Adaniports Ltd — Q3 FY25
Adani Ports delivered a strong Q3 FY25 with revenue up 14%, EBITDA up 19%, and PAT up 32% YoY.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
75%Questions answered1Evaded / deflected12Questions auditedConsistentNumbers vs filing
Partial answer
High priority
Rationale for EBITDA guidance upgrade and whether higher volumes are expected.
Asked by Alok Deora, Motilal Oswal
Management explained the rationale qualitatively but did not quantify the volume or EBITDA components behind the upgrade.
no specific volume or EBITDA breakdown givenreframed to integrated transport narrative
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Question
So first question was on actually the EBITDA upgrade or guidance. We have enhanced the guidance now for FY25. So just wanted to understand the rationale there because are we also looking to do higher volumes than what we were estimating?
Ashwani Gupta, Whole-time Director and CEO
We have been positioning APSEZ as not only a port volume company but a truly integrated transport solution company... So that's why we see APSEZ as a whole truly integrated transport solution company, which, of course, is dependent on the cargo volume but getting away with the sensitivity only linked to.
Declined
High priority
Cargo volume guidance for FY26.
Asked by Alok Deora, Motilal Oswal
CFO explicitly declined to provide FY26 volume guidance, deferring to the full-year results in May.
deferred to next quarter
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Question
So since we are already in January now and nearing the end of this financial year, any cargo volume guidance for FY26?
Doraiswami Muthukumaran, CFO
So volume guidance for 2026, as you know, we normally give when we actually give the results for the full year, which will be sometime in May.
Answered
High priority
Drivers for Q4 volume ramp-up to achieve guided range.
Asked by Ankita Shah, Elara Capital
CFO provided specific buckets for volume growth: new ports and existing ports, with examples.
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Question
To achieve the guided range of the volume numbers that we've mentioned, there is an expectation of a pickup in the fourth quarter in cargo volumes. So what can drive this growth in volumes in the fourth quarter?
Doraiswami Muthukumaran, CFO
So two buckets, Ankita. The first one is actually the trial volumes of Colombo, the full volumes of Vizhinjam, and the full volume of sort of Tanzania, Gopalpur... And we also expect actually sort of volume pickup in currently operating stabilized ports as well.
Partial answer
Medium priority
Source of 8% revenue growth vs 3.5% volume growth in ports.
Asked by Ankita Shah, Elara Capital
CFO cited forex and price increases but did not specify which ports or quantify the contribution.
no port-wise breakdown given
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Question
So volume has grown by 3.5%, but there is an 8% growth in the revenues. So where has this growth come from? Realization growth taken in which ports?
Doraiswami Muthukumaran, CFO
So our realization across ports has gone up, which is contributed by sort of foreign exchange increase as well as price increase that we have taken. So to that extent, actually, sort of we have seen price increase and realization increase in all ports.
Answered
Medium priority
One-off income or expenses in Q3 across port entities.
Asked by Achal Lohade, Nuvama Institutional Equities
CFO clearly stated no material one-offs, with a minor clarification on Israel expenditure.
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Question
In your three Q numbers, is there any one-off income or expenses which need to be called out, sir, across the port entities?
Doraiswami Muthukumaran, CFO
No. Nothing much. All of them are operating.
Partial answer
High priority
EBITDA guidance for FY26 and whether INR 220 billion is a fair ask.
Asked by Priyankar Biswas, BNP Paribas
CFO declined to confirm INR 220 billion but gave a broad 20% growth indication, which is directional but not specific.
no specific number givendeferred to next quarter
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Question
So if this momentum is to continue, so what sort of EBITDA should we be able to achieve in FY26? So should INR 220 billion be a fair ask?
Doraiswami Muthukumaran, CFO
Priyanka, unfortunately, we have to wait till we tell you the quarter four number because that's when we give you the specific guidance for the next year. It would be a little too early for me to actually comment on FY26 right now, but one thing I can tell you without getting into sort of numbers, we expect year-on-year growth to be in the region of 20%± broadly without getting into details.
Answered
Medium priority
Reason for low margins at Gangavaram and Krishnapatnam ports.
Asked by Priyankar Biswas, BNP Paribas
CFO attributed low margins to coal volume decline and ramp-up issues, calling it temporary.
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Question
What we are seeing is that the margins, especially at Gangavaram and Krishnapatnam this time, are unusually low. So can you just elaborate what are the issues we are facing at these two particular ports?
Doraiswami Muthukumaran, CFO
See, Gangavaram actually, both of them, by and large, is because of the coal volume, but within that, Gangavaram is also because actually we are still ramping back, and we expect that to come back to normalcy in a quarter or two, so this is a passing cloud.
Answered
High priority
International EBITDA margin trajectory and whether 18% can reach 25-30%.
Asked by Sumit Kishore, Axis Capital
CFO gave a clear target of 30% margin within a couple of years.
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Question
So 18% EBITDA margin, is this close to normal levels, or can this go to 25%, 30%, or so? What is the roadmap for international EBITDA margins?
Doraiswami Muthukumaran, CFO
So yes, it will go towards the 30% mark as far as the international operations are concerned. And it will ramp up. And actually, Haifa, Tanzania, all of them will get to those levels individually.
Partial answer
Medium priority
Nine-month CapEx split between ports and logistics, and capital employed in trucking.
Asked by Sumit Kishore, Axis Capital
CFO gave total CapEx but did not provide port/logistics split or ROCE, only stating trucking is not capital-intensive.
no ROCE givenno separate logistics CapEx figure
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Question
I was asking for the nine-month CapEx number for ports and logistics. And maybe for logistics, given you've given a breakup for trucking and other logistics, if you could spell out what has been the total capital employed in trucking and the other logistics businesses so far, and what sort of ROCE are we looking at in these two segments?
Doraiswami Muthukumaran, CFO
See, the total capital expenditure of the company for nine months is INR 7,500 crore. This obviously excludes M&A. But this is company as a whole. At the moment, in trucking business, we are not investing in CapEx because basically it is a service model.
Answered
High priority
Gross debt and cash balance as of December 2024, with short-term/long-term split.
Asked by Shivang, Barclays
CFO provided exact gross and net debt figures and later gave short-term debt of ~INR 2,000 crores.
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Question
I just wanted to know if you could provide a gross debt and cash balance as of this.
Doraiswami Muthukumaran, CFO
Gross debt as of December 2024 is INR 45,650 crores, and it was INR 44,060 crores as of September 2024... Net debt is INR 38,000 crores, round number, as of December. As of September, it is INR 35,200 crores.
Answered
Medium priority
Potential contribution of logistics to overall revenue/EBITDA growth.
Asked by Aditya Mongia, Kotak Securities
CFO gave clear milestones of 5% and 10% contribution from logistics.
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Question
Is there some way of thinking through how much can this be growth boost? Let's say in this quarter, I think logistics would have given you a 2% boost to overall numbers of revenues. Can we think through a 5% number happening at some point of time?
Doraiswami Muthukumaran, CFO
Yes, yes. Logistics will actually, in the first step, get to 5% contribution, and then the next step, eventually, 10% contribution to the company.
Answered
High priority
Whether EBITDA guidance upgrade includes any lumpy one-off in Q4.
Asked by Aditya Mongia, Kotak Securities
CFO confirmed no one-off items, stating the run rate supports the guidance.
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Question
The uptick in EBITDA that you have shared as a guidance number for this year, does it have any lumpy components that you may end up booking in the fourth quarter?
Doraiswami Muthukumaran, CFO
No, no. As one of the participants in the call said, our current run rate actually will take us there. So there isn't actually any lumpy or abnormal.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Container business grew 14.9% YoY. | 14.9% | 14% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.