AHMEDABAD : Adani Ports and Special Economic Zone Limited (APSEZ) announced its results for the second quarter ended September 30, 2026. APSEZ’s strong Q2 performance, with consolidated revenue up 24% to ₹11,340 Cr and EBITDA up 23% to ₹6,807 Cr, underscores its transformation into India’s largest and amongst the world’s fastest growing Integrated Transport Operator, with multiple growth engines across Domestic and International Ports, Logistics, and Marine scaling simultaneously.
Q2 FY27 & H1 FY27 key financials (consolidated)
| Particulars (₹ Cr) | Q2 FY27 | Q2 FY26 | YoY | H1 FY27 | H1 FY26 | YoY |
|---|---|---|---|---|---|---|
| Revenue | 11,340 | 9,167 | 24% | 22,161 | 18,294 | 21% |
| EBITDA | 6,807 | 5,550 | 23% | 13,347 | 11,046 | 21% |
| PAT | 3,682 | 3,120 | 18% | 7,332 | 6,431 | 14% |
Comment by Ashwani Gupta, Whole-time Director & CEO
“APSEZ’s ability to execute at scale with financial prudence enables us to pursue ambitious growth while leveraging balance-sheet strength and compounding cash flows. Against this backdrop, Q2FY27 was another stellar quarter. Domestic Ports continue to anchor our earnings, while International Ports, Logistics and Marine are emerging as powerful growth engines. Reflecting strong H1 performance, we are upgrading our FY27 guidance across revenue, EBITDA and capex.
As we accelerate investments toward our Ambition 2031 objectives, our balance sheet remains exceptionally strong. We have deployed ₹30,346 Cr of capex over the past two years, including higher-than-planned investments in H1, while maintaining net debt-to-EBITDA at just 1.8x, underscoring the strength of our business model and capital discipline.”
FY27 revenue, EBITDA and capex guidance upgraded
Strong H1 performance has led APSEZ to raise its FY27 revenue and EBITDA guidance by ₹1,000 Cr each to ₹44,000–₹46,000 Cr and ₹26,000–₹27,000 Cr, respectively. APSEZ is simultaneously accelerating its investment program to deliver its FY31 Ambition of ₹91,500 Cr revenue and ₹52,000 Cr EBITDA, equivalent to 2.4x and 2.3x FY26 levels. Consequently, FY27 capex guidance has been raised by ₹3,000 Cr to ₹15,000–₹17,000 Cr, reflecting the higher pace of investment across the company’s growth initiatives.
| Figures in ₹ Cr | FY27 guidance | FY27 revised guidance |
|---|---|---|
| Revenue | 43,000 – 45,000 (11%-16% YoY growth) | 44,000-46,000 (14%-19% YoY growth) |
| EBITDA | 25,000 – 26,000 (9%-14% YoY growth) | 26,000-27,000 (14%-18% YoY growth) |
| Capex | 12,000 – 14,000 | 15,000 – 17,000 |
| Net debt / EBITDA | Up to 2.5x | No change |
Multiple businesses – one integrated platform
Q2 FY27 consolidated revenue grew 24% to ₹11,340 Cr and EBITDA rose 23% to ₹6,807 Cr reflecting strong, broad-based growth across all businesses. Q2 FY27 performance also demonstrates the impact of APSEZ’s transformation into an increasingly diversified transport and logistics platform, where multiple growth engines across ports, logistics, marine and international markets are scaling simultaneously.
| Revenue | EBITDA | |||||
|---|---|---|---|---|---|---|
| Q2 FY27 | Q2 FY26 | YoY % | Q2 FY27 | Q2 FY26 | YoY % | |
| Domestic ports | 7,177 | 6,351 | 13% | 5,201 | 4,688 | 11% |
| International ports | 1,839 | 1,077 | 71% | 878 | 261 | 236% |
| Logistics | 1,273 | 1,055 | 21% | 237 | 220 | 8% |
| Marine | 1,007 | 641 | 57% | 447 | 338 | 32% |
| SEZ | 44 | 43 | 2% | 44 | 43 | 2% |
| Total | 11,340 | 9,167 | 24% | 6,807 | 5,550 | 23% |
Domestic ports: The earnings anchor
Domestic Ports continued to provide scale, stability and strong cash generation. Revenue increased 13% YoY, supported by cargo growth and higher realizations. EBITDA margin remained best-in-class at 72.5%. Cargo volume during the quarter stood at 118 MMT, while APSEZ’s all-India cargo and container market share was at 27.3% and 44.4% respectively. Domestic ports’ capacity stood at 671 MMT.
During the quarter, APSEZ secured 30-year concession for Paradip Port’s CQ-I and CQ-II dry bulk berths, adding 18 MMT of mechanized capacity. The addition strengthens APSEZ’s east coast network, enhances access to mineral-rich hinterlands and supports long-term cargo growth. During the quarter, APSEZ also commenced EXIM operations at the Vizhinjam port.
International Ports: moving from scale-up to meaningful earnings contribution
The International Ports portfolio sustained its strong momentum, delivering record revenue and EBITDA of ₹1,839 crore and ₹878 crore respectively, with the EBITDA margin reaching a record 47.7%. Volumes increased to 24 MMT from 10 MMT in Q2 FY26.
The performance was led by the continued ramp-up of Colombo West International Terminal (CWIT) and Tanzania operations and contribution from NQXT Australia. CWIT handled 2 million TEUs within its first 18 months of operations, demonstrating strong customer confidence and operational scale. Building on the success of Phase I, APSEZ inaugurated Phase II, doubling CWIT’s capacity from 1.6 million TEUs to 3.2 million TEUs. The expanded terminal aims to handle nearly 25% of the Port of Colombo’s targeted capacity of 13 million TEUs by 2028.
Tanzania also delivered its highest ever quarterly volume at 265,518 TEUs, including its highest ever monthly volume at 91,625 TEUs during July 2026.
Logistics: expanding the shore-to-door opportunity
Logistics business demonstrated strong recovery from Q1FY27 that was impacted by the West Asia crisis. TEU volumes jumped 15% to 167,453 TEUs in Q2 FY27 from 145,310 TEUs in Q1 FY27. Trucking revenue was up 28% YoY. IFN revenue more than doubled YoY to ₹289 Cr.
The changing business mix reflects APSEZ’s strategy of building an integrated, asset-light logistics platform that connects ports with industrial and consumption centers across India.
Marine: building a global maritime services platform
Marine revenue and EBITDA increased 57% YoY and 32% YoY respectively supported by fleet additions (138 vessels in Q2 FY27 v. 127 in Q2 FY26), higher contribution from offshore services, and foray into subsea services.
Strong balance sheet underpins accelerated growth momentum
Strong capex momentum: H1FY27 capex at ₹10,521 Cr. Driven by strong H1 performance, APSEZ has upgraded its capex guidance to ₹15,000 Cr – ₹17,000 Cr (₹12,000 Cr – ₹14,000 previously)
Disciplined capital allocation ensured efficient leverage management: Gross debt at ₹57,717 Cr. Cash balance at ₹12,502 Cr. Net debt / EBITDA at 1.8x (proforma net debt / EBITDA calculated using TTM NQXT EBITDA at 1.8x). Despite elevated capex of ₹10,521 Cr during H1FY27 and aggregate capex of ₹30,346 Cr over the past 2 years, APSEZ has consistently maintained its net debt / EBITDA levels
Free cash flow despite elevated capex – APSEZ generated ₹2,806 Cr free cash flow despite elevated capex spend during H1 FY27
Credit rating upgrade and rating affirmation: S&P Global Ratings upgraded APSEZ’s long-term issuer credit rating and the issue rating on its senior unsecured notes to “BBB” from “BBB-“, with a Stable outlook, placing APSEZ on par with India’s sovereign rating assigned by S&P. In January 2026, JCR assigned APSEZ an “A- / Stable” rating, positioning it among a select group of Indian corporates rated above the sovereign level by an international rating agency.
APSEZ’s strong credit profile continues to be reinforced by the reaffirmation of its “AAA” domestic ratings by both CARE Ratings and ICRA Limited. The company’s debt maturity profile remains well diversified, with an average debt maturity of 4.9 years as of September 30, 2026, compared with 5.2 years as of September 30, 2025.
About APSEZ:
APSEZ, part of the globally diversified Adani Group, a leading Integrated Transport Operator–across cargo origination (International Freight Network) through port handling, rail transport, multi-modal logistics parks, warehousing, and final delivery via road transport to customer gates.
This comprehensive “shore-to-door” capability, supported by cutting-edge digital infrastructure and AI-driven optimization, positions APSEZ as India’s preeminent integrated logistics solutions provider. The company operates a comprehensive ecosystem of 16 strategically located ports and terminals across India’s west, south, and east coasts, combined with a diversified marine fleet of 138 vessels, integrated logistics capabilities including 12 multi-modal logistics parks, 3.1 million sq. ft. of warehouses, and 40,000+ trucks operating on its proprietary platform, thus providing capabilities to handle vast amounts of cargo from both coastal areas and the hinterland. APSEZ also operates 4 international ports across Australia, Colombo, Israel and Tanzania. With a current cargo handling capacity of 671 million tonnes per annum, APSEZ commands approximately 27% of India’s total port volumes, targeting 1 billion tonnes throughput by FY31.
Recognized among the Top 5% of global transportation and transportation infrastructure firms in the 2025 S&P Global Corporate Sustainability Assessment (95th percentile globally), with five ports featuring in the World Bank’s Container Port Performance Index 2024, APSEZ combines scale, operational excellence, and integrated capabilities to enable seamless global trade.
