MUMBAI: Adani Ports and Special Economic Zone Ltd (APSEZ), the flagship port operator of the Adani Group, has announced impressive financial results for the October–December quarter of fiscal year 2026 (Q3FY26), marked by substantial growth in both revenue and profitability. The company's strong performance has led management to upwardly revise its financial guidance for the full fiscal year, reflecting confidence in its expanding operations and strategic acquisitions.
Enhanced Financial Outlook for FY26
APSEZ has raised its revenue projection for FY26 to ₹38,000 crore, positioning it at the upper limit of its previously stated range of ₹36,000-38,000 crore. Simultaneously, the guidance for earnings before interest, tax, depreciation, and amortization (EBITDA) has been elevated to ₹22,800 crore, up from the earlier band of ₹21,000-22,000 crore. This optimistic revision is attributed to robust growth in existing business segments and the consolidation of the North Queensland Export Terminal (NQXT), acquired from the Adani family in December 2025 for approximately ₹22,000 crore.
Quarterly Performance Highlights
For the quarter ending December 31, 2025, APSEZ reported a profit increase of over 20%, reaching ₹3,043 crore. This growth was driven by contributions from newer port facilities, which effectively compensated for a slowdown at the company's flagship Mundra port. Quarterly revenue and EBITDA also saw a rise of around 20%, amounting to ₹9,705 crore and ₹5,786 crore, respectively.
Ashwani Gupta, Chief Executive and Whole-Time Director of APSEZ, commented on the results, stating, "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 crore."
Segment-Wise Performance and Market Reaction
While revenue at the Mundra port declined by 15% to ₹1,860 crore and EBITDA fell by approximately 20% to ₹1,321 crore, this downturn was offset by higher earnings from other key ports such as Krishnapatnam, Gangavaram, and Vizhinjam. APSEZ currently operates 15 ports and terminals across India and four overseas facilities.
Following the earnings announcement, APSEZ shares experienced a significant surge, climbing 9.12% to ₹1,530.9 on the Bombay Stock Exchange (BSE). This performance notably outpaced the benchmark Sensex, which recorded a gain of 2.54% on the same trading day.
Adani Enterprises Also Reports Strong Q3 Results
In related news, Adani Enterprises Ltd, the group's primary incubator for new business ventures, also posted a substantial increase in profit for Q3FY26. The company reported a consolidated profit of ₹5,627 crore, largely driven by an exceptional gain of ₹5,632 crore from the sale of its stake in AWL Agri Business Ltd, formerly known as Adani Wilmar Ltd. Excluding this one-time income, the company would have incurred a loss for the quarter.
Revenue for Adani Enterprises grew by 8% year-on-year to ₹25,475 crore, while EBITDA increased by 15% to ₹4,297 crore. However, the company faced challenges in its legacy coal trading business, where revenue dropped by 25% to ₹7,169 crore due to reduced volumes and lower prices.
Future Growth Prospects
Jugeshinder Singh, Group Chief Financial Officer, highlighted during an investor call that Adani Enterprises is poised for a significant uptick in revenue and EBITDA as several key assets become operational. These include:
- The recently inaugurated Navi Mumbai airport
- A copper smelter in Kutch with a capacity of 0.5 million tonnes per annum
- The Ganga Expressway in Uttar Pradesh
- A 6-gigawatt solar cell and module manufacturing plant
The Kutch Copper smelter, expected to commence operations in Q1FY27, is projected to add approximately ₹2,000 crore to consolidated EBITDA. Similarly, the Ganga Expressway is anticipated to contribute an additional ₹1,500 crore to EBITDA once fully operational. The solar cell plant, scheduled for commissioning later in 2026, already has sufficient orders to ensure high utilization rates.
Adani Enterprises shares also witnessed a positive market response, rising 10.38% to ₹2,201.7 on the BSE, reflecting investor optimism about the company's growth trajectory and future prospects.
