Adani Ports Q3 results: Profit grows 21% to ₹3,053 cr on higher revenue

Adani Ports' Q3 FY26 net profit rose to Rs 3,053 crore as revenue climbed 22% year-on-year, driven by higher cargo volumes across domestic and international ports

Adani Ports and Special Economic Zone’s (APSEZ) net profit grew 21.2 per cent to Rs 3,053 crore for the third quarter ended December, amid higher earnings from its domestic and international ports, logistics and marine verticals, driven by an increase in cargo handled by the company.

 

The company’s earnings before interest, taxes, depreciation and amortisation (Ebitda) from domestic ports increased 14.59 per cent to Rs 4,877 crore, international ports rose 103 per cent to Rs 236 crore, logistics grew 26.08 per cent to Rs 203 crore, and marine surged 13 per cent to Rs 428 crore. Overall Ebitda stood at Rs 5,786 crore, up 20 per cent.

 

 

APSEZ, however, missed the Bloomberg analysts’ poll estimate for profit of Rs 3,334.46 crore. Its overall revenue from operations for the quarter stood at Rs 9,704.6 crore, up 22 per cent year-on-year, topping analysts’ estimates of Rs 9,377 crore. The company’s total expenses during the quarter increased 21.03 per cent to Rs 6,282 crore, driven by operating expenses.

 

“During the quarter, APSEZ’s revenue grew 22 per cent, driven by growth across all business verticals. Logistics and marine business grew 62 per cent and 91 per cent, respectively. International operations crossed the Rs 1,000 crore quarterly milestone, and domestic ports grew in the mid-teens,” said Ashwani Gupta, whole-time director and chief executive officer, APSEZ.

 

In Q3 FY26, APSEZ handled a cargo volume of 123 million metric tonnes (MMT), up 9 per cent year-on-year. While its all-India market share dipped by 60 basis points (bps) year-on-year to 26.4 per cent during the quarter, the company reported an increase of 40 bps in its all-India container market share to 45.8 per cent. Rail volumes also increased 4 per cent to 170,466 twenty-foot equivalent units (TEUs).

 

For the first nine months of FY26 (9M FY26), APSEZ’s revenue stood at Rs 27,998.19 crore, up 23.93 per cent year-on-year, while profit for the same period rose 17.32 per cent to Rs 9,477.25 crore. During this period, the company handled cargo of 367 MMT, up 11 per cent year-on-year.

 

During Q3 FY26, APSEZ completed the acquisition of a 100 per cent stake in NQXT (North Queensland Export Terminal), Australia. Following this, the company revised its revenue guidance for FY26 to Rs 38,000 crore from Rs 36,000–38,000 crore and Ebitda guidance to Rs 22,800 crore from Rs 21,000–22,000 crore.

 

APSEZ kept its capex and port cargo volume guidance for the fiscal unchanged at Rs 11,000–12,000 crore and 505–515 MMT, respectively.

 

The company aims to handle 1 billion tonnes of cargo annually by 2030. Its current cargo-handling capacity stands at 653 million tonnes per annum (MTPA). APSEZ is working on Vizhinjam phase-two expansion worth Rs 16,000 crore, a liquid and container terminal at Mundra, expansion at Dhamra, Ennore and Kattupalli ports, and a new Haldia terminal as part of its expansion strategy.

 

“Looking forward, we remain firmly on track to achieve 1 billion metric tonnes of cargo volume and our FY29 targets of Rs 65,500 crore of revenue and Rs 36,500 crore of Ebitda,” Gupta added.

 

However, during the company’s earnings call on Tuesday, Gupta said the only factor that could derail APSEZ from meeting its targets would be major turmoil between countries that impacts trade. “Otherwise, smaller geopolitical events and tariff-related discussions do not move the needle in the reverse direction. We are very much on track, and we will be on track to achieve the guidance,” he said.

 

APSEZ’s net debt as of December 31, 2025, stood at Rs 41,290 crore, while its net debt-to-equity ratio was 1.9x. The company reported a cash balance of Rs 11,807 crore.

 

APSEZ said Japan Credit Rating Agency (JCR) assigned it a rating of ‘A-’ with a stable outlook, a notch above India’s sovereign rating, while Moody’s revised its outlook to ‘stable’ from ‘negative’, reaffirming the rating at ‘Baa3’.

 

Earlier, APSEZ’s peer JSW Infrastructure posted a year-on-year cargo volume growth of 8 per cent to 31.7 MMT.

 

Sequentially, APSEZ’s revenue grew 6 per cent, while profit dipped about 1.8 per cent. Its shares listed on the Bombay Stock Exchange (BSE) closed at Rs 1,527.65 per equity share on Tuesday (February 3).