Adani Ports Q3 FY26 results: Volumes, logistics, and performance overview

Adani Ports Q3 FY26 results show a continuation of steady operational growth, supported by higher cargo volumes, expanding logistics activity, and stable margins. Adani Ports and Special Economic Zone (APSEZ), India’s largest private port operator, reported its December 2025 quarter numbers on February 2, 2026, reflecting how the business has evolved beyond a standalone port operator into a broader trade and logistics platform.

The quarter’s performance was shaped by consistent domestic demand, strong cargo movement, and a rising contribution from non-port segments. These factors together explain both the year-on-year growth and the measured market response following the results.

Q3 FY26 performance snapshot

The APSEZ Q3 performance for the December 2025 quarter reflected strong year-on-year growth, with stability on a sequential basis.

Key reported numbers included:

• Net profit (PAT): ₹3,043 crore, an increase of 21% year-on-year
• A 2.1% sequential decline compared with Q2 FY26, which had formed a high base
• Revenue growth of 22% year-on-year, supported by higher cargo volumes and operating efficiency
• The quarter-on-quarter moderation in profit followed an unusually strong previous quarter. Core business indicators such as cargo throughput, logistics revenue, and margins remained broadly stable.

Consistency across recent quarters

The significance of the Q3 FY26 numbers becomes clearer when viewed alongside recent quarterly trends. Over the past year, APSEZ has shown a pattern of steady volume growth and improving contribution from logistics-linked services.

Q2 FY26: Higher volumes and logistics traction

During the September 2025 quarter, APSEZ reported:

• Net profit of about ₹3,109 crore, up 27% year-on-year
• Revenue of ₹9,167 crore, a 30% year-on-year increase
• Cargo volumes of 124 million metric tonnes (MMT), reflecting 12% growth
• Logistics revenue growth ranging between 79% and 92% year-on-year, depending on the segment

This quarter highlighted the increasing role of the port logistics business in supporting overall revenue growth.

Q4 FY25: Margin resilience at scale

In the March 2025 quarter, APSEZ reported:

• Net profit of ₹3,023 crore, up 50% year-on-year
• Revenue of ₹8,488 crore, reflecting 23% growth
• EBITDA of ₹5,006 crore, with margins close to 59%

High margins at scale have remained a defining feature of the business, even as cargo volumes increased across major ports.

FY25 results: Establishing a strong base

The full-year FY25 performance provides important context for understanding FY26 trends.

Reported FY25 numbers included:

• Revenue: ₹31,079 crore, up 16% year-on-year
• PAT: ₹11,061 crore, an increase of 37% year-on-year
• Cargo handled: 450.2 MMT, the highest annual volume reported by the company
• Logistics revenue: ₹2,881 crore, up 39% year-on-year
• Marine services revenue: ₹1,144 crore, an increase of 82% year-on-year
• Net debt to EBITDA: improved to 1.9x

Two structural trends stand out in these numbers. Profit growth outpaced revenue growth, reflecting operating leverage. At the same time, leverage metrics improved, indicating a reduction in balance-sheet stress as scale increased.

Cargo volumes growth and network scale

Cargo throughput remains the foundation of APSEZ’s operating model. Volume growth has been supported by a mix of bulk, container, and energy-related cargo.

Key port contributions

• Mundra Port continues to anchor the network, handling more than 200 MMT annually
• Newer ports are scaling up, adding incremental capacity
• Vizhinjam Port crossed 100,000 TEUs, marking progress in container handling

The diversified port network allows APSEZ to service multiple trade routes and cargo categories, supporting stable utilisation across economic cycles.

Port logistics business as a revenue driver

The port logistics business has become a larger component of APSEZ’s overall operations.

Key characteristics of this segment include:

• Logistics now contributes over 11% of total revenue, compared with around 8% a year earlier
• Services include rail operations, warehousing, multimodal logistics, and marine services
• Integration across ports and inland logistics improves asset utilisation

This expansion has reduced dependence on pure port handling charges and increased revenue visibility across the trade value chain.

Operating efficiency and margins

Operating efficiency has played a central role in APSEZ’s financial profile.

Contributing factors include:

• High asset utilisation across major ports
• Integrated infrastructure connecting ports, rail, and logistics assets
• Control over critical trade corridors

These elements have enabled the company to translate cargo volumes growth into consistent EBITDA generation, even as capacity expanded.

Infrastructure earnings India: Sector positioning

Within infrastructure earnings India, APSEZ remains positioned as a large-scale private operator with diversified revenue streams. Ports, logistics, and marine services together create a mix that reduces reliance on a single line of business.

High entry barriers in port infrastructure, including land acquisition, regulatory approvals, and capital intensity, continue to shape the competitive landscape.

Disclosed management guidance and brokerage commentary

Alongside the Q3 FY26 results, management disclosed revenue guidance for FY26 in the range of ₹36,000–38,000 crore. Cargo growth expectations were communicated in the 8–12% range, linked to domestic manufacturing, energy imports, and export-related trade.

Several global brokerages, including Goldman Sachs, noted factors such as:

• Diversified revenue streams
• Strong operating cash flows
• Controlled leverage levels
• Structural entry barriers in port infrastructure
• These observations focused on reported financial trends and business structure rather than short-term market movements.

Market response to the results

Following the Q3 FY26 announcement, APSEZ shares rose by about 3%, supported by healthy trading volumes. Earlier in 2025, the stock had already recorded gains of over 18% after Q2 FY26 results.

The post-result movement reflected measured investor response, aligned with expectations set by prior quarters.

Understanding the broader picture

The Q3 FY26 numbers highlight the repeatability of APSEZ’s operating model rather than a one-off performance.

Key themes emerging from recent quarters include:

• Steady increases in cargo volumes
• Rising contribution from logistics and marine services
• Stable margins at higher scale
• Improving balance-sheet metrics
• Together, these factors show how port operations, logistics integration, and infrastructure scale are shaping financial outcomes over time.

Comparison table: Key performance indicators

Frequently Asked Questions (FAQs)

What do the Adani Ports Q3 FY26 results indicate?
The Adani Ports Q3 FY26 results indicate year-on-year growth in revenue and profit, supported by higher cargo volumes and logistics activity. The numbers also show stability compared with the previous quarter, which had formed a high base.

How did cargo volumes perform in Q3 FY26?
Cargo volumes increased during Q3 FY26, continuing a trend seen over recent quarters. Growth was supported by diversified cargo handling across bulk, container, and energy segments.

Why is logistics important in APSEZ Q3 performance?
Logistics has become a larger contributor to revenue, accounting for over 11% of total income. Rail, warehousing, and marine services complement port operations and support overall growth.

How does APSEZ compare within infrastructure earnings India?
Within infrastructure earnings India, APSEZ stands out due to its scale, integrated operations, and diversified revenue base across ports and logistics.

What was the market reaction to the results?
The market response was measured, with APSEZ shares rising modestly after the results. The movement aligned with expectations shaped by previous quarterly performance.