- Domestic Ports post all-time high EBITDA margin of 74.2%; Logistics and Marine businesses drive multi-fold
- growth
Fitch revises outlook to ‘Stable’; S&P Global ranks APSEZ in Top 5% of Global Transportation Companies
NE BUSINESS BUREAU
AHMEDABAD, NOV 5
Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest integrated transport utility and part of the globally diversified Adani Group, announced yet another quarter of strong performance for Q2 FY26 with consolidated net profit of ₹3,120 crore, up 29% year-on-year (YoY), and revenue of ₹9,167 crore, up 30% YoY. The company’s EBITDA grew 27% YoY to ₹5,550 crore, while H1 FY26 EBITDA stood at ₹11,046 crore, up 20% YoY, reinforcing APSEZ’s operational excellence and sustained growth trajectory across its diversified logistics and marine ecosystem.
“Our strong, across-the-board profitable growth momentum truly underscores the success of our unmatched Integrated Transport Utility value proposition,” said Ashwani Gupta, Whole-time Director & CEO, Adani Ports and SEZ Ltd.
“Logistics and Marine businesses have continued their exponential growth trajectory, further reinforcing our port-gate to customer-gate offering. Our expanding multi-modal network, digital transformation, and sustainability focus have created an unparalleled competitive edge, positioning APSEZ as a genuine global player in the supply chain ecosystem.”
Financial Performance Snapshot (Consolidated)
| Particulars (₹ Cr) | Q2 FY26 | Q2 FY25 | YoY Change | H1 FY26 | H1 FY25 | YoY Change |
| Revenue | 9,167 | 7,067 | +30% | 18,294 | 14,627 | +25% |
| EBITDA | 5,550 | 4,369 | +27% | 11,046 | 9,217 | +20% |
| PAT | 3,120 | 2,413 | +29% | 6,431 | 5,520 | +17% |
Operational Highlights (H1 FY26):
- Cargo volumes: 244 MMT (↑11% YoY); India market share at 28%, up 70 bps
- Container market share: 45.5%, up 40 bps YoY
- Rail volumes: 358,406 TEUs (↑15% YoY)
- GPWIS volume: 10.98 MMT (↑3% YoY)
Business Segment Highlights
🔹 Domestic Ports:
- Revenue rose to ₹12,488 crore in H1 FY26, with highest-ever EBITDA margin of 74.2%.
- Market share increased to 28%, underscoring the resilience of APSEZ’s core port operations.
- Mundra Port ranked 25th globally in World Bank’s Container Port Performance Index 2024 (up from 27th).
🔹 International Ports:
- Recorded lifetime high revenue of ₹2,050 crore and EBITDA of ₹466 crore in H1 FY26.
- Haifa Port (Israel) and Colombo West International Terminal (Sri Lanka) delivered strong growth; Dar Es Salaam (Tanzania) continued robust container performance.
🔹 Logistics:
- Revenue surged 92% YoY to ₹2,224 crore in H1 FY26, driven by trucking, rail, and international freight services.
- RoCE improved to 9% (from 6% in FY25).
- Broke ground on a ₹600 crore logistics park in Kochi; approvals received for EXIM operations at ICDs in Virochannagar, Kishangarh, and Malur.
🔹 Marine Services:
- Achieved a remarkable 213% YoY growth, clocking ₹1,182 crore in H1 FY26 revenue.
- Expanded marine fleet to 127 vessels, with new operations extending into West Africa.
- Inaugurated a Strategic Command Center for real-time vessel tracking and digitalized operations.
Strategic and Operational Milestones
- Record-breaking operations: Mundra Port handled 898 double-stacked container rakes in July 2025 and loaded 5,612 cars onto a single vessel in under 40 hours in September 2025.
- Expansion initiatives: Dhamra Port added new export berths; Karaikal Port deepened its draft to 14.5m; MoU signed with BPCL for India’s first ship-to-ship LNG bunkering at Vizhinjam.
- Global expansion: Board approved acquisition of NQXT Port, Australia (50 MTPA capacity), marking entry into the Asia-Pacific corridor.
Sustainability and Ratings Excellence
- S&P Global CSA 2025: APSEZ ranked in the Top 5% globally among Transport Infrastructure companies.
- Fitch Ratings: Revised outlook to “Stable” from “Negative”; affirmed at “BBB–”.
- MSCI ESG Rating: Upgraded to “B” from “CCC”; CRISIL rated APSEZ among top 15% of Indian corporates on ESG parameters.
- Zero Waste to Landfill certification achieved across 12 ports; committed to Net Zero by 2040.
Financial Strength and Capital Optimization
- Operating Cash Flow: ₹9,503 crore (86% of EBITDA) in H1 FY26.
- Net Debt/EBITDA: Maintained at 1.8x with cash balance of ₹13,063 crore.
- Bond Buyback: Repurchased US$386 million of bonds in August 2025.
- Average Debt Maturity: Extended to 5.2 years (from 4.3 years).
- Long-term NCD issuance: ₹5,000 crore raised from LIC with 15-year tenure.
Awards and Recognitions
- Mundra Port: Best Private Sector Port & Best Container Terminal – India Maritime Awards 2025.
- APSEZ: Port Sustainability Pioneer Award – India Maritime Week 2025.
- Ocean Sparkle Ltd: Digital Naukik Tech Transformation Award.
- Dhamra Port: Pollution Control Appreciation Award 2025.
- Multiple wins at Global Environment Awards 2025 for Gangavaram, Vizhinjam, and Dhamra ports.
