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Revenue
₹7,964 Cr
verified against source
Revenue YoY
14%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Adani Ports delivered a strong Q3 FY25 with revenue up 14%, EBITDA up 19%, and PAT up 32% YoY. EBITDA margin expanded to 62% from 60% last year. Growth was driven by market share gains in containers (14.9% growth), price/mix improvements, and logistics traction. Management upgraded FY25 EBITDA guidance to ₹18,800-18,900 crore from ₹17,000-18,000 crore, citing strong execution and diversification beyond cargo volumes. Logistics contribution is expected to reach 5-10% over time, with a new trucking management solution launched. International ports (Haifa, Tanzania) are improving margins toward 30% in two years. Key risks include coal volume decline and potential economic slowdown impacting trade, though management sees this as transient.
Colored figures show movement against the previous available record.
Guidance to track
- Management raised FY25 EBITDA guidance from ₹17,000-18,000 crore to ₹18,800-18,900 crore, driven by strong execution and diversification.
- CFO indicated FY26 EBITDA growth in the region of 20%±, though formal guidance will be given in Q4 results.
- Management expects international port EBITDA margins to improve to 30% within two years, driven by operational efficiencies.
- Logistics EBITDA contribution is expected to first reach 5% and eventually 10% of total company EBITDA.
Risks flagged
- Lower coal imports due to higher domestic production have reduced volumes and margins at these ports, though management sees it as a passing cloud.
- An analyst raised concerns about economic slowdown affecting trade; management dismissed it as a momentary correction but acknowledged November was weak.
- Logistics EBITDA margin dropped from 28% to 23% due to lower-margin trucking business; management expects improvement as scale increases.
Key quotes
- We have been positioning APSEZ as not only a port volume company but a truly integrated transport solution company.
- Cargo does not fully represent the profitability and the profit margin that we actually get. So therefore, we're trying to reorient to the EBITDA number.
- We don't do any business which does not bring top line and bottom line both.
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