MUMBAI: Adani Ports and Special Economic Zone Ltd (APSEZ), the cash cow of the Ahmedabad-based Adani Group, reported a sharp rise in revenue and profit for the October–December quarter (Q3FY26), prompting management to raise its guidance for FY26.
The company now expects revenue of ₹38,000 crore in FY26, at the upper end of its earlier ₹36,000-38,000 crore range. Guidance for earnings before interest, tax, depreciation and amortization (Ebitda) has been raised to ₹22,800 crore from the previous ₹21,000-22,000 crore band.
The higher Ebitda outlook reflects stronger-than-expected growth in existing businesses and the consolidation of North Queensland Export Terminal (NQXT) from the January-March quarter. APSEZ completed the acquisition of the Australian terminal from the Adani family on 23 December 2025 for about ₹22,000 crore.
APSEZ shares rose 9.12% to ₹1,530.9 on the BSE on Tuesday, outperforming the benchmark Sensex, which gained 2.54%. The results were disclosed during trading hours.
Robust Q3 earnings
For the three months ended 31 December 2025, APSEZ’s profit climbed more than 20% to ₹3,043 crore, as contributions from newer ports offset a slowdown at its flagship Mundra port.
Quarterly revenue and Ebitda also rose about 20%, to ₹9,705 crore and ₹5,786 crore, respectively.
“As India’s largest and the world’s fastest-growing integrated transport utility, APSEZ has once again delivered a strong and resilient performance,” Ashwani Gupta, chief executive and whole-time director, said in a statement. “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.”
Revenue at Mundra, APSEZ’s first and most revenue-accretive port, fell 15% to ₹1,860 crore, while Ebitda declined about 20% to ₹1,321 crore. Higher earnings at Krishnapatnam, Gangavaram and Vizhinjam helped offset the drop.
APSEZ operates 15 ports and terminals in India and four overseas.
Enterprises on the cusp of sharp revenue growth
Adani Enterprises Ltd, the group’s incubator of new businesses, also reported a jump in Q3 profit on Tuesday, driven by gains from selling its stake in consumer business AWL Agri Business Ltd, formerly Adani Wilmar Ltd.
The flagship company posted a consolidated profit of ₹5,627 crore after an exceptional gain of ₹5,632 crore, implying a loss in the absence of the one-off income.
Revenue rose 8% year-on-year to ₹25,475 crore, while Ebitda increased 15% to ₹4,297 crore. Performance was weighed down by a slowdown in the legacy coal trading business, where revenue fell 25% to ₹7,169 crore due to lower volumes and prices.
Results improved in other key verticals, including renewable energy ecosystem manufacturing under ANIL, airports and mining.
The company is on the cusp of a sharp uptick in revenue and Ebitda as four key assets become operational, group chief financial officer Jugeshinder Singh said during an investor call.
These include the recently inaugurated Navi Mumbai airport, a copper smelter, a major highway and a larger solar cell and module manufacturing plant.
The Kutch Copper smelter is expected to start operations in Q1FY27 and will have a capacity of 0.5 million tonnes per annum, comparable to Hindalco Copper, India’s largest producer. The project is expected to add about ₹2,000 crore to consolidated Ebitda, Singh said.
The Ganga Expressway in Uttar Pradesh is expected to contribute another ₹1,500 crore to Ebitda once operational. The company’s 6-gigawatt solar cell plant, scheduled to come onstream later in 2026, already has sufficient orders to support high utilization, he said.
The company will also earn fixed returns from the Navi Mumbai airport.
Shares of Adani Enterprises rose 10.38% to ₹2,201.7 on the BSE.