revenue in Q3 FY26 rose to ₹1,121 Cr vs ₹693 Cr in Q3 FY25 driven by asset-light Trucking and International Freight Network which represented 52% of Q3 FY26 Logistics revenue vs 17% in Q3 FY25
Marine revenue in Q3 FY26 increased to ₹773 Cr vs ₹406 Cr in Q3 FY25 with EBITDA at ₹428 Cr vs ₹182 Cr in Q3 FY25 due to offshore vessel acquisitions and higher vessel count (129 vessels as of Q3 FY26)
International ports quarterly revenue crossed ₹1,000 Cr at ₹1,067 Cr in Q3 FY26 vs ₹885 Cr in Q3 FY25, with EBITDA doubling to ₹236 Cr from ₹116 Cr supported by Colombo ramp-up and stable Australia/Haifa/Tanzania operations
Domestic Ports revenue for Q3 FY26 was ₹6,701 Cr vs ₹5,826 Cr in Q3 FY25 and Domestic Ports EBITDA hit a lifetime high of ₹4,877 Cr in Q3 FY26
Company completed acquisition of NQXT Australia (50 MTPA) in December 2025 and consolidated NQXT core debt into gross debt (gross debt ₹53,097 Cr includes NQXT core debt)
APSEZ raised FY26 EBITDA guidance to ₹22,800 Cr (revised up by ₹800 Cr vs previous top end) citing higher-than-anticipated non-NQXT growth (~₹500 Cr) and one quarter impact of NQXT (~₹300 Cr)
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Key Highlights
9
Logistics revenue in Q3 FY26 rose to ₹1,121 Cr vs ₹693 Cr in Q3 FY25 driven by asset-light Trucking and International Freight Network which represented 52% of Q3 FY26 Logistics revenue vs 17% in Q3 FY25
Marine revenue in Q3 FY26 increased to ₹773 Cr vs ₹406 Cr in Q3 FY25 with EBITDA at ₹428 Cr vs ₹182 Cr in Q3 FY25 due to offshore vessel acquisitions and higher vessel count (129 vessels as of Q3 FY26)
International ports quarterly revenue crossed ₹1,000 Cr at ₹1,067 Cr in Q3 FY26 vs ₹885 Cr in Q3 FY25, with EBITDA doubling to ₹236 Cr from ₹116 Cr supported by Colombo ramp-up and stable Australia/Haifa/Tanzania operations
Domestic Ports revenue for Q3 FY26 was ₹6,701 Cr vs ₹5,826 Cr in Q3 FY25 and Domestic Ports EBITDA hit a lifetime high of ₹4,877 Cr in Q3 FY26
Company completed acquisition of NQXT Australia (50 MTPA) in December 2025 and consolidated NQXT core debt into gross debt (gross debt ₹53,097 Cr includes NQXT core debt)
APSEZ raised FY26 EBITDA guidance to ₹22,800 Cr (revised up by ₹800 Cr vs previous top end) citing higher-than-anticipated non-NQXT growth (~₹500 Cr) and one quarter impact of NQXT (~₹300 Cr)
Cash balance including NQXT was ₹11,807 Cr as of reporting date, supporting liquidity alongside longer average debt maturity (5.6 years as on Dec 31, 2025)
Logistics EBITDA margin compressed to 18.1% in Q3 FY26 from 23.2% in Q3 FY25 reflecting higher mix of asset-light, lower-margin Trucking and International Freight Network services
Management highlighted operational records at Vizhinjam (1.3m TEUs inaugural year) and Mundra handling VLCC berthed directly at jetty, indicating capacity and operational improvements
Guidance & Outlook
5
FY26 revenue guidance revised to ₹38,000 Cr (previous range ₹36,000-38,000 Cr) driven by higher growth and consolidation of Q4 FY26 NQXT
FY26 EBITDA guidance revised to ₹22,800 Cr (previous ₹21,000-22,000 Cr), uplifted by c.₹800 Cr attributed to non-NQXT growth (~₹500 Cr) and Q4 NQXT inclusion (~₹300 Cr)
Port cargo volume guidance for FY26 maintained at 505-515 MMT and explicitly includes Q4 FY26 cargo from NQXT
Capex guidance for FY26 remains at ₹11,000–12,000 Cr with continued allocation to capacity expansion projects (e.g., Vizhinjam Phase 2 estimated investment ₹16,000 Cr)
Marine revenue guidance increased to 2.3x FY25 revenue (previously 2x) reflecting accelerated vessel acquisitions and expected FY27 revenue ramp-up
Risks & Concerns
6
Exceptional item of ₹146.08 Cr (pre-tax) recognized in Q3 FY26 for impact of consolidated Labour Codes, which reduced PAT for the quarter and introduces one-off volatility
Gross debt increased to ₹53,097 Cr after consolidation of NQXT core debt, elevating absolute leverage and exposing the company to execution and interest-rate risks despite reported proforma net debt/EBITDA of 1.8x
Logistics EBITDA margin compression to 18.1% in Q3 FY26 from 23.2% in Q3 FY25 indicates potential margin pressure as the business mix moves toward lower-margin asset-light services
GPWIS volume declined 6% YoY in Q3 FY26 (5.2 MMT vs 5.5 MMT in Q3 FY25), signalling weakness in rail-linked dry bulk demand that could impact related revenues
All-India cargo market share slipped to 26.4% in Q3 FY26 from 27.0% in Q3 FY25 (-60 bps), indicating increased competition or mix shifts that could constrain growth at domestic ports
Integration risk from NQXT acquisition (operational, regulatory, and realization of non-core liabilities) remains until non-core liabilities are fully realized and deconsolidated
AI-generated analysis. May contain inaccuracies — verify against original sources.