Adani Ports profits surge 21% to ₹3,043 crore in Q3

Adani Ports and Special Economic Zone (APSEZ) announced a 21% jump in consolidated group net profit to ₹3,043 crore, a 22% rise in revenue to ₹9,705 crore, and a 20% increase in EBITDA to ₹5,786 crore for the quarter ended December 31, 2025.

Fueled by this strong momentum across its four business pillars, with logistics revenue surging to ₹1,121 crore, marine services jumping to ₹773 crore, international ports climbing to reach a ₹1,067 crore milestone, and domestic ports growing to ₹6,701 crore, the company has officially raised its full-year EBITDA guidance by ₹800 crore, increasing the target to a total of ₹22,800 crore

For the nine months ended December 31, 2025, APSEZ reported an 18% increase in consolidated group net profit to ₹9,474 crore, a 24% rise in revenue to ₹27,998 crore, and a 20% growth in EBITDA to ₹16,832 crore.

Adani Ports handled a record cargo volume of 123 million metric tonnes (MMT) in Q3 FY26, representing a 9% year-on-year increase, while the total volume for the nine-month period (9M FY26) reached 367 MMT, marking an 11% growth.

Ashwani Gupta, Whole-time Director & CEO, said, “As India’s largest and the world’s fastest-growing Integrated Transport Utility, APSEZ has once again delivered a strong and resilient performance. Sustained momentum across our four business pillars, combined with the consolidation of NQXT, has enabled us to raise the upper end of our FY26 EBITDA guidance by a robust ₹800 Cr. Even after the NQXT acquisition, our leverage remains unchanged, underscoring the strength of our balance sheet and our disciplined approach to capital allocation. Our financial and operational stability has been further reinforced by multiple credit rating upgrades, including an exceptional ‘A-/Stable’ rating from Japan Credit Rating Agency, which is a notch above India’s sovereign rating - a strong validation of our governance standards and financial prudence. Towards the end of FY24, we articulated a clear ambition to double our revenue and EBITDA by FY29 to ₹65,500 Cr and ₹36,500 Cr respectively. Our continued focus on capacity expansion, operational excellence and superior customer experience positions us strongly to deliver on these commitments.”

The release reads, “global integrated multi-modal value chain enabler with 653 MTPA capacity. Well on track to deliver 1 billion tonnes throughput by 2030, driven by ongoing capacity expansion (e.g. Vizhinjam Phase 2, Dhamra two new berths, Mundra liquid and container terminal, CWIT Phase 2, Haldia terminal, Berth No.13 at Deendayal Port, Kandla, Ennore expansion, Kattupalli expansion).”

Mundra port becomes the first Indian port and amongst select ports globally to handle a fully laden Very Large Crude Carrier (VLCC) that berthed directly at a jetty, significantly reducing transportation costs. Driven by recently launched asset-light trucking and international freight network service (representing 52% of Q3 FY26 logistics revenue vs. 17% in Q3 FY25)

“APSEZ’s newest greenfield port, Vizhinjam, has set impressive records that are redefining Indian maritime landscape.” During its inaugural year, the port has handled 1.3m TEUs, becoming the fastest Indian port to cross the 1m TEU milestone. The port also accommodated 41 Ultra Large Container Vessels (ULCVs) – the highest for any Indian port

APSEZ completed the acquisition of NQXT Australia. With a capacity of 50 MTPA, NQXT is a cash generating asset that consolidates APSEZ’s international presence along the East-West trade corridor

Logistics business delivered Q3 FY26 revenue growth of 62% YoY (9M FY26 revenue growth at 81% YoY), with a “shore-to-door” network and last-mile connectivity. “APSEZ’s Logistics business is driven by a unique combination of asset-light services (Trucking & International Freight Network) and an extensive pan-India network of physical assets comprising MMLPs, warehouses, container & bulk rakes, and agri-silos.”

Marine operations achieved a strong 91% YoY growth in Q3 FY26 (150% YoY growth during 9M FY26). “Driven by offshore support vessel acquisitions in the Middle East, Africa, South Asia (MEASA) waters and backed by take-or-pay contracts with Tier-1 customers, Marine operations offer revenue visibility and deliver high capital efficiency. As of Q3 FY26, APSEZ registered its all-time high marine fleet of 129 vessels.”

International ports delivered the highest ever 9M FY26 revenue at ₹3,117 Cr (+26% YoY), driven by Colombo ramp-up and stable operations in Australia, Haifa, and Tanzania. NQXT consolidation will further accelerate the international ports’ revenue trajectory

Domestic ports revenue grew 15% YoY during 9M FY26, led by ongoing market share increase (9M FY26 all-India cargo market share at 27.4% vs. 27.2%) and strong growth in container cargo (+11% in 9M FY26, container market share at 45.6% in 9M FY26 vs. 45.2% in 9M FY25), while maintaining stable EBITDA margins (73.7% in 9M FY26 vs. 72.8% in 9M FY25), demonstrating strong business resilience.

Gross debt (including NQXT but excluding NQXT’s non-core liabilities – final shareholder approval for realization of non-core liabilities has been obtained on February 2, 2026) at ₹53,097 Cr. Cash balance (including NQXT) at ₹11,807 Cr. Net debt / EBITDA at 1.9x (proforma net debt / EBITDA calculated using TTM NQXT EBITDA at 1.8x)