February 3, 2026, Ahmedabad: Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest Integrated Transport Utility, announced its results for the quarter and nine months ended December 31, 2025.
Q3 FY26 & 9M FY26 key financials (consolidated)
| Particulars
(₹ Cr) |
Q3 FY26 | Q3 FY25 | YoY | 9M FY26 | 9M FY25 | YoY |
| Revenue | 9,705 | 7,964 | 22% | 27,998 | 22,590 | 24% |
| EBITDA | 5,786 | 4,802 | 20% | 16,832 | 14,019 | 20% |
| PAT | 3,043 | 2,518 | 21% | 9,474 | 8,038 | 18% |
Q3 FY26 & 9M FY26 operational performance
| Particulars | Q3 FY26 | Q3 FY25 | YoY | 9M FY26 | 9M FY25 | YoY |
| Cargo (MMT) | 123 | 112 | 9% | 367 | 332 | 11% |
| All-India market share | 26.4% | 27.0% | -60 bps | 27.4% | 27.2% | +20 bps |
| All-India container market share | 45.8% | 45.4% | +40 bps | 45.6% | 45.2% | +40 bps |
| Rail volume (TEUs) | 170,466 | 164,601 | 4% | 528,872 | 475,821 | 11% |
| GPWIS (MMT) | 5.2 | 5.5 | -6% | 16.1 | 16.2 | -21 bps |
Business segment performance trajectory
| Revenue
(₹ Cr) |
Q3 FY23 | Q3 FY24 | Q3 FY25 | Q3 FY26 | EBITDA
(₹ Cr) |
Q3 FY23 | Q3 FY24 | Q3 FY25 | Q3 FY26 | |
| Domestic Ports | 3,784 | 5,371 | 5,826 | 6,701 | Domestic Ports | 2,661 | 3,843 | 4,256 | 4,877 | |
| International Ports | 167 | 812 | 885 | 1,067 | International Ports | 20 | 80 | 116 | 236 | |
| Logistics | 490 | 529 | 693 | 1,121 | Logistics | 142 | 146 | 161 | 203 | |
| Marine | 152 | 163 | 406 | 773 | Marine | 76 | 101 | 182 | 428 | |
| Others | 193 | 45 | 154 | 43 | Others | 112 | 16 | 87 | 43 | |
| Total | 4,786 | 6,920 | 7,964 | 9,705 | Total | 3,011 | 4,186 | 4,802 | 5,786 |
FY26 guidance update
| ₹ Cr | Previous guidance | Revised guidance | Remarks |
| Revenue | 36,000 – 38,000 | 38,000 | Higher growth + consolidation of Q4 FY26 NQXT |
| EBITDA | 21,000 – 22,000 | 22,800 | ₹800 Cr more than even the top end of previous guidance, driven by
(1) Higher than anticipated growth (non-NQXT) – c.₹500 Cr (2) One quarter, which is Q4 FY26 NQXT inclusion – c. ₹300 Cr |
| Capex | 11,000 – 12,000 | 11,000 – 12,000 | |
| Net debt to EBITDA | Policy up to 2.5x | Policy up to 2.5x | Actual – 1.9x; Proforma – 1.8x |
| Port cargo volume | 505-515 MMT | 505-515 MMT | Guidance includes Q4 FY26 of NQXT cargo |
| Trucking volume | 3x – 4x | 3x – 4x | |
| Marine revenue | 2x | 2.3x |
Comment by Ashwani Gupta, Whole-time Director & CEO
“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.
Sustainability remains central to our growth strategy. We take immense pride in being India’s first company in our sector and among a select group of global players to adopt the Taskforce on Nature-related Financial Disclosures, setting a new benchmark for nature-positive infrastructure development.”
Performance highlights
Global leadership: 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 ranked 25th amongst the top global ports in the World Bank’s Container Port Performance Index 20241 and amongst the top 20 container ports in the world in the DNV-Menon Economics Leading Container Ports report
Operational excellence: 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
Logistics acceleration: Driven by recently launched asset-light Trucking and International Freight Network service (representing 52% of Q3 FY26 Logistics revenue vs. 17% in Q3 FY25)
Record performance: 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
International expansion: 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
Marine fleet expansion: Marine fleet stands at an all-time high of 129 vessels
Sustainability leadership: India’s first and amongst select global Integrated Transport Utility companies to sign up as a TNFD adopter. Scored 66/100 in S&P Global CSA2 2025, placing APSEZ in Top 95th percentile globally; 12 ports certified Zero Waste to Landfill. MSCI upgraded APSEZ’s ESG rating from “CCC” to “B” on strong corporate governance and sustainability practices
Balance sheet strength: JCR has assigned foreign currency and local currency long-term issuer credit rating of “A-/Stable” to APSEZ, a notch above India’s sovereign rating. Moody’s revised outlook to “Stable” from “Negative”, reaffirmed “Baa3” rating, driven by strong market position, robust financial profile, multiple growth initiatives, and strong business resilience.
Business transformation analysis
Logistics business delivered impressive Q3 FY26 revenue growth of 62% YoY (9M FY26 revenue growth at 81%, YoY), reinforcing APSEZ’s strategic evolution into an Integrated Transport Utility company, with unmatched “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 extensive pan-India network of physical assets comprising of MMLPs, warehouses, container & bulk rakes, and agri-silos
Marine operations achieved 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 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 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
Financial highlights
- Debt management: 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)
- Credit rating upgrade: JCR has assigned foreign currency and local currency long-term issuer credit rating of “A-/Stable” to APSEZ, a notch above India’s sovereign rating. Moody’s revised outlook to “Stable” from “Negative”, reaffirmed “Baa3” rating. ICRA reaffirmed “AAA/Stable”. Fitch Ratings revised outlook to “Stable” from “Negative”, affirmed rating at “BBB-“. S&P Global revised ratings outlook to “Positive” from “Negative” while reaffirming “BBB-“rating
- Capital optimization: Completed bond buyback program in August 2025, repurchasing total of US$386.03m (US$384.38m during early tender date and US$1.65m before expiration); Issued ₹5,000 Cr NCDs for 15 years to LIC; Increased average debt maturity to 5.2 years (as on September 30, 2025), from 4.3 years (as on March 31, 2025). Average debt maturity as on December 31, 2026 at 5.6 years
Strategic developments
- Port capacity expansion
- Completed the acquisition of NQXT Australia. With a current capacity of 50 MTPA, NQXT is a strategic high-growth, cash-generating asset that will expand APSEZ’s international portfolio along the East-West trade corridor
- Commenced Phase 2 construction at Vizhinjam port, scheduled for completion by December 2028. Phase 2 construction underway with estimated investment of ₹16,000 Cr. The construction will expand Vizhinjam port’s capacity to 5.7m TEUs from the current 1.6m TEUs
- Announced partnership with Motherson Group to establish a dedicated facility for auto exports at the Dighi Port. The new RoRo (Roll On and Roll Off) terminal will handle 200,000 cars per year for exporters in the Mumbai-Pune auto belt
- Announced terminalling service agreement with Tvarur Oils and Fats (subsidiary of Musim Mas Group, global leader in palm & edible oil products) to handle edible oil cargo at the Karaikal Port
- Commissioned 2 container rail handling lines at South Port Rail Head (SPRH), Mundra that will significantly augment the port’s handling capacity
- MoU signed with Bharat Petroleum Corporation Limited (BPCL) to launch India’s first ship-to-ship LNG bunkering operations at Vizhinjam port. The port will serve as a dedicated LNG refueling hub for vessels along the East-West corridor
- Dhamra port opened new export berth; construction of two new berths commenced that will increase capacity to 92 MMT
- Karaikal port enhanced permissible draft to 14.5 metres, positioning it among southern India’s deepest draft ports; berthed MV Sakizaya Victory (deepest draft vessel to berth at Karaikal)
- Multi-modal logistics expansion
- Groundbreaking of 70-acre, 1.3 Mn sq. ft. logistics park in Kochi with investment of ₹600 Cr; strategically located park will generate 1,500+ jobs and cater to e-commerce, FMCG/FMCD, pharmaceuticals, retail sectors
- Received approval to commence EXIM operations at Virochannagar (Gujarat), Kishangarh (Rajasthan) and Malur (Karnataka) ICDs
- Launched double stack container rake movement between ICD Tumb and ICD Patli
- ICD Virochannagar flagged off block rakes for Ocean Network Express (ONE) and Emirates Shipping to Mundra port in September 2025
- Handled 528,872 TEUs rail volume (+11% YoY) and 16.1 MMT GPWIS volume (-21 bps YoY) during 9M FY26
- Marine fleet development
- Vessel count during Q3 FY26 – 129. Acquired 2 vessels during the quarter
- During Q2 FY26, expanded geographical presence to West Africa Waters via en bloc purchase of 4 Platform Supply Vessels (PSVs) and 1 workboat
- Inaugurated Strategic Command Center for Marine operations facilitating real-time vessel tracking and enhanced operational control
- Ocean Sparkle reached milestone in digital integration with entire fleet operating paperless; integrated cloud-based vessel management system (SeaFlux) across fleet
Record operational performance
- Mundra Port has become the first Indian port and amongst a select few ports globally to handle a fully laden Very Large Crude Carrier (VLCC) that berthed directly at the jetty. The 400-meter-long jetty, equipped with two crude unloading arms, can handle vessels with up to a 25-meter draft and a 330,000-dwt capacity. The jetty is connected to Hindustan Petroleum Corporation Limited’s (HPCL) crude oil tank farm in Mundra, which in turn connects to the Barmer refinery in Rajasthan, via a 489-km crude oil pipeline. This direct linkage allows crude oil to be transported from the Mundra port to the refinery without intermediate handling, which will improve logistics efficiency and reduce turnaround time for large crude imports
- During December 2025, Dahej Port created a new record by dispatching 30,965 MT cargo via 872 trucks in a single day. Additionally, the port achieved a milestone by discharging a vessel carrying 55,610 MT of Limestone in just 1.9 days
- Glottis Shipping launched a new fortnightly service connecting Kattupalli port with key Asian markets
- Ocean Sparkle delivered its third Approved Standard Tug Design and Specifications (ASTDS) tug to V.O. Chidambaranar Port Authority
ESG excellence
- Environmental leadership
- APSEZ signed up to the TNFD as an Adopter and has committed to address nature-related dependencies, impacts, risks, and opportunities, in line with the TNFD recommendations. APSEZ is India’s first Integrated Transport Utility to embrace the TNFD framework, setting a new benchmark for nature-positive infrastructure development
- 12 ports certified Zero Waste to Landfill showcasing commitment to circular economy
- Committed to Net Zero by 2040
- ESG ratings
- APSEZ achieved the highest “Level 5” Management Quality rating from the Transition Pathway Initiative (TPI) (advancing from the previous “Level 4” rating). TPI has ranked APSEZ amongst the top four global industrial transportation companies. Notably, APSEZ is the only global port operator to earn this distinction
- Scored 66/100 in S&P Global Corporate Sustainability Assessment (CSA) 2025, placing APSEZ in Top 95th percentile1 globally within Transportation & Transportation Infrastructure sector. APSEZ maintained the highest score in “Environment” dimension for third consecutive year
- MSCI upgraded APSEZ’s ESG rating from “CCC” to “B” on strong corporate governance and sustainability practices
- Maintained “Prime” status in Institutional Shareholder Services (ISS) ESG rating
- Received “Strong” ESG rating from CRISIL with overall score of 61 and core ESG score of 67 (amongst top 15% of companies assessed). NSE Sustainability Ratings and Analytics assigned ESG rating of 66 with “Aspiring” category. SES ESG Research rated APSEZ with ESG score of 74.6 (Grade B+), indicating “Medium risk” profile. ESG Risk Assessments and Insights Limited has assigned an Environmental, Social, and Governance (ESG) rating of 76 with an “Excellent” classification
- Included as constituent in key ESG benchmark indices including BSE 100 ESG Index, Nifty100 ESG Index, Nifty100 ESG Sector Leaders Index and Nifty100 Enhanced ESG Index
Awards & accolades
- Mundra Port was recognized amongst the top 20 container ports in the world in the inaugural DNV-Menon Economics Leading Container Ports report. Mundra was ranked #1 in the Indian subcontinent. Globally, Mundra was ranked 4th in berth utilization, 9th in growth momentum and amongst the top 10 in sustainability practices
- Vizhinjam Port won the ‘National Project Excellence Award 2025’, in an event jointly organized by International Institute of Projects & Program Management and Centre for Excellence in Project Management
- Dhamra Port won the highest PAR Excellence Award and 2 Best Model trophies for Quality and Operational excellence at the 39th National Convention on Quality Concepts (NCQC), 2025
- Mundra Port received ‘Swachh Industrial Park Award 2025’ by FICCI
- Kattupalli Port won the “Legend (Emerging)” Award at the 19th Exceed Environment Awards 2025
- Ocean Sparkle Ltd received ‘Samudra Manthan Award’ for Safety, Health and Environment (SHE) Excellence