Adani Ports Q3 Results: Net Profit Rises 21% to Rs 3,054 Crore

Adani Ports and Special Economic Zone Limited (APSEZ) announced its financial results for the third quarter of the fiscal year 2026 on February 3, 2026. The company reported a consolidated net profit of Rs 3,054 crore, marking a 21.2 percent increase compared to the Rs 2,520 crore recorded in the same period of the previous financial year. This growth was primarily driven by higher operational income and sustained momentum across its core business segments.

India's largest private port operator saw its revenue from operations climb to Rs 9,705 crore during the October-December period. This represents a nearly 22 percent rise from the Rs 7,964 crore revenue generated in the year-ago quarter. The company's total income for the quarter stood at Rs 9,939 crore, up from Rs 8,187 crore in the corresponding quarter of the previous fiscal year. The financial performance reflects the company's ability to scale operations despite global economic fluctuations.

Operational Performance and Cargo Milestones

During the third quarter, APSEZ handled a total cargo volume of 123 million metric tonnes (MMT), representing a 9 percent year-on-year growth. The domestic port operations remained a significant contributor, with revenue from this segment rising 15 percent to Rs 6,701 crore. The company's flagship Mundra Port achieved a notable milestone by becoming the first Indian port to handle a fully laden Very Large Crude Carrier (VLCC) berthed directly at a jetty, a move that significantly reduces transportation costs for importers.

The company also maintained a dominant position in the container segment, holding an all-India container market share of 45.8 percent. This was supported by the performance of the Vizhinjam port, which, in its inaugural year, became the fastest Indian port to cross the 1 million TEU (Twenty-foot Equivalent Unit) mark. The port also accommodated 41 ultra-large container vessels, the highest for any port in the country.

Segmental Growth in Logistics and Marine Services

The logistics vertical of APSEZ delivered an impressive performance, with revenue surging 62 percent year-on-year to reach Rs 1,121 crore. This growth was largely attributed to the expansion of asset-light services, including international freight forwarding and trucking, which now account for over half of the segment's revenue. Rail volumes also saw a steady increase, contributing to the overall efficiency of the integrated transport utility model.

Marine services also witnessed a sharp rise in profitability. Revenue from this segment nearly doubled to Rs 773 crore, supported by the acquisition of offshore support vessels in the Middle East and South Asia regions. The company's marine fleet has now reached an all-time high of 129 vessels, enhancing its capability to provide comprehensive port-based services.

Financial Metrics and Guidance Revision

The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the quarter stood at Rs 5,785 crore, a 20.5 percent increase from Rs 4,800 crore in the previous year. While the EBITDA margin saw a slight compression to 59.6 percent from 60.3 percent, the overall operating profit remained robust. Based on the strong performance and the consolidation of newly acquired assets, APSEZ has raised its FY26 EBITDA guidance.

Strategic Acquisitions and International Expansion

A key highlight of the quarter was the completion of the acquisition of the North Queensland Export Terminal (NQXT) in Australia. This strategic move is expected to strengthen APSEZ's international portfolio along the East-West trade corridor. The company stated that it remains on track to achieve its long-term goal of handling 1 billion tonnes of cargo volume by 2030. The consolidation of NQXT has already contributed to the upward revision of the company's financial targets.

In addition to the Australian acquisition, the company has commenced Phase 2 construction at the Vizhinjam port. This expansion is scheduled for completion by December 2028 and will increase the port's capacity from 1.6 million TEUs to 5.7 million TEUs. Furthermore, a partnership with the Motherson Group was established to build a dedicated auto export facility at Dighi Port, targeting the Mumbai-Pune automotive belt.

Leadership Transition and Credit Ratings

APSEZ announced a change in its top leadership, with Sreedhar Krishna Menon appointed as the new Chief Financial Officer, effective March 1, 2026. He will succeed D. Muthukumaran, who is moving to a new role within the Adani portfolio. Menon brings over 30 years of experience in finance and accounts, having previously held leadership positions at Bharti Airtel and AdaniConnex.

The company's financial stability was further validated by international credit rating agencies. The Japan Credit Rating Agency (JCR) assigned APSEZ an 'A-' rating with a stable outlook, which is higher than India's sovereign rating. Moody's also revised its outlook on the company to 'Stable' from 'Negative', reaffirming its Baa3 rating. These upgrades reflect the company's disciplined capital allocation and strong balance sheet.

Market Impact and Stock Movement

Following the announcement of the robust quarterly results and the upward revision of guidance, shares of Adani Ports and Special Economic Zone traded significantly higher. The stock surged 9.39 percent to reach Rs 1,534.90 on the National Stock Exchange (NSE). Investors reacted positively to the company's clear roadmap for doubling revenue and EBITDA by FY29, which targets Rs 65,500 crore and Rs 36,500 crore, respectively.

Conclusion

Adani Ports has demonstrated resilient growth through a combination of operational excellence and strategic international expansion. The upward revision of its FY26 EBITDA guidance to Rs 22,800 crore signals management's confidence in the company's integrated transport utility model. With a focus on capacity expansion at Vizhinjam and the integration of Australian assets, APSEZ is well-positioned to maintain its leadership in the global maritime and logistics sector. Future performance will likely be guided by the successful execution of its 2030 cargo volume targets and continued focus on sustainability through the adoption of nature-positive infrastructure frameworks.