- Consolidated revenue climbs 19% YoY to ₹10,821 crore; EBITDA reaches ₹6,541 crore
- International Ports revenue jumps 80% to ₹1,747 crore; EBITDA soars to ₹730 crore
- Australia and Colombo power overseas acceleration as global portfolio scales up
- Domestic ports remain earnings bedrock with 74% best-in-class EBITDA margin
- Marine revenue leaps 67% to ₹901 crore amid vessel additions and global expansion
- S&P upgrades APSEZ rating to BBB; CARE and ICRA reaffirm top-notch AAA rating
NE BUSINESS BUREAU
AHMEDABAD, JULY 29
APSEZ is no longer merely moving cargo—it is moving decisively up the global value chain. Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest integrated transport operator, has opened FY27 with a scintillating performance, as its international ports business exploded into a major earnings accelerator even while the domestic ports franchise continued to anchor profitability.
Consolidated revenue rose 19% year-on-year to ₹10,821 crore in Q1 FY27, while EBITDA climbed 19% to a record ₹6,541 crore. Profit after tax increased 10% to ₹3,650 crore, against ₹3,311 crore in Q1 FY26.
The standout performer was APSEZ’s international ports portfolio, where revenue surged 80% to ₹1,747 crore, while EBITDA rocketed 256% to ₹730 crore. The performance was driven by the strong showing of Australia and Colombo and the increasing maturity of APSEZ’s overseas assets.
Ashwani Gupta, Whole-time Director and CEO, APSEZ, said: “Our Q1 FY27 performance underscores the strength of our diversified business model, combining global reach with a multi-modal asset base across geographies, commodities, and customers.”
“Our domestic ports business continued to deliver strong growth and remains the bedrock of APSEZ’s earnings, while International Ports, Marine, and Logistics have transitioned decisively from scale-up to scale-value, becoming increasingly important drivers of revenue growth and profitability,” he added.
Australia, Colombo turbocharge global ports
International port volumes almost tripled to 22.8 MMT from 7.7 MMT, aided by the consolidation of NQXT Australia and continued ramp-up at Colombo. Australia contributed 10 MMT, Colombo 6.9 MMT, Tanzania 3.7 MMT and Israel 2.2 MMT.
The higher-margin Australian operations and improving Colombo scale lifted the international-port EBITDA margin sharply to 41.8% from 21.1%. Colombo revenue increased five-fold year-on-year, while Tanzania revenue grew 36%.
Domestic ports keep earnings engine humming
Domestic ports revenue rose 12% to ₹6,964 crore, supported by cargo growth, better product mix and higher realisations. EBITDA increased 11% to ₹5,152 crore, with an impressive 74% EBITDA margin.
Domestic cargo volumes rose to 115.3 MMT from 112.9 MMT. APSEZ’s domestic port capacity stood at 653 MMT as of June 30, with the company targeting 1,000 MMT by December 2030.
Marine emerges as another growth engine
Marine revenue jumped 67% to ₹901 crore, while EBITDA rose 36% to ₹404 crore, supported by vessel additions—the fleet increased to 135 vessels from 118.
APSEZ is also taking its marine business global, including a partnership with Oceaneering International for deepwater engineering and offshore capabilities in Europe and a 10-year contract supporting Argentina’s first LNG exports to India.
Balance sheet and ratings strengthen
APSEZ ended the quarter with gross debt of ₹56,776 crore, cash of ₹12,428 crore and net debt-to-EBITDA at a comfortable 1.9x, against FY27 guidance of up to 2.5x.
S&P Global Ratings upgraded APSEZ’s long-term issuer credit rating to BBB from BBB-, with a Stable outlook, while CARE Ratings and ICRA reaffirmed its AAA domestic ratings.
APSEZ confident of FY27 trajectory
Against its FY27 guidance of ₹43,000-45,000 crore revenue and ₹25,000-26,000 crore EBITDA, APSEZ has already delivered ₹10,821 crore revenue and ₹6,541 crore EBITDA in Q1.
Gupta said: “This balanced growth across businesses reinforces our confidence in achieving Ambition 2031.”
“Supported by our domestic capacity expansion program targeting 1,000 MMT by 2030, a growing international portfolio, and a rapidly scaling logistics ecosystem, APSEZ is steadily building a more diversified, resilient, and globally relevant transport platform capable of sustaining long-term value creation,” he said.
The company also became the first Indian transport company to release a TNFD report, reinforcing its commitment to nature-positive growth.
