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Motilal Oswal Report  

Adani Ports and Special Economic Zone Ltd. delivered a robust performance in Q3 FY26, driven primarily by strong traction in its international port operations and marine services business. According to Motilal Oswal, the company's logistics vertical emerged as a key growth driver, benefiting from enhanced network scale and improved last‑mile connectivity—factors that further reinforce the strength of its integrated port‑led model.

Adani Ports continues to secure market share gains, supported by capacity additions across key assets and strategic expansion into value‑added segments such as logistics. The brokerage highlights that with its accelerating operational capabilities and diversified growth levers, Adani Ports is well‑positioned to grow faster than the broader industry in the years ahead.

Adani Ports Q3 Results

• Adani Ports reported revenue growth of ~22% YoY to Rs 9,700 crore in Q3 FY26 (inline). Cargo volumes grew 9% YoY to 12.31 crore metric tonnes. The growth was primarily led by containers. 
• Ebitda margin came in at 59.6% in Q3 FY26 vs brokerage's estimate of 60% (-70 basis points YoY; -90bp QoQ). Ebitda grew ~21% YoY to Rs 5,800 crore (in line), while adjusted profit after tax increased ~23% YoY to Rs 3,300 crore (in line). 
• The all-India cargo market's share stood at 26.4% (vs 27% in Q3 FY25). The container segment market share stood at 45.8% (vs 45.4% in Q3 FY25). 
• Logistics revenue/Ebitda stood at Rs 1,120 crore (+62% YoY)/ Rs 200 crore (26% YoY). 
• During 9MFY26, its revenue/Ebitda/APAT grew 27%/25%/29% YoY. 

The company completed the acquisition of NQXT Australia, leading to an Rs 800 crore upward revision in FY26 Ebitda guidance (Rs 500 crore from incremental organic growth + Rs 300 crore from consolidation of NQXT). It now expects to close FY26 with an Ebitda of Rs 22,800 crore (earlier guidance of Rs 21,000–22,000 crore).

Valuation and view

Adani Ports is poised for sustained expansion, supported by strong cash flows, a healthy cash balance of Rs 11,800 crore, and a net‑debt‑to‑Ebitda ratio of 1.9 times. According to Motilal Oswal, the company's ongoing capacity enhancements across key ports, continued progress on infrastructure projects, and a pipeline of global port acquisitions provide solid visibility for growth into FY26 and the years beyond.

The brokerage has broadly maintained its FY26–28 estimates, projecting 8% cargo volume growth over FY25–28. This momentum is expected to drive a CAGR of 16% in revenue, 16% in Ebitda, and 19% in PAT over the same period.

Motilal Oswal has reiterated its Buy rating on Adani Ports with a revised target price of Rs 1,820, based on a 16x FY28E EV/Ebitda valuation.

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