Guidance ledger · Q4 FY26

Adani Ports and Special Economic Zone Ltd ADANIPORTS

3 revisions on record · 0 lowered · 3 raised — the strikethrough is what management used to say

gives specific guidance · shifted across quarters

Holding view → · latest concall · The pulse

↑ raised FY26 EBITDA Q4 FY25 → Q4 FY26

~~INR 21,000-22,000 crores range~~ → delivered above upper end (FY26 EBITDA +20% YoY on FY25 INR16,720cr base)

“FY '26 revenue grew by 25%, EBITDA grew by 20% and PAT grew by 16%”

↑ raised Long-term revenue CAGR (5-year) Q3 FY26 → Q4 FY26

~~FY29 revenue INR65,500cr / EBITDA INR36,500cr (Q3FY26 endpoint anchor)~~ → 18% to 19% CAGR over 5 years toward FY31 (continuous glide path)

“we keep the target of growing at CAGR of 18% to 19%”

↑ raised FY27 capex envelope Q3 FY26 → Q4 FY26

~~implicit (Q3FY26 said 'more cash capex than what we have done in the past')~~ → INR12,000-14,000 crores explicit

“INR12,000 crores to INR14,000 crores is the guidance”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.