Adani Ports & Special Economic Zone Ltd — Q3 FY26
Adani Ports delivered a strong Q3 FY26, with all four business pillars posting 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
High priority
Reason for 9% YoY domestic realization increase
Asked by Ketan Jane, Aventis Spark
Management cited multiple factors but refused to give a breakdown of each element.
no breakdown givenblamed non-representative items
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Question
our domestic realization is up 9% year on year in this quarter. Uh can you tell us what is the reason driving this?
Mutumar (CFO)
higher implied revenue on aida per ton of this quarter is non-representative as it also includes some take up pay charges in addition to the routine price increase and mix change.
Partial answer
Medium priority
Outlook for Mundra volumes for full year
Asked by Ketan Jane, Aventis Spark
Provided operational color but did not give a specific full-year volume outlook.
no full-year volume guidance given
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Question
what is your outlook on Mundra uh for the full year I think we are down around 2% uh for 9 months
Ashwani (CEO)
Mundra is doing extremely well... quarter three we did 2.2 million. In January we touch 754,000... after CT5 comes in definitely we will have add-on capacity.
Partial answer
Medium priority
Reason for significant increase in 'others' revenue and EBITDA
Asked by Priyanka Biswas, JM Financial
Explained classification changes but did not quantify the contribution of each subsidiary.
no specific breakdown given
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Question
there is a significant increase in the top line there and almost a doubling of the AIDA uh what is driving that
Mutumar (CFO)
subsequent to last financial year's income tax changes we did a little bit of a restructuring of assets... these are sustainable recurring usual routine incomes.
Answered
High priority
Timeline and volume impact of Vizhinjam phase 2 expansion
Asked by Priyanka Biswas, JM Financial
Provided timeline and capacity increase numbers clearly.
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Question
can you just provide us like what s like let's say what is the timeline for the capex and following that what sort of a volumes
Ashwani (CEO) and Mutumar (CFO)
this 16,000 per is for the phase 2 development... will take the capacity more than 5 million... capex will go on till FY29 and payments till FY30.
Answered
High priority
Contribution of Vizhinjam expansion to FY29 EBITDA target
Asked by Priyanka Biswas, JM Financial
Clearly stated that contribution will be very small.
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Question
when you are doing this large expansion of vising and you have a plan for 36,000 crores Aida in FY29. So is this asset contributing handsomely to that?
Ashwani (CEO) and Mutumar (CFO)
this project will only be completed by FI29 and 36,000 cr you're talking about is for FI29 so it will be very very small contribution to that estimate.
Answered
High priority
How 1 billion ton target will be achieved, domestic vs overseas
Asked by Paras Jane, HSBC
Provided clear split between domestic and international and said current ports will drive growth.
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Question
talk about your 2030 target of 1 billion ton will it be entirely or largely fulfilled by the ongoing expansion... if not then will the acquisition target will be in India or in overseas.
Mutumar (CFO)
international is about 150 million metric tons... balance 850 million ton is all going to come from domestic market... current split is by and large indicative of how we will do.
Answered
High priority
Low container volume growth in logistics and DFC impact
Asked by Sumit Kashor, Access Capital
Gave specific growth target and clear view on DFC impact.
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Question
container cargo volume growth that you have seen the logistics business. It's about 4% a quarter... just wanted to hear your thoughts on how you are looking at the next three four years post DFC.
Logistics head (name not given) and Ashwani (CEO)
we are targeting double digit growth as we have done even in this year... DFC impact is negligible and I would say zero.
Partial answer
Medium priority
Reason for flattish GPWIS volumes
Asked by Sumit Kashor, Access Capital
Attributed to monsoon and policy pause but did not quantify impact.
blamed external factorsno specific volume breakdown
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Question
GPWIS volumes which have been flattish this year. Is that mainly because of coal not being too much invoke or what?
Logistics head (name not given) and Ashwani (CEO)
predominantly on the east coast we've had an extended monsoon... flattish for 9 months is again linked to which commodity... no change in commodity mix.
Partial answer
High priority
Operating cash flow conversion and capex plans through 2030
Asked by Sumit Kashor, Access Capital
Gave cash flow conversion but deferred detailed capex plan.
deferred capex plan to next quarter
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Question
How's been the conversion to operating cash flow for the 9 month period... what are your capex plans through 2030 if you can repeat them once again and what do you do with the extra cash generation?
Mutumar (CFO)
annual interest net about 1,800 crores and tax similar... operating cash flows a little over 18,000 crores... we will give capex plan for FY27 in Q4.
Partial answer
Low priority
What could have been better in the quarter
Asked by Manish Sumea, Cantor
Gave one example but did not provide a comprehensive answer.
vague answerno specific missed opportunity quantified
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Question
what could have been better. What are we missing? What are we not seeing in the quarter that could have gone better?
Ashwani (CEO)
In Mindam we reached 30 GCR in December. If we would have reached it in October, we would have done more volumes in Virginia.
Evasive
High priority
Margins outlook for international ports and logistics
Asked by Manish Sumea, Cantor
Avoided giving margin outlook and redirected to ROCE.
redirected to ROCEno margin guidance given
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Question
margins did decline sequentially from second quarter to third quarter. How should we think about the cadency of margins as we look out the next few years?
Mutumar (CFO)
international margins bulk is coming from marine firing at about 55% EBITDA margin... best metric is return on capital employed... it's pointless to compare EBITDA margin.
Answered
High priority
Coal volume proportion outlook and diversification
Asked by Pulkit Partney, Goldman Sachs
Provided a specific range for coal proportion in 5 years.
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Question
How is the company looking at sort of diversifying away from this exposure to coal? Like what's the plan for coal to settle down in terms of total proportion of volumes?
Ashwani (CEO) and Mutumar (CFO)
coal is not going down overall... imported thermal coal is going down but coastal coal is increasing... weightage of coal will go down and we should be somewhere between 20 to 22%.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| NQXT revenue contribution in Q4 is about 450-500 crores | ₹475 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”.