Raises FY27 Revenue and EBITDA Guidance by ₹1,000 Crore Each
Ahmedabad, 28 October 2026: Adani Ports and Special Economic Zone Limited (APSEZ) reported a strong performance for the second quarter ended September 30, 2026, with consolidated revenue rising 24% year-on-year to ₹11,340 crore and EBITDA increasing 23% to ₹6,807 crore.
The company said its performance reflects broad-based growth across its four key business engines — Domestic Ports, International Ports, Logistics and Marine — as APSEZ continues its transformation into an integrated transport and logistics operator.
Q2 FY27 at a Glance
- Consolidated revenue increased 24% YoY to ₹11,340 crore.
- EBITDA grew 23% YoY to ₹6,807 crore.
- Domestic Ports revenue increased 13%, with EBITDA margin at 72.5%.
- International Ports revenue surged 71%, while EBITDA increased 3.4 times, with a record 47.7% EBITDA margin.
- Logistics revenue grew 21%, driven by the expansion of its integrated “shore-to-door” network.
- Marine revenue increased 57% YoY, supported by global fleet expansion and the company’s entry into subsea services.
- FY27 revenue guidance has been raised by ₹1,000 crore to ₹44,000–₹46,000 crore.
- FY27 EBITDA guidance has been raised by ₹1,000 crore to ₹26,000–₹27,000 crore.
- FY27 capex guidance has been increased by ₹3,000 crore to ₹15,000–₹17,000 crore.
- H1 operating cash flow stood at ₹13,327 crore, funding investments of ₹10,521 crore.
- Net debt-to-EBITDA remained at 1.8x, despite ₹30,346 crore of capex over the past two years.
- Cash balance stood at ₹12,502 crore.
Q2 FY27 and H1 FY27 Key Financials
| Particulars | Q2 FY27 | Q2 FY26 | YoY | H1 FY27 | H1 FY26 | YoY |
|---|---|---|---|---|---|---|
| Revenue | ₹11,340 Cr | ₹9,167 Cr | 24% | ₹22,161 Cr | ₹18,294 Cr | 21% |
| EBITDA | ₹6,807 Cr | ₹5,550 Cr | 23% | ₹13,347 Cr | ₹11,046 Cr | 21% |
| PAT | ₹3,682 Cr | ₹3,120 Cr | 18% | ₹7,332 Cr | ₹6,431 Cr | 14% |
CEO’s Comment
Ashwani Gupta, Whole-time Director and CEO, said APSEZ’s ability to execute at scale with financial prudence is enabling the company to pursue ambitious growth while leveraging balance-sheet strength and compounding cash flows.
He said Domestic Ports continue to anchor earnings, while International Ports, Logistics and Marine are emerging as powerful growth engines.
Reflecting its strong H1 performance, APSEZ has upgraded its FY27 guidance for revenue, EBITDA and capex.
Gupta added that the company has deployed ₹30,346 crore in capex over the past two years, including higher-than-planned investments during H1 FY27, while maintaining net debt-to-EBITDA at 1.8x.
FY27 Guidance Upgraded
Strong H1 performance has prompted APSEZ to raise its FY27 revenue and EBITDA guidance by ₹1,000 crore each.
| Metric | Earlier Guidance | Revised Guidance |
|---|---|---|
| Revenue | ₹43,000–₹45,000 Cr | ₹44,000–₹46,000 Cr |
| EBITDA | ₹25,000–₹26,000 Cr | ₹26,000–₹27,000 Cr |
| Capex | ₹12,000–₹14,000 Cr | ₹15,000–₹17,000 Cr |
| Net Debt / EBITDA | Up to 2.5x | No change |
The revised guidance reflects APSEZ’s accelerated investment programme as it works towards its Ambition 2031 targets of ₹91,500 crore revenue and ₹52,000 crore EBITDA.
These targets represent approximately 2.4 times and 2.3 times FY26 levels, respectively.
Multiple Businesses, One Integrated Platform
APSEZ’s Q2 performance reflected broad-based growth across its businesses.
| Business | Q2 FY27 Revenue | YoY Growth | Q2 FY27 EBITDA | YoY Growth |
|---|---|---|---|---|
| Domestic Ports | ₹7,177 Cr | 13% | ₹5,201 Cr | 11% |
| International Ports | ₹1,839 Cr | 71% | ₹878 Cr | 236% |
| Logistics | ₹1,273 Cr | 21% | ₹237 Cr | 8% |
| Marine | ₹1,007 Cr | 57% | ₹447 Cr | 32% |
| SEZ | ₹44 Cr | 2% | ₹44 Cr | 2% |
| Total | ₹11,340 Cr | 24% | ₹6,807 Cr | 23% |
Domestic Ports: Earnings Anchor
Domestic Ports continued to provide scale, stability and strong cash generation.
Revenue increased 13% YoY, supported by cargo growth and higher realisations, while EBITDA margin remained strong at 72.5%.
Cargo volume during the quarter stood at 118 MMT, while APSEZ’s all-India cargo and container market share stood at 27.3% and 44.4%, respectively.
Domestic port capacity stood at 671 MMT.
During the quarter, APSEZ secured a 30-year concession for Paradip Port’s CQ-I and CQ-II dry bulk berths, adding 18 MMT of mechanised capacity.
The company also commenced EXIM operations at Vizhinjam Port during the quarter.
International Ports: Strong Earnings Momentum
International Ports continued their strong growth trajectory, recording revenue of ₹1,839 crore and EBITDA of ₹878 crore.
EBITDA margin reached a record 47.7%, while volumes increased to 24 MMT from 10 MMT in Q2 FY26.
Growth was driven by the continued ramp-up of Colombo West International Terminal (CWIT) and Tanzania operations, along with contributions from NQXT Australia.
CWIT handled 2 million TEUs within its first 18 months of operations. Following the success of Phase I, APSEZ inaugurated Phase II, doubling CWIT’s capacity from 1.6 million TEUs to 3.2 million TEUs.
The expanded terminal is expected to handle nearly 25% of the Port of Colombo’s targeted capacity of 13 million TEUs by 2028.
Tanzania recorded its highest-ever quarterly volume of 265,518 TEUs, including a record monthly volume of 91,625 TEUs in July 2026.
Logistics: Expanding the “Shore-to-Door” Network
APSEZ’s Logistics business recorded strong recovery from Q1 FY27, which had been affected by the West Asia crisis.
TEU volumes increased 15% to 167,453 TEUs in Q2 FY27 from 145,310 TEUs in Q1 FY27.
Trucking revenue grew 28% YoY, while IFN revenue more than doubled to ₹289 crore.
The company said the changing business mix reflects its strategy of building an integrated, asset-light logistics platform connecting ports with industrial and consumption centres across India.
Marine: Building a Global Maritime Services Platform
Marine revenue increased 57% YoY, while EBITDA grew 32%.
The performance was supported by fleet additions, higher contributions from offshore services and the company’s entry into subsea services.
The fleet increased to 138 vessels in Q2 FY27 from 127 vessels in Q2 FY26.
Strong Balance Sheet Supports Growth
APSEZ reported strong cash generation alongside accelerated investment.
H1 FY27 capex stood at ₹10,521 crore, prompting the company to raise its full-year capex guidance to ₹15,000–₹17,000 crore.
Gross debt stood at ₹57,717 crore, while cash balance was ₹12,502 crore. Net debt-to-EBITDA remained at 1.8x.
Despite elevated capex of ₹10,521 crore during H1 FY27 and aggregate capex of ₹30,346 crore over the past two years, APSEZ said it has maintained disciplined leverage management.
The company generated ₹2,806 crore of free cash flow during H1 FY27 despite the higher capex outlay.
Credit Profile Strengthens
S&P Global Ratings upgraded APSEZ’s long-term issuer credit rating and the issue rating on its senior unsecured notes to BBB from BBB-, with a Stable outlook, placing APSEZ on par with India’s sovereign rating assigned by S&P.
In January 2026, JCR assigned APSEZ an A-/Stable rating.
The company’s domestic AAA ratings were also reaffirmed by CARE Ratings and ICRA Limited.
As of September 30, 2026, APSEZ’s average debt maturity stood at 4.9 years, compared with 5.2 years as of September 30, 2025.
