Adaniports Ltd — Q3 FY26
Adani Ports delivered a strong Q3 FY26, with all four business pillars achieving high double-digit growth.
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.
68%Questions answered1Evaded / deflected11Questions auditedContradictedNumbers vs filing
Partial answer
Medium priority
Reason for 9% YoY domestic realization increase
Asked by Ketan Jain, Avendus Spark
Listed several factors but refused to quantify any, leaving analyst without specifics.
no breakdown givenblamed multiple factors without quantification
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Question
Our domestic realization is up 9% year-on-year in this quarter. Can you tell us what is the reason driving this?
D Muthukumaran (CFO)
We have increased... higher implied revenue and EBITDA per ton... includes some take-or-pay charges, in addition to the routine price increase and mix change... we don't give the breakdown of each of these elements.
Answered
Medium priority
Cargo breakdown of international ports
Asked by Ketan Jain, Avendus Spark
Provided specific volume numbers for each international port.
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Question
If you could help us with the cargo breakdown of the international cargo in, port-wise.
Rahul Agarwal (Head of IR)
Colombo, 5.4 MMT, Haifa, 2.1, and Tanzania, 3.1. 3.1 MMT, these are all quarterly numbers.
Partial answer
High priority
Outlook for Mundra full year
Asked by Ketan Jain, Avendus Spark
Gave positive commentary and monthly data but did not provide a full-year outlook or address the 2% decline.
no full-year volume guidance given
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Question
What is your outlook on Mundra for the full year? I think we are down around 2% for nine months.
Ashwani Gupta (CEO)
Mundra is doing extremely well... container cargo... in quarter three, we did roughly 2.2 million. In January, we touched 754,000... after the CT5 comes in, definitely, we will have a add-on capacity.
Partial answer
Medium priority
Reason for significant increase in 'others' revenue and EBITDA
Asked by Priyankar Biswas, JM Financial
Explained it was due to restructuring but did not quantify the contribution from each subsidiary.
no specific breakdowndismissed as classification
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Question
We are seeing that there is this others revenue... significant increase in the top line there and almost a doubling of the EBITDA. What is driving that?
D Muthukumaran (CFO)
Subsequent to last financial year's income tax changes, we did a little bit of a restructuring... these are sustainable, recurring, usual routine incomes... nothing to highlight to you on quality of income.
Answered
High priority
Vizhinjam expansion timeline, CapEx, and volume targets
Asked by Priyankar Biswas, JM Financial
Provided specific CapEx phasing and capacity targets.
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Question
On Vizhinjam, we just heard the announcement of this INR 16,000 crore further expansion... what is the timeline for the CapEx? And what sort of volumes are you building in?
Ashwani Gupta (CEO) and D Muthukumaran (CFO)
This INR 16,000 crore is for the phase two development... will take the capacity more than 5 million... CapEx will go on till FY 2029... FY 2026, we have INR 90 million... FY 2027, INR 350 million... FY 2028, INR 700 million...
Answered
High priority
Contribution of Vizhinjam expansion to FY29 EBITDA target
Asked by Priyankar Biswas, JM Financial
Clearly stated the expansion's contribution is minimal to the FY29 target.
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Question
When you are doing this large expansion of Vizag, and you have a plan for INR 36,000 crore EBITDA in FY 2029. So is this asset contributing handsomely to that?
Ashwani Gupta (CEO)
This expansion... will be completed by FY 2029... it will be very, very small contribution to that estimate.
Partial answer
Medium priority
Balance sheet impact of NQXT consolidation from next quarter
Asked by Priyankar Biswas, JM Financial
Provided NQXT debt figure but did not project the consolidated balance sheet at year-end.
only gave current debt, not pro forma balance sheet
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Question
Since NQXT would be included from the next quarter, so can you give us some idea, like, how should the balance sheet be essentially looking like when we close the year?
D Muthukumaran (CFO)
The total debt, net debt of Australia, is about INR 4,800 crore as of December 2025... INR 4,500 crore.
Answered
High priority
Will 1 billion ton target be fulfilled by ongoing expansions?
Asked by Parash Jain, HSBC
Provided a clear split between domestic and international and confirmed existing ports will deliver.
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Question
If you can talk about your 2030 target of 1 billion ton, will it be entirely or largely fulfilled by the ongoing expansion in half a dozen port that you mentioned?
D Muthukumaran (CFO)
International is about 150 million metric tons... current four ports... has a very clear visibility... balance, 850 million ton... all going to come from domestic market... current volumes... coming from the existing ports.
Evasive
Medium priority
Pricing difference between Vizhinjam and Colombo
Asked by Parash Jain, HSBC
Did not provide any pricing numbers or comparison, only generic commentary.
no specific pricing comparison given
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Question
On top Vizhinjam, if you can talk about the pricing of transshipment cargo versus Colombo, for instance?
Ashwani Gupta (CEO)
Pricing is always the consequence of supply and demand... Colombo is short of capacity... Vizhinjam... will keep its competitiveness... we have no pricing pressure because of that.
Answered
High priority
Container volume growth in logistics and impact of DFC
Asked by Sumit Kishore, Axis Capital
Provided specific growth target and clear view on DFC impact.
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Question
The container cargo volume growth... about 4% each quarter... seemed to be a bit low... given that DFC is going to come up in March... just wanted to hear your thoughts on how you are looking at the next 3-4 years post DFC.
Ashwani Gupta (CEO)
We are targeting double-digit growth... we are in double-digit, we're roughly at 11%... DFC... impact on us is negligible, and I would say zero.
Answered
Low priority
GPWIS volumes flattish reason
Asked by Sumit Kishore, Axis Capital
Attributed to a specific factor (extended monsoon) and gave volume numbers.
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Question
Just a brief comment, if you can make on the GPWIS volumes, which have been flattish this year. Is that mainly because of coal?
Ashwani Gupta (CEO)
It's predominantly... on the East Coast, we've had an extended monsoon. So I've gone from 5.5 to 5.2... no change in commodity mix.
Partial answer
High priority
EBITDA to operating cash flow conversion and CapEx plans
Asked by Sumit Kishore, Axis Capital
Provided cash flow conversion guidance but deferred detailed CapEx plan.
deferred CapEx plan to next quarter
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Question
Your EBITDA for nine months is INR 16,830 crores. How's been the conversion to operating cash flow... and what are your CapEx plans through 2030?
D Muthukumaran (CFO)
We have an annual interest net... about INR 1,800 crores. And tax... similar amount... we have already given you the guidance for the full year of INR 22,800 crores as the EBITDA... we will give you... CapEx plan for FY 2027... at the time of Q4 results.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| NQXT revenue contribution in Q4 is about INR 450 crore | ₹450 cr | ₹9,705 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.