APSEZ Q2 FY26 Net Profit ₹3,120 Cr, +29% YoY; Revenue ₹9,167 Cr, +30% YoY

    Editor’s Synopsis

  • APSEZ Q2 FY26 EBITDA at ₹5,550 Cr, up 27% YoY; H1 FY26 EBITDA at ₹11,046 Cr (+20% YoY)
  • Domestic Ports deliver highest ever H1 FY26 EBITDA margin at 74.2%; International Ports H1 FY26 revenue and EBITDA hits lifetime high of ₹2,050 Cr and ₹466 Cr respectively
  • Logistics H1 FY26 revenue at ₹2,224 Cr, +92% YoY, driven by ramp up in Trucking and International Freight Network services, RoCE increases to 9% (6% in FY25)
  • Marine H1 FY26 Marine revenue ₹1,182 Cr, +213% YoY, driven by vessel acquisitions
  • Fitch Ratings revised outlook to “Stable” from “Negative”, reaffirmed rating at “BBB-“
  • S&P Global CSA recognized APSEZ in the Top 5% of Global Transportation and Transportation Infrastructure companies1
  • "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 Special Economic Zone Limited (APSEZ), an Integrated Transport Utility, today announced its results for the quarter and half year ended 30 September 2025.


Q2 FY26 & H1 FY26 key financials (consolidated)
Particulars (₹ Cr) Q2 FY26 Q2 FY25 YoY H1 FY26 H1 FY25 YoY
Revenue 9,167 7,067 30% 18,294 14,627 25%
EBITDA 5,550 4,369 27%2 11,046 9,217 20%
PAT 3,120 2,413 29% 6,431 5,520 17%

Business segment performance trajectory
Revenue in ₹ Cr Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26
Domestic Ports 4,306 4,900 5,474 6,351
International Ports 181 806 798 1,077
Logistics 361 483 588 1,055
Marine 151 152 190 641
Others 212 305 17 43
Total 5,211 6,646 7,067 9,167

  1. S&P Global Corporate Sustainability Assessment score as of 4th November 2025
  2. Mix change to align with strategic objective of Integrated Transport Utility. Greater contribution from Trucking and International Freight Network, which have lower EBITDA margin but higher RoCE
    3.


Q2 FY26 & H1 FY26 operational performance
Particulars Q2 FY26 Q2 FY25 YoY H1 FY26 H1 FY25 YoY
Cargo (MMT) 124 111 12% 244 220 11%
All-India market share 28.1% 27.4% +70bps 28% 27.3% +70bps
All-India container market share 45.9% 44.4% +150bps 45.5% 45.1% +40bps
Rail volume (TEUs) 178,927 154,630 16% 358,406 311,220 15%
GPWIS (MMT) 4.92 5.14 -4% 10.98 10.70 3%

Comment by Ashwani Gupta, Whole-time Director & CEO

"Our strong, across-the-board profitable growth momentum truly underscores the success of our unmatched Integrated Transport Utility value proposition. Logistics and Marine businesses have continued their exponential growth trajectory, further reinforcing our port-gate to customer-gate offering. Our performance is a testament to the success of various operational efficiency and capital optimization initiatives, leading to the strongest ever H1 domestic ports EBITDA margin and significant improvement in Logistics RoCE.

Our vision of becoming an Integrated Transport Utility is taking shape at an accelerated pace. The strategic expansion of our multi-modal capabilities---from our growing network of 12 logistics parks and 3.1 million sq. ft. of warehouses to our expanding trucking fleet and international freight services---demonstrates how we are creating a seamless supply chain ecosystem. The ongoing expansion of our port capacities and our 127-vessel marine fleet across the MEASA1 region, with foray into West Africa waters, position us as a genuine integrated player in the global supply chain. Being recognized amongst the Top 5% of global transportation companies by S&P CSA2 further reinforces our sustainability-driven operational excellence.”


Performance highlights
  • Global leadership: Global integrated multi-modal value chain enabler with 633 MTPA capacity, targeting 1 billion tonnes throughput by 2030. Mundra port ranked 25th amongst the top global ports in the World Bank’s Container Port Performance Index 20243 (up from 27th position last year)
  • Operational excellence: Colombo West International Terminal (CWIT) handled over 350,000 TEUs since commencing operations in April 2025 (over 100,000 TEUs handled monthly in August & September 2025); Phase 2 construction is ongoing
  • Logistics acceleration: Announced groundbreaking of 70-acre, 1.3 Mn sq. ft. logistics park in Kochi with ₹600 Cr investment; Received approval for EXIM operations at Virochannagar (Gujarat), Kishangarh (Rajasthan), and Malur (Karnataka) ICDs
  • Record performance: Mundra Port handled 898 double-stacked container rakes in July 2025, moving c.46,000 TEUs; Loaded 5,612 cars onto a single vessel in under 40 hours in September 2025
  1. Middle East, Africa, South Asia
  2. S&P Global Corporate Sustainability Assessment score as of 4th November 2025
  3. Source: The Container Port Performance Index 2020 to 2024: Trends and Lessons Learned, published by World Bank Group and S&P Global Market Intelligence
    4.
  • International expansion: Board approved acquisition of NQXT Port, Australia - a natural deep-water, multi-user export terminal with 50 MTPA capacity (subject to regulatory approvals)
  • Marine fleet expansion: Acquired 9 new marine vessels during Q2 FY26, taking total fleet to 127 vessels; Inaugurated Strategic Command Center for Marine operations
  • Sustainability leadership: Scored 66/100 in S&P Global CSA 2025, placing APSEZ in Top 95th percentile1 globally; 12 ports certified Zero Waste to Landfill. MSCI upgraded APSEZ’s ESG rating from “CCC” to “B” on strong corporate governance and sustainability practices
  • Financial optimization: Completed bond buyback program in August 2025, repurchasing US$386.03m; Increased average debt maturity to 5.2 years. Fitch Ratings revised outlook to “Stable” from “Negative”, affirmed rating at “BBB-“. S&P Global revised ratings outlook to "Positive" from "Negative" while reaffirming “BBB-“ rating

Business transformation analysis

Logistics business delivered exceptional growth with H1 FY26 revenue of ₹2,224 Cr, up 92% YoY. This transformation reflects APSEZ's strategic evolution toward Integrated Transport Utility, with accelerated ramp-up in trucking services, international freight network services, multi-modal logistics park (MMLP) operations across 12 locations, and RoCE improvement to 9% (from 6% in FY25).

Marine operations achieved remarkable 213% YoY growth to ₹1,182 Cr in H1 FY26. The diversified marine fleet expansion with 127 vessels in the MEASA2 region, including foray into West Africa waters through acquisition of 4 Platform Supply Vessels (PSVs) and 1 workboat, demonstrates successful scaling of offshore capabilities with Tier-1 customers.

International ports delivered lifetime high H1 revenue at ₹2,050 Cr in H1 FY26, reflecting strong performance at Haifa Port (Israel), operational commencement at Colombo West International Terminal (Sri Lanka), and Container Terminal 2 operations at Dar Es Salaam (Tanzania).

Domestic ports maintained steady growth with H1 FY26 revenue of ₹12,488 Cr and all-time high EBITDA margin at 74.2%, demonstrating the resilience of APSEZ's core Indian operations with overall market share at 28% (27.3% in H1 FY25) and container market share at 45.5% (45.1% in H1 FY25).


Financial Highlights
  • Strong operating cash flow: H1 FY26 operating cash flow of ₹9,503 Cr, representing 86% of EBITDA
  • Capex momentum: H1 FY26 capex at ₹6,462 Cr
  • Debt management: H1 FY26 Net debt/EBITDA ratio at 1.8x; Cash balance ₹13,063 Cr; Gross debt ₹51,082 Cr
  • Credit rating upgrade: Fitch Ratings revised outlook to “Stable” from “Negative”, affirmed rating at “BBB-“. S&P Global revised ratings outlook to “Positive” from “Negative” while reaffirming “BBB-“ rating; Moody's reaffirmed “Baa3/Negative”; ICRA reaffirmed “AAA/Stable”
  • Capital optimization: Completed bond buyback program in August 2025, repurchasing total of US$386.03m (US$384.38m during early tender date and US$1.65m before expiration); Issued ₹5,000 Cr NCDs for 15 years to LIC; Increased average debt maturity to 5.2 years (from 4.3 years as on March 31, 2025)
  1. S&P Global Corporate Sustainability Assessment score as of 4th November 2025
  2. Middle East, Africa, South Asia

Strategic Developments

  1. Multi-modal logistics expansion
    • Groundbreaking of 70-acre, 1.3 Mn sq. ft. logistics park in Kochi with investment of ₹600 Cr; strategically located park will generate 1,500+ jobs and cater to e-commerce, FMCG/FMCD, pharmaceuticals, retail sectors
    • Received approval to commence EXIM operations at Virochannagar (Gujarat), Kishangarh (Rajasthan) and Malur (Karnataka) ICDs
    • Launched double stack container rake movement between ICD Tumb and ICD Patli
    • ICD Virochannagar flagged off block rakes for Ocean Network Express (ONE) and Emirates Shipping to Mundra port in September 2025
    • Handled 358,406 TEUs rail volume (+15% YoY) and 11 MMT GPWIS volume (+3% YoY) in H1 FY26
  2. Port capacity expansion
    • Dhamra port opened new export berth; commenced construction of two new berths to increase capacity to 92 MMT
    • Karaikal port enhanced permissible draft to 14.5 meters, positioning it among southern India's deepest draft ports; berthed MV Sakizaya Victory in September 2025
    • MoU signed with Bharat Petroleum Corporation Limited to launch India’s first ship-to-ship LNG bunkering operations at Vizhinjam port. The port will serve as a dedicated LNG refueling hub for vessels along the East-West shipping corridor
  3. Marine fleet development
    • En bloc purchase of 4 Platform Supply Vessels (PSVs) and 1 workboat, expanding geographical presence to West Africa waters
    • Inaugurated Strategic Command Center for Marine operations facilitating real-time vessel tracking and enhanced operational control
    • Ocean Sparkle reached milestone in digital integration with entire fleet operating paperless; integrated cloud-based vessel management system (SeaFlux) across fleet

Record operational performance

  • During July 2025, Mundra port set new record by handling 898 double stacked container rakes that moved c.46,000 TEUs
  • In September 2025, Mundra port loaded 5,612 cars onto single vessel in under 40 hours (previous record of 5,405 cars in June 2022)
  • In August 2025, Hazira port achieved highest-ever bulk liquid volume, handling 0.51 MMT through 71 liquid tankers
  • In August 2025, Adani Gangavaram Port handled 66 vessels---setting new monthly record

Technology & skill development

  • AI-powered Strategic Command Center for Logistics operations fully operational
  • Commenced skill building centers at Mundra & Krishnapatnam to impart industry-relevant skills aligned with APSEZ's requirements

ESG excellence

  1. Environmental leadership
    • Scored 66/100 in S&P Global Corporate Sustainability Assessment (CSA) 2025, placing APSEZ in Top 95th percentile1 globally within Transportation & Transportation Infrastructure sector. APSEZ maintained the highest score in “Environment” dimension for third consecutive year
    • 12 ports certified Zero Waste to Landfill showcasing commitment to circular economy
    • Committed to Net Zero by 2040
    • Maintained "Prime" status in Institutional Shareholder Services (ISS) ESG rating
    • Deployed electric-powered Mobile Harbour Cranes at Netaji Subhas Dock
  2. ESG ratings
    • MSCI upgraded APSEZ’s ESG rating from “CCC” to “B” on strong corporate governance and sustainability practices
    • Included as constituent in Nifty100 ESG Index, Nifty 100 ESG Sector Leaders Index and Nifty 100 Enhanced ESG Index
    • Received "Strong" ESG rating from CRISIL with overall score of 61 and core ESG score of 67 (amongst top 15% of companies assessed). NSE Sustainability Ratings and Analytics assigned ESG rating of 69 (amongst Top 15% of companies rated). SES ESG Research rated APSEZ with ESG score of 74.6 (Grade B+), indicating "Medium risk" profile. ESG Risk Assessments and Insights Limited has assigned an Environmental, Social, and Governance (ESG) rating of 76 with an "Excellent" classification

Awards & accolades

  • Mundra port won Best Private Sector Port and Best Container Terminal of the year at India Maritime Awards
  • At the India Maritime Week 2025, APSEZ won the “Port Sustainability Pioneer Award” under the Maritime Achievers category. This recognition reaffirms our commitment to driving responsible growth, integrating sustainability across all aspects of port operations, and setting new benchmarks in the maritime industry
  • Ocean Sparkle Ltd was awarded the 'Digital Naukik Tech Transformation Award' by Directorate General of Shipping
  • Dhamra port won the 'Pollution Control Appreciation Award 2025' under industry category by Odisha State Pollution Control Board
  • Won two awards at 7th India Logistics Strategy summit organized by Institute of Supply Chain and Management (ISCM Forum): Mundra port named "Best Port Service Provider" and Adani Logistics Ltd. won "Logistics Champion"
  • Won multiple awards at 24th Global Environment Awards 2025: Gangavaram port received award for Environmental Protection, Vizhinjam port received award for Pollution Control Machinery & Equipment, and Dhamra port received award for Waste Minimization
  • Terminal in Goa port won Diamond Award in Apex India Green Leaf Awards for sustainable operations
  1. S&P Global Corporate Sustainability Assessment score as of 4th November 2025

"This quarter's 21% revenue growth is anchored by extraordinary momentum in our Logistics and Marine businesses, which grew 2x and 2.9x respectively," said Mr Ashwani Gupta, Whole-time Director & CEO, APSEZ. "These are no longer ancillary verticals - they are reshaping the contours of our future-ready ports ecosystem. With expanding Trucking and International Freight Network services and fast growing, diversified marine fleet in the MEASA region, we are deepening our integrated transport utility approach and extending our value chain from port gate to customer gate. Coupled with cargo growth and market share gains in the domestic ports business, and higher revenue and improving EBITDA in international ports, we remain firmly on track to meet our FY26 guidance".

#Mix change to align with strategic objective of Integrated Transport Utility. Greater contribution from Trucking, International Freight Network and Marine, which have lower EBITDA margin but higher RoCE.

*Last year's (Q1 FY25) PAT included dividend from JV (net) of ₹141 Cr in Q1 FY25, which will happen in Q2 for this year

Strategic highlights

  • Commenced operations at the Colombo West International Terminal (CWIT), a fully automated, natural deep-water port. CWIT is a public-private partnership under a 35-year BOT agreement. Upon full completion, CWIT will handle c. 3.2m TEUs annually
  • Dhamra port opened a new export berth. Also commenced construction of two new berths that will increase port capacity to 92 MMT. Won a liquid cargo handling contract from a large carbon black manufacturer. Inaugurated a warehouse for a large steel manufacturer to house cold rolled coils
  • Vizhinjam port completed its first year. Achieved 100% utilization in its ninth month of operation. Commenced construction of Phase 2 at the port
  • Board has approved the acquisition of NQXT Port, Australia. NQXT is a natural deep-water, multi-user export terminal with a nameplate capacity of 50 MTPA. The transaction is subject to regulatory approvals
  • As part of long-term capital management plan, increased the average debt maturity from 4.3 years to 5.2 years and reduced yield across all bond issuances by up to 116 bps. This was achieved through issuance of 15-year Non-Convertible Debentures (NCDs) to Life Insurance Corporation of India (LIC) and bond buyback
  • Commenced skill building centers at Mundra & Krishnapatnam to impart industry-relevant skills to youth that are aligned with APSEZ's requirements

Operational highlights

  • Handled 121 MMT (+11% YoY) cargo volume in Q1 FY26, driven by containers (+19% YoY)
  • All-India cargo market share increased to 27.8% (27.2% in Q1 FY25). Container market share stood at 45.2% (45.9% in Q1 FY25)
  • Haifa port operated unhindered throughout and reported 25% YoY growth in container volume and 38% YoY growth in other cargo volume during the quarter, leading to overall volume growth of 29% YoY. This led to the highest quarterly revenue and operating EBITDA for Haifa port since acquisition by APSEZ
  • Krishnapatnam port handled its highest ever cargo volume (5.85 MMT) in June 2025
  • Handled 179,479 TEUs of container rail volume (+15% YoY) and 6.05 MMT GPWIS volume (+9% YoY)
  • Received approval to commence EXIM operations at Virochannagar (Gujarat), Kishangarh (Rajasthan) and Malur (Karnataka) ICDs
  • Launched double stack container rake movement between ICD Tumb and ICD Patli
  • In June 2025, Mundra Port handled the highest ever TEUs by any Indian port in one day (3,234). The port also set a record by loading 23 double-stack container rakes in a single day
  • Ocean Sparkle integrated cloud-based vessel management system (SeaFlux) across its fleet

Financial highlights

  • Domestic ports revenue increased by 14% YoY to ₹6,137 Cr. Domestic ports EBITDA margin stood at 74.6% (vs. 72.5% in Q1 FY25)
  • International ports revenue increased 22% YoY to ₹973 Cr. EBITDA margin stood at 21% vs. 13% in Q1 FY25
  • Logistics revenue grew 2x YoY to ₹1,169 Cr. Marine revenue grew 2.9x YoY to ₹541 Cr
  • EBITDA increased 13% to ₹5,495 Cr (60% EBITDA margin in Q1 FY26 vs. 64% in Q1 FY25)
  • S&P Global revised ratings outlook to Positive from Negative. S&P Global has reaffirmed BBB- rating
  • Tenor increase and yield reduction achieved through:
    • Issuance of ₹5,000 Cr NCDs for 15 years to LIC. The transaction highlights access to domestic markets for its longest tenure issuance
    • Launch of tender offer to buy back up to US$450m of outstanding USD Bonds. As of 29 July 2025, received US$384m of tenders (tender offer will expire on 13 August, 2025)
  • Reduced yield across all bond issuances by up to 116 bps
  • Q1 FY26 cash balance - ₹16,921 Cr; Gross debt - ₹53,089 Cr
  • Q1 FY26 Net debt / EBITDA - 1.8x

ESG highlights

  • Recognized as "Leader" in the CDP Supplier Engagement Assessment 2024
  • Maintained "Prime" status in the Institutional Shareholder Services (ISS) ESG rating
  • Included in the Nifty 100 ESG Sector Leaders Index and Nifty 100 Enhanced ESG Index
  • Received "Strong" ESG rating from CRISIL, with overall score of 61 and a "Core" ESG score of 67 (amongst the top 15% of companies assessed)
  • NSE Sustainability Ratings and Analytics assigned ESG rating of 69 (amongst Top 15% of the companies rated)
  • SES ESG Research assigned ESG score of 74.6 (Grade B+), indicating "Medium risk" profile
  • 12 ports in portfolio are Zero Waste to Landfill (ZWL) certified
  • Hazira Port constructed India's first steel slag road within a port, in collaboration with CSIR-CRRI and the Ministry of Science & Technology
  • Deployed electric-powered Mobile Harbour Cranes (MHCs) at the Netaji Subhas Dock, Shyama Prasad Mukherjee Port, marking a shift from fossil fuel-powered equipment

Awards & accolades

  • Won two awards at the 7th India Logistics Strategy summit organized by the Institute of Supply Chain and Management (ISCM Forum). Mundra port named as the "Best Port Service Provider" and Adani Logistics Ltd. won the "Logistics Champion"
  • Won multiple awards at the 24th Global Environment Awards 2025. Gangavaram port received award for Environmental Protection, Vizhinjam port received award for Pollution Control Machinery & Equipment and Dhamra port received award for Waste Minimization
  • Mundra port won Best Private Sector Port and Best Container Terminal of the year at the India Maritime Awards
  • Terminal in Goa port won the Diamond Award in Apex India Green Leaf Awards for sustainable operations