Ahmedabad, Feb 3: Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest Integrated Transport Utility, today announced robust financial and operational results for the quarter and nine months ended December 31, 2025, driven by sustained momentum across ports, logistics, marine and international operations.

Financial Highlights (Consolidated)

  • Q3 FY26 Revenue: Up 22% YoY

  • Q3 FY26 EBITDA: Up 20% YoY

  • Q3 FY26 PAT: Up 21% YoY

  • 9M FY26 Revenue: Up 24% YoY

  • 9M FY26 EBITDA: Up 20% YoY

  • 9M FY26 PAT: Up 18% YoY

Operational Performance

  • Cargo handled: 123 MMT in Q3 FY26 (+9% YoY); 367 MMT in 9M FY26 (+11% YoY)

  • All-India cargo market share: 27.4% (9M FY26)

  • Container market share: 45.6% (9M FY26)

  • Rail volume: 528,872 TEUs (+11% YoY, 9M FY26)

  • Marine fleet: Expanded to an all-time high of 129 vessels

FY26 Guidance Update

APSEZ raised its FY26 EBITDA guidance, exceeding the earlier upper band, driven by stronger-than-expected organic growth and consolidation of NQXT Australia.

  • Revenue guidance: Revised upward

  • Capex: Maintained as per earlier guidance

  • Net debt / EBITDA: 1.9x (Proforma: 1.8x)

  • Port cargo volume guidance: 505–515 MMT

Management Commentary

Ashwani Gupta, Whole-time Director & CEO, APSEZ, said:

“APSEZ has once again delivered a strong and resilient performance. Sustained momentum across our four business pillars, along with the consolidation of NQXT, has enabled us to raise our FY26 EBITDA guidance. Even post-acquisition, our leverage remains unchanged, underscoring balance sheet strength and disciplined capital allocation.

Our ambition to double revenue and EBITDA by FY29 remains firmly on track, supported by capacity expansion, operational excellence, and superior customer experience. Sustainability continues to be central to our strategy, and our adoption of the TNFD framework reinforces our commitment to nature-positive infrastructure development.”

Business Segment Highlights

  • Domestic Ports: 15% YoY revenue growth in 9M FY26, driven by rising market share and container volumes

  • International Ports: Highest-ever 9M revenue, strengthened further by the NQXT Australia acquisition

  • Logistics: Q3 FY26 revenue surged 62% YoY, led by asset-light trucking and international freight services

  • Marine: Q3 FY26 revenue grew 91% YoY, supported by offshore vessel acquisitions and long-term contracts

Strategic & Operational Milestones

  • Vizhinjam Port crossed 1.3 million TEUs in its inaugural year, becoming the fastest Indian port to surpass 1 million TEUs

  • Mundra Port became the first Indian port to directly berth a fully-laden VLCC

  • Completed acquisition of NQXT Australia, adding 50 MTPA capacity

  • Initiated Vizhinjam Phase 2 expansion

  • Launched India’s first ship-to-ship LNG bunkering initiative through an MoU with BPCL

ESG & Sustainability Leadership

  • First Indian Integrated Transport Utility to adopt the TNFD framework

  • 12 ports certified Zero Waste to Landfill

  • Committed to Net Zero by 2040

  • Achieved Top 95th percentile globally in S&P Global CSA 2025

  • MSCI ESG rating upgraded from CCC to B

Credit Ratings & Balance Sheet Strength

  • JCR: A-/Stable (above India’s sovereign rating)

  • Moody’s: Baa3, outlook revised to Stable

  • ICRA: AAA/Stable

  • Fitch: BBB-, outlook Stable

  • S&P: BBB-, outlook Positive

Awards & Recognition

  • Mundra Port ranked among the Top 20 container ports globally

  • Vizhinjam Port won the National Project Excellence Award 2025

  • Dhamra Port won the PAR Excellence Award

  • Kattupalli Port received the Exceed Environment Award 2025