Adani Ports and Special Economic Zone (APSEZ) said it is steadily transforming from a ports-focused operator into an integrated transport and logistics utility, as it expands across rail, road, warehousing and international freight services.
In the third quarter of FY2026, the company handled cargo volumes of 123.1 million tonnes, up 9.4% from a year earlier, broadly in line with expectations. Volumes were marginally lower on a sequential basis. Growth was driven largely by non-Mundra ports, where domestic cargo rose 12.5% year-on-year to 64.9 million tonnes, supported by increased throughput at Vizhinjam and Gangavaram.
Mundra port, the group’s largest asset, handled 47.6 million tonnes during the quarter, reflecting a slight year-on-year decline. However, container volumes at Mundra rose 6.1%, indicating resilience in trade-linked cargo. Strong growth was also reported at Gangavaram, up more than 30% from last year, while Krishnapatnam posted a 16.6% increase. Karaikal, however, saw volumes fall sharply.
On the financial front, consolidated revenue rose 21.9% year-on-year to ₹97.05 billion, aided by sharp growth in logistics and marine services. Logistics revenue jumped nearly 62%, while marine services revenue almost doubled. SEZ revenue declined during the quarter.
EBITDA increased by 20.5% to ₹57.86 billion, although margins narrowed slightly. Profit before tax rose 20.2% to ₹38 billion, while net debt stood at ₹412.9 billion, up 8.8% from a year earlier.
Adani Ports also raised its FY2026 EBITDA guidance by ₹8 billion, citing strong momentum in its marine and logistics businesses. The company now expects cargo volumes of 505–515 million tonnes for the year, along with revenue growth of about 25%.
During its earnings call, the company said it had begun phase-two construction at Vizhinjam port, expanded export capacity at Dhamra, and launched new inland container depot operations, underscoring its push towards end-to-end logistics capabilities.
