Adani Ports Q3 Results: Revenue Guidance Raised to ₹38,000 Crore as Profits Jump 21%

Adani Ports and Special Economic Zone Ltd (APSEZ) announced its financial results for the third quarter of the fiscal year 2025-26 on February 3, 2026. The company reported a robust performance across all major financial and operational parameters. Net profit for the quarter grew by 21.2% year-on-year, reaching ₹3,053.6 crore compared to ₹2,520.3 crore in the same period last year. This growth was primarily driven by a significant increase in cargo volumes and strong performance in the logistics and international port segments.

Strong Quarterly Performance and Revenue Growth

The company's consolidated revenue for the December quarter stood at ₹9,704.6 crore, representing a 22% increase from ₹7,963 crore in the previous year. This growth reflects the company's expanding footprint and its ability to capture a larger share of India's maritime trade. Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) for the quarter rose by 20.5% to ₹5,785 crore. While the EBITDA margins narrowed slightly by 70 basis points to 59.6%, the overall operational efficiency remained high, supported by diversified cargo handling and integrated logistics services.

Upward Revision in Full-Year Guidance

Following the strong performance in the first nine months, APSEZ has revised its full-year guidance for FY26. The company now expects its annual revenue to reach the upper end of its previously stated range of ₹36,000 crore to ₹38,000 crore, specifically targeting ₹38,000 crore. More significantly, the EBITDA guidance for the year has been raised to ₹22,800 crore, up from the earlier projection of ₹21,000 crore to ₹22,000 crore. This upward revision is attributed to higher-than-expected growth and the strategic consolidation of the North Queensland Export Terminal (NQXT) in Australia.

Operational Excellence and Cargo Volumes

Operational metrics remained a highlight for the quarter, with cargo volumes growing by 9% year-on-year to 123 Million Metric Tonnes (MMT). For the first nine months of the fiscal year, total cargo volumes reached 367 MMT, an 11% increase over the 332 MMT handled in the corresponding period last year. The company maintained its dominant position in the container segment, holding approximately 45.8% of the all-India market share. This growth was broad-based, with significant contributions from both domestic and international ports.

Segmental Growth: Logistics and International Ports

The logistics business emerged as a major growth driver, with revenue surging 62% year-on-year to ₹1,121 crore. This was propelled by the expansion of trucking services and the international freight network. The international ports business also achieved a significant milestone, with quarterly revenue crossing the ₹1,000 crore mark and EBITDA doubling compared to the previous year. The marine segment also showed remarkable acceleration, with revenue increasing by 91% to ₹773 crore, largely due to recent vessel acquisitions and improved service offerings.

Strategic Acquisitions and Global Footprint

APSEZ continues to strengthen its global presence through strategic acquisitions and capacity expansions. The completion of the NQXT Australia acquisition is a key development that is expected to contribute significantly to the company's performance from the fourth quarter of FY26. Additionally, the company is progressing with Phase 2 construction at the Vizhinjam port, involving an investment of ₹16,000 crore. New partnerships with the Motherson Group for an auto export facility at Dighi Port and Tvarur Oils for edible oil handling at Karaikal Port further diversify the company's service portfolio.

Balance Sheet Strength and Debt Management

Despite its aggressive expansion plans, APSEZ has maintained a disciplined approach to capital allocation. As of December 31, 2025, the company's gross debt stood at ₹53,097 crore, with a healthy cash balance of ₹11,807 crore. The Net Debt-to-EBITDA ratio remained stable at 1.9x, well within the company's internal policy limit of 2.5x. The company also improved its debt profile by extending the average maturity to 5.6 years through bond buybacks and the issuance of long-term non-convertible debentures (NCDs).

Market Reaction and Share Price Movement

The stock market reacted positively to the earnings announcement and the upward revision in guidance. Shares of Adani Ports traded 8.8% higher at ₹1,526.3 on the day of the results. The stock has demonstrated strong performance over the past year, gaining approximately 41% in value. Investors have shown confidence in the company's ability to deliver consistent growth and its strategic focus on becoming a global integrated transport utility.

Long-term Strategic Ambitions

Management reiterated its long-term goal to double the company's revenue and EBITDA by FY29. The targets are set at ₹65,500 crore for revenue and ₹36,500 crore for EBITDA. To achieve this, APSEZ is focusing on capacity expansion, operational excellence, and sustainability. The company aims to achieve a total cargo volume of 1 billion tonnes by 2030, supported by its growing network of ports and logistics parks, including the newly planned 1.3 million square feet facility in Kochi.

Conclusion

Adani Ports' Q3 FY26 results underscore its resilient business model and its pivotal role in India's infrastructure landscape. The combination of strong volume growth, strategic international expansion, and disciplined financial management positions the company well for the future. With the upward revision in guidance and a clear roadmap for FY29, APSEZ remains a key player to watch in the transport and logistics sector. The market will continue to monitor the integration of new assets and the progress of large-scale projects like Vizhinjam in the coming quarters.