Adani Ports & Special Economic Zone Ltd
Adani Ports & Special Economic Zone Q3 FY26 earnings call: Revenue & Margins
Q3 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Revenue and EBITDA from NQXT expected to increase substantially; Q4 FY26 guidance includes ~INR450-500 crores revenue and INR300 crores EBITDA with 65% margin. NQXT EBITDA expected to increase from $230 million to $400 million, with revenue rising from $350 million to $520 million, maintaining around 70% EBITDA margin (Page 18).
From Adani Ports & Special Economic Zone Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Revenue and EBITDA from NQXT expected to increase substantially; Q4 FY26 guidance includes ~INR450-500 crores revenue and INR300 crores EBITDA with 65% margin.
- Container volumes growing strongly, with expectations to contribute increasingly to overall business.
- Vizhinjam port expanding with INR16,000 crores capex planned, with Phase II to add volumes post-FY30.
- Domestic volumes expected to drive bulk of growth; international volumes targeted at 150 million tons from current ports by 2030.
- Coal volumes as proportion expected to settle around 20-22% in 5 years, with container and oil & gas segments growing.
- Overall volume target of 1 billion tons by 2030, largely from ongoing expansions and domestic market.
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Profitability & Margins
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Capital Expenditure Plans
- Vizhinjam Phase II expansion with a capital investment of around INR16,000 crores, increasing capacity from 1.6 million TEUs to 5.7 million TEUs, with payments extending through FY30.
- Ongoing investments in Dhamra, Ennore, Kattupalli, Haldia, and other ports as part of organic growth.
- Vizhinjam expansion includes extension of breakwater, equipment, ecosystem development, and potential LNG bunkering facility in partnership with BPCL.
- Total port investments of approximately INR35,000 crores outlined in the 5-year strategy, with no need for fresh borrowings; expected to remain net cash generative.
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Top-ranked in Transport Infrastructure
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- As of January 31, 2026, the orderbook amount is $2.54 billion.
- All non-core assets and liabilities related to the NQXT acquisition have been dissolved.
- There are no outstanding non-core assets or liabilities as of the current date.
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Adani Ports & Special Economic Zone Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹10.7K Cr, net profit ₹3.3K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Adani Ports's management said in earlier quarters
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Frequently Asked Questions
What were Adani Ports & Special Economic Zone Ltd Q3 FY26 results?
Revenue and EBITDA from NQXT expected to increase substantially; Q4 FY26 guidance includes ~INR450-500 crores revenue and INR300 crores EBITDA with 65% margin. NQXT EBITDA expected to increase from $230 million to $400 million, with revenue rising from $350 million to $520 million, maintaining around 70% EBITDA margin (Page 18).
What is Adani Ports & Special Economic Zone Ltd share price analysis?
Adani Ports & Special Economic Zone Ltd currently shows a neutral. The stock trades at a P/E of 29.5 with a market cap of ₹391,673 Cr. Investors should review the full earnings analysis for detailed insights.
Is Adani Ports & Special Economic Zone Ltd planning capital expenditure?
Vizhinjam Phase II expansion with a capital investment of around INR16,000 crores, increasing capacity from 1.6 million TEUs to 5.7 million TEUs, with payments extending through FY30.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.