Adani Ports and Special Economic Zone (APSEZ) reported its financial earnings for the July-September quarter of the current 2025-26 fiscal year (FY26). The company posted a 29 per cent year-on-year rise in its consolidated net profit for the second quarter of FY26, at Rs 3,120 crore.
Revenue climbed 30 per cent to Rs 9,167 crore during the same period, while the firm clocked a 27 per cent jump on a year-on-year (YoY) basis in its EBITDA during the second quarter at Rs 5,550 crore.
For the first half of FY26, EBITDA hit Rs 11,046 crore, up 20 per cent year-on-year. The company’s domestic ports achieved their highest-ever EBITDA margin of 74.2 per cent in H1 FY26, while its international operations also recorded lifetime highs, with revenue of Rs 2,050 crore and EBITDA of Rs 466 crore.
Logistics and marine operations stood out as major growth drivers. The logistics division saw revenue soar 92 per cent to Rs 2,224 crore in H1 FY26, driven by expansion in trucking and international freight network services. Meanwhile, marine business revenue more than tripled to Rs 1,182 crore, buoyed by new vessel acquisitions. Return on capital employed (RoCE) rose to 9 per cent from 6 per cent in FY25.
CEO on Growth Momentum
“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 and CEO of APSEZ. “Logistics and Marine businesses have continued their exponential growth trajectory, further reinforcing our port-gate to customer-gate offering. The ongoing expansion of our port capacities and marine fleet positions us as a genuine integrated player in the global supply chain.”
Gupta added that the company’s multi-modal capabilities are expanding rapidly, with 12 logistics parks, 3.1 million sq. ft. of warehousing space, and a 127-vessel marine fleet spread across the MEASA region. APSEZ also informed that its sustainability performance was recognised, with S&P Global CSA ranking it among the top 5 per cent of transportation infrastructure companies worldwide.
APSEZ board approved the acquisition of NQXT Port in Australia, a 50 MTPA deep-water terminal. Its Colombo West International Terminal in Sri Lanka handled over 350,000 TEUs since April 2025, achieving over 100,000 TEUs monthly in August and September. Mundra Port maintained its momentum, handling record container and automobile volumes.
Domestically, the company broke ground on a Rs 600 crore logistics park in Kochi, expected to generate over 1,500 jobs. It also received approvals to start EXIM operations at new inland container depots in Gujarat, Rajasthan, and Karnataka. New berths at Dhamra Port and draft enhancements at Karaikal Port are expected to boost capacity, while a tie-up with BPCL will make Vizhinjam India’s first ship-to-ship LNG bunkering hub, the company noted.
Strong Financials and Upgraded Ratings
APSEZ generated an operating cash flow of Rs 9,503 crore in H1 FY26, amounting to 86 per cent of EBITDA. Its net debt-to-EBITDA ratio stood at 1.8x, supported by a cash balance of Rs 13,063 crore. The company also completed a $386 million bond buyback in August, extending average debt maturity to 5.2 years. Fitch Ratings revised APSEZ’s outlook to ‘Stable’ from ‘Negative’, reaffirming its ‘BBB-’ rating, while S&P Global shifted its outlook to ‘Positive’.
In sustainability, APSEZ scored 66/100 in the S&P Global Corporate Sustainability Assessment, ranking in the top 95th percentile globally. Twelve of its ports are now certified Zero Waste to Landfill, and the company remains committed to achieving Net Zero emissions by 2040. MSCI also upgraded its ESG rating to ‘B’ on the back of strong governance and environmental initiatives.
APSEZ and its subsidiaries swept multiple industry awards, including Best Private Sector Port and Best Container Terminal of the Year for Mundra Port at the India Maritime Awards, and the Port Sustainability Pioneer Award at India Maritime Week 2025.
