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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 posting high double-digit growth. Domestic ports achieved a record 9-month container market share of 40.6%, while logistics revenue surged 62% YoY to ₹1,121 crore. The company raised its FY26 EBITDA guidance by ₹800 crore to ₹22,800 crore, reflecting confidence in operational momentum. Management reiterated its FY29 target of ₹65,500 crore revenue and ₹36,500 crore EBITDA, backed by organic expansions like Vizhinjam Phase 2 (₹16,000 crore capex) and the NQXT acquisition. Key risks include global trade disruptions from geopolitical turmoil, which could impact volumes, though management believes the diversified portfolio mitigates this. The CFO transition was also announced, with Mr. Krishna taking over from March 1.
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Guidance to track
- Management revised FY26 EBITDA guidance upward by ₹800 crore to ₹22,800 crore, reflecting strong operational performance.
- Management reiterated the 5-year plan targets for FY29, with revenue of ₹65,500 crore and EBITDA of ₹36,500 crore.
- Phase 2 expansion at Vizhinjam will add 4.1 million TEUs capacity, with capex spread over FY26-FY30.
- NQXT acquisition will contribute approximately ₹300 crore EBITDA in Q4 FY26, with revenue around ₹450-500 crore.
Risks flagged
- Management cited a major geopolitical conflict between countries as the only factor that could derail FY29 targets, though minor disruptions have minimal impact.
- Thermal coal volumes are declining due to lower power demand and import substitution, though management expects coal to stabilize at 20-22% of cargo mix.
- Gopalpur port reported negative EBITDA this quarter due to fixed costs and volume decline; management is implementing a turnaround program.
- Analysts raised concerns about DFC diverting container traffic to competing ports; management argued the impact is negligible due to Mundra's cost and efficiency advantages.
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 and we are setting up the new benchmarks and this quarter we have even surpassed our internal benchmarks.
- Despite the NQXT acquisition where we are taking 700 million Australian dollars of debt, we are still able to keep our leverage under a check of 1.8x.
- We have revised our guidance by 800 crores.
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