- Q2 revenue jumps 24% to ₹11,340 crore; EBITDA climbs 23% to ₹6,807 crore
- FY27 revenue guidance raised to ₹44,000–₹46,000 crore; EBITDA target lifted to ₹26,000–₹27,000 crore
- Capex guidance increased by ₹3,000 crore to ₹15,000–₹17,000 crore
- International ports revenue surges 71%; EBITDA more than triples
- Domestic ports anchor earnings with a robust 72.5% EBITDA margin
- ₹12,502-crore cash balance and 1.8x net debt-to-EBITDA underpin expansion
NE BUSINESS BUREAU
AHMEDABAD, OCTOBER 28
Can a port operator keep investing aggressively, expand across continents and still maintain financial discipline? Adani Ports and Special Economic Zone Ltd (APSEZ) is betting that an integrated ports-to-logistics network can deliver precisely that combination—raising its full-year revenue and earnings guidance after a strong first half of FY27.
APSEZ reported 24% year-on-year growth in consolidated revenue to ₹11,340 crore and 23% growth in EBITDA to ₹6,807 crore for the quarter ended September 30, 2026. Net profit rose 18% to ₹3,682 crore.
For the first half, revenue advanced 21% to ₹22,161 crore, EBITDA increased 21% to ₹13,347 crore and profit after tax rose 14% to ₹7,332 crore.
Guidance up, investment ambition higher
Reflecting its first-half performance, APSEZ raised its FY27 revenue guidance by ₹1,000 crore to ₹44,000–₹46,000 crore and EBITDA guidance by the same amount to ₹26,000–₹27,000 crore. Its capital expenditure outlook has been raised by ₹3,000 crore to ₹15,000–₹17,000 crore as it accelerates investments towards its Ambition 2031 targets.
The company aims to achieve revenue of ₹91,500 crore and EBITDA of ₹52,000 crore by FY31—equivalent to 2.4 times and 2.3 times their respective FY26 levels.
“Q2FY27 was another stellar quarter,” said Ashwani Gupta, Whole-time Director and CEO. “Domestic Ports continue to anchor our earnings, while International Ports, Logistics and Marine are emerging as powerful growth engines.”
He said the company’s financial strength and cash flows enabled it to pursue ambitious growth while maintaining capital discipline.
International ports make a bigger contribution
International ports emerged as a standout performer, with revenue soaring 71% to ₹1,839 crore and EBITDA rising to ₹878 crore from ₹261 crore a year earlier. The EBITDA margin reached a record 47.7%, while volumes climbed to 24 million tonnes from 10 million tonnes.
Growth was supported by the ramp-up of Colombo West International Terminal (CWIT), Tanzania operations and NQXT Australia. CWIT handled two million TEUs in its first 18 months, and Phase II has doubled its capacity from 1.6 million to 3.2 million TEUs.
Tanzania recorded its highest-ever quarterly volume of 265,518 TEUs.
Domestic ports remain the earnings engine
Domestic ports generated revenue of ₹7,177 crore, up 13%, and EBITDA of ₹5,201 crore. The business retained a strong 72.5% EBITDA margin, handling 118 million tonnes of cargo during the quarter.
APSEZ secured a 30-year concession for Paradip Port’s CQ-I and CQ-II dry-bulk berths, adding 18 million tonnes of mechanised capacity. It also commenced export-import operations at Vizhinjam port.
Logistics and marine add momentum
Logistics revenue grew 21% to ₹1,273 crore, supported by expansion of its integrated “shore-to-door” network. Marine revenue surged 57% to ₹1,007 crore, aided by fleet expansion, offshore services and entry into subsea services.
The marine fleet increased to 138 vessels from 127 a year earlier.
Expansion without losing financial discipline
APSEZ reported ₹13,327 crore in operating cash flow during H1 FY27, funding ₹10,521 crore of investments. It generated ₹2,806 crore in free cash flow despite elevated capital expenditure. Cash stood at ₹12,502 crore, while net debt-to-EBITDA remained at 1.8 times.
S&P Global Ratings upgraded its long-term issuer credit rating to “BBB” from “BBB-”, with a stable outlook. CARE Ratings and ICRA reaffirmed the company’s domestic “AAA” ratings.
The challenge ahead is clear: converting a widening global footprint and heavier investment programme into sustained earnings growth—without compromising the balance-sheet strength underpinning APSEZ’s ambitions.