Adani Ports Margin Trend — Quarter by Quarter

Adani Ports's EBITDA margin moved from 72.0% in Q1 FY24 to 62.0% in Q3 FY25 across 4 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

Quarter	EBITDA Margin (%)	YoY Change
Q3 FY25	62.0%	+200 bps
Q4 FY24	58.0%	—
Q2 FY24	55.0%	—
Q1 FY24	72.0%	+150 bps

What management said about ebitda margin

Q4 FY26 · Net Debt to EBITDA Ceiling of 2.5x

Management reiterated net debt to EBITDA ceiling of 2.5x, with flexibility for strategic M&A up to ~3.2x.

Q3 FY26 · FY2026 EBITDA guidance raised to INR 22,800 crore

Full-year EBITDA guidance increased by INR 800 crore to INR 22,800 crore, including one quarter of NQXT contribution (INR 300 crore EBITDA).

Q3 FY26 · FY2029 revenue target of INR 65,500 crore and EBITDA of INR 36,500 crore

Management reiterated the five-year plan targets, with revenue of INR 65,500 crore and EBITDA of INR 36,500 crore by FY2029.

Q2 FY26 · FY26 EBITDA guidance of ₹21,000-22,000 crore

Management reiterated the full-year EBITDA guidance range despite strong H1 performance, indicating confidence in sustained momentum.

Q2 FY26 · International ports EBITDA margin target of ~45%

Long-term target for stabilized international port margins, with Colombo at ~50%, Haifa 30-40%, and Australia ~65%.

Q2 FY26 · Domestic port margins sustainable at 75-77%

Management expects domestic port EBITDA margins to remain in the 75-77% range over the long term, driven by operating efficiencies.

Q1 FY26 · FY2026 EBITDA guidance of INR 22,000 crore maintained

Management reaffirmed the full-year EBITDA target despite Q1 volume headwinds, citing recovery in July and diversified revenue streams.

Q1 FY26 · Logistics EBITDA margin target of 35-40% in 3-4 years

Management expects logistics margins to creep up to 35-40% as the business mix shifts toward asset-light segments.

Q4 FY25 · FY26 EBITDA Guidance: INR 21,000-22,000 crore

EBITDA guided at INR 21,000-22,000 crore for FY26, with margin expansion expected.

Q3 FY25 · FY25 EBITDA guidance upgraded to ₹18,800-18,900 crore

Management raised FY25 EBITDA guidance from ₹17,000-18,000 crore to ₹18,800-18,900 crore, driven by strong execution and diversification.

Q3 FY25 · FY26 EBITDA growth expected ~20% YoY

CFO indicated FY26 EBITDA growth in the region of 20%±, though formal guidance will be given in Q4 results.

Q3 FY25 · International port EBITDA margins to reach 30% in two years

Management expects international port EBITDA margins to improve to 30% within two years, driven by operational efficiencies.