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View Claim Ledger →Adaniports Ltd — Q3 FY26
Adani Ports delivered a strong Q3 FY26, with all four business pillars achieving high double-digit growth.
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Adani Ports delivered a strong Q3 FY26, with all four business pillars achieving high double-digit growth. Domestic ports reached a record 40.6% container market share for nine months, while international ports generated INR 1,000 crore quarterly revenue. Logistics revenue surged 62% YoY to INR 1,121 crore. The company raised its full-year EBITDA guidance by INR 800 crore to INR 22,800 crore, driven by operational excellence and financial discipline. Management reiterated its FY2029 target of INR 65,500 crore revenue and INR 36,500 crore EBITDA, with a clear path to 1 billion ton cargo volume. Key risks include global trade disruptions from geopolitical turmoil and the ramp-up of the NQXT acquisition, though leverage remains controlled at 1.8x. The CFO transition is planned, with a successor to be announced next quarter.
अडानी पोर्ट्स ने वित्त वर्ष 2026 की तीसरी तिमाही में शानदार प्रदर्शन किया। इसके चारों व्यवसायों में दोहरे अंकों की वृद्धि हुई। भारत के बंदरगाहों ने नौ महीनों में 40.6% कंटेनर बाजार हिस्सेदारी का रिकॉर्ड बनाया। विदेशी बंदरगाहों ने 1,000 करोड़ रुपये की तिमाही कमाई की। लॉजिस्टिक्स कारोबार में पिछले साल की तुलना में 62% की छलांग लगी और यह 1,121 करोड़ रुपये हो गया। कंपनी ने अपने सालाना मुनाफे (EBITDA) का अनुमान 800 करोड़ रुपये बढ़ाकर 22,800 करोड़ रुपये कर दिया। प्रबंधन ने वित्त वर्ष 2029 तक 65,500 करोड़ रुपये राजस्व और 36,500 करोड़ रुपये EBITDA का लक्ष्य दोहराया। जोखिमों में वैश्विक व्यापार में गड़बड़ी और NQXT खरीद का असर शामिल है, लेकिन कर्ज 1.8 गुना पर नियंत्रित है। CFO बदलाव की योजना है, अगली तिमाही में नए नाम की घोषणा होगी।
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Global trade disruption from geopolitical turmoil
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Read Transcript →Quarter Snapshot
Domestic Container Market Share (9M)
40.6%
+?pp YoY
Highest-ever nine-month container share, driven by strong performance across ports.
Logistics Revenue
INR 1,121 Cr
+62% YoY
Logistics revenue grew 62% YoY, driven by asset-heavy, asset-light, and asset-zero strategy.
Mundra Container Volume (Q3)
2.2M TEUs
+6% QoQ
Mundra container volumes reached 2.2M TEUs in Q3, with January hitting 754k TEUs.
Vizhinjam Gross Crane Rate (Dec)
30 lifts/hour
N/A
Vizhinjam achieved world-class GCR of 30 container lifts per hour within 8 months of operation.
What Changed vs Last Quarter
NEW
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).
NEW
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.
NEW
Vizhinjam Phase II expansion to add 4.1M TEUs capacity by FY2029
INR 16,000 crore capex for Vizhinjam Phase II, increasing total capacity to 5.7M TEUs, with cash flows spread from FY2026 to FY2030.
NEW
Coal proportion expected to settle at 20-22% in five years
Management guided that coal's share of total cargo will decline to 20-22% over five years, driven by container and oil & gas growth.
DROPPED
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.
DROPPED
Five-year capex plan of ₹75,000 crore
Capex will be deployed across ports (₹45,000-50,000 crore), logistics, and marine, with focus on container capacity and evacuation infrastructure.
DROPPED
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%.
DROPPED
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.
NEW RISK
Global trade disruption from geopolitical turmoil
CEO noted that a major conflict between countries impacting global trade could derail the FY2029 targets, though minor events like Red Sea disruptions have negligible impact.
NEW RISK
Gopalpur port margin decline and turnaround uncertainty
Gopalpur reported negative EBITDA this quarter due to fixed costs and volume decline. Management acknowledged a turnaround program but provided no specific timeline.
NEW RISK
NQXT contract renegotiation timing and margin trajectory
Analyst raised concerns about NQXT contract renegotiations; management indicated major volume renegotiations only in FY2029, with margins remaining around 65-70%.
RISK GONE
NQXT Australia acquisition delay
The acquisition is pending final approval from an Australian government department, with no clear timeline for closure.
RISK GONE
Geopolitical impact on trade flows
Geopolitical disruptions (e.g., Operation Swords of Iron) have affected container volumes at Mundra, though recovery is underway.
RISK GONE
Concession renewal uncertainty for Gujarat ports
Renewal of concessions for Mundra and other Gujarat ports is pending; management expects closure in 'short order' but no firm timeline.
🤫 Topics management stopped discussing
Mentioned in Q2 FY26, Q3 FY25, Q4 FY25
Imported coal volumes at Mundra are under pressure due to power plant configuration changes, impacting overall port throughput.
Mentioned in Q1 FY25, Q3 FY25, Q4 FY25
New logistics businesses (trucking, freight forwarding) are at gestation stage with blended 10% margins; ramp-up to target levels may take time.
Mentioned in Q1 FY25, Q4 FY25
Capex of INR 10,000-12,000 crore planned, primarily for container terminal expansion and logistics.
Mentioned in Q1 FY26, Q4 FY25
Management reaffirmed the full-year EBITDA target despite Q1 volume headwinds, citing recovery in July and diversified revenue streams.
Mentioned in Q1 FY25, Q2 FY25
Management reiterated full-year cargo volume guidance of 460-480 million metric tons, confident in H2 recovery from agro/fertilizer season and new asset contributions.
Fast read
Guidance and risk preview
Full-year EBITDA guidance increased by INR 800 crore to INR 22,800 crore, including one quarter of NQXT contribution (INR 300 crore EBITDA).
CEO noted that a major conflict between countries impacting global trade could derail the FY2029 targets, though minor events like Red Sea disrupti...
View Risks →