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Revenue
₹9,705 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
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Quarter read
What the record says.
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.
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Guidance to track
- Full-year EBITDA guidance increased by INR 800 crore to INR 22,800 crore, including one quarter of NQXT contribution (INR 300 crore EBITDA).
- Management reiterated the five-year plan targets, with revenue of INR 65,500 crore and EBITDA of INR 36,500 crore 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.
- Management guided that coal's share of total cargo will decline to 20-22% over five years, driven by container and oil & gas growth.
Risks flagged
- 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.
- Gopalpur reported negative EBITDA this quarter due to fixed costs and volume decline. Management acknowledged a turnaround program but provided no specific timeline.
- Analyst raised concerns about NQXT contract renegotiations; management indicated major volume renegotiations only in FY2029, with margins remaining around 65-70%.
- Thermal coal imports declined 2.7% all-India, impacting Mundra volumes. Management expects coal proportion to fall to 20-22% but faces structural demand risk.
Key quotes
- All the four business pillars of the company are delivering strong, high double-digit growth rates, much more than the markets, much more than the competition, much more than the trade.
- We have revised our guidance by INR 800 crore.
- There is only one thing, which can take away from reaching the target, which is a big turmoil between the countries and, which is, which may impact the trade.
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