**MARKET BRIEF: Adani Ports & Special Economic Zone (APSEZ) Q3 FY26** **Overview** Adani Ports and Special Economic Zone (APSEZ) has delivered a robust operational and financial performance for the third quarter of FY26. The company reported double-digit growth across key metrics, driven by sustained momentum in cargo volumes, sharp expansion in logistics, and the strategic consolidation of international assets. **Financial Performance** * **Net Profit:** Consolidated net profit rose **21%** year-on-year (YoY) to **₹3,043 crore**, up from ₹2,518 crore in the corresponding quarter last year. * **Revenue:** Operations revenue surged **22%** YoY to **₹9,705 crore**, surpassing the ₹7,964 crore recorded in Q3 FY25. * **EBITDA:** Earnings Before Interest, Taxes, Depreciation, and Amortization grew **20%** YoY to **₹5,786 crore**. * **Margins:** EBITDA margins remained resilient, supported by high asset utilization and operational efficiencies across domestic and international ports. **Operational Highlights** * **Cargo Volumes:** APSEZ handled **123 MMT** (Million Metric Tonnes) of cargo in Q3, marking a **9%** increase YoY. * **Logistics Boom:** The logistics segment was a standout performer, with revenue jumping **62%** to **₹1,121 crore**. This growth was fueled by asset-light services and improved utilization of rail and warehousing assets. * **Marine Services:** Revenue from marine services nearly doubled, rising **91%** YoY to **₹773 crore**, largely driven by recent vessel acquisitions and expanded service capabilities. * **Market Share:** The company solidified its dominance in the container segment, with its all-India container market share inching up to **45.8%**. **Strategic Developments** A key driver this quarter was the successful integration of the **NQXT (North Queensland Export Terminal)** in Australia. The consolidation of NQXT, alongside the robust performance of the new **Vizhinjam Port** (which has already crossed 1 million TEUs in its inaugural year), has significantly bolstered the company's international footprint. International ports revenue crossed the **₹1,000 crore** milestone this quarter. **Guidance Upgrade (FY26)** Reflecting strong year-to-date performance and visibility for the final quarter, management has raised its full-year guidance: * **Revenue Target:** Revised upward to **₹38,000 crore** (previously ₹36,000–38,000 crore). * **EBITDA Target:** Increased to **₹22,800 crore**, a hike of **₹800 crore** from the upper end of the previous range. * **Cargo Volume:** Maintained at **505–515 MMT** for the full fiscal year. **Market Reaction** Investor sentiment responded positively to the results and the raised guidance. The stock witnessed strong buying interest, surging approximately **9%** intraday to trade near **₹1,532** on the NSE following the announcement. Analysts have noted the company’s ability to maintain leverage discipline (Net Debt to EBITDA at approx 1.9x) while pursuing aggressive growth as a key positive indicator.