Adani Ports raises FY27 guidance after 24% revenue growth

Adani Ports and Special Economic Zone Limited (APSEZ) reported a strong financial performance for the second quarter ended 30 September 2026, with consolidated revenue rising 24% to ₹113,400 million.

The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 23% to ₹68,070 million during the quarter, reflecting growth across its integrated transport and logistics operations.

APSEZ attributed its performance to the expansion of its key business segments, including domestic and international ports, logistics and marine services. The company continues to strengthen its position as India’s largest integrated transport operator while expanding its presence in international markets.

The results highlight the contribution of multiple growth drivers as APSEZ scales its port infrastructure, logistics capabilities, and marine operations.

Ashwani Gupta, Whole-time Director & CEO, said, “APSEZ’s ability to execute at scale with financial prudence enables us to pursue ambitious growth while leveraging balance-sheet strength and compounding cash flows. Against this backdrop, Q2FY27 was another stellar quarter. Domestic Ports continue to anchor our earnings, while International Ports, Logistics and Marine are emerging as powerful growth engines. Reflecting strong H1 performance, we are upgrading our FY27 guidance across revenue, EBITDA and capex. As we accelerate investments toward our Ambition 2031 objectives, our balance sheet remains exceptionally strong. We have deployed ₹303,460 million of capex over the past two years, including higher-than-planned investments in H1, while maintaining net debt-to-EBITDA at just 1.8x, underscoring the strength of our business model and capital discipline.”

FY27 revenue, EBITDA and capex guidance upgraded
Following its strong first-half performance, APSEZ has raised its FY2027 revenue guidance by ₹10,000 million to ₹440,000–₹460,000 million and its EBITDA target by the same amount to ₹260,000–₹270,000 million.

The company is accelerating investments to achieve its FY2031 targets of ₹915,000 million in revenue and ₹520,000 million in EBITDA, representing 2.4 times and 2.3 times its FY2026 levels, respectively. In line with its growth plans, APSEZ has increased its FY2027 capital expenditure guidance by ₹30,000 million to ₹150,000–₹170,000 million.

Domestic ports
Domestic Ports continued to deliver scale, stability and robust cash generation, with revenue rising 13% year-on-year, driven by cargo growth and improved realisations. EBITDA margin remained best-in-class at 72.5%. Cargo volumes reached 118 MMT during the quarter, while APSEZ’s share of India’s overall cargo and container markets stood at 27.3% and 44.4%, respectively. The capacity of its domestic ports totalled 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. This expansion strengthens the company’s east coast network, improves connectivity to mineral-rich hinterlands and supports long-term cargo growth. APSEZ also commenced export-import (EXIM) operations at Vizhinjam Port during the quarter.

International Ports
APSEZ’s International Ports portfolio maintained strong momentum, recording its highest-ever revenue of ₹18,390 million and EBITDA of ₹8,780 million. The EBITDA margin reached a record 47.7%, while cargo volumes rose to 24 MMT from 10 MMT in Q2 FY26.

The performance was driven by the continued ramp-up of Colombo West International Terminal (CWIT) and operations in Tanzania, alongside contributions from NQXT Australia. CWIT handled 2 million TEUs within its first 18 months of operations, reflecting strong customer confidence and growing operational scale. Building on Phase I’s success, APSEZ inaugurated Phase II, doubling the terminal’s capacity from 1.6 million TEUs to 3.2 million TEUs. The expanded facility is expected to handle nearly 25% of the Port of Colombo’s targeted capacity of 13 million TEUs by 2028.

Tanzania also achieved its highest-ever quarterly volume of 265,518 TEUs, including a record monthly throughput of 91,625 TEUs in July 2026.

Logistics
APSEZ’s logistics business showed a strong recovery in Q2 FY27 following the disruption caused by the West Asia crisis in Q1 FY27. TEU volumes increased 15% to 167,453 TEUs from 145,310 TEUs in the previous quarter, while trucking revenue grew 28% year-on-year. Revenue from integrated freight and network (IFN) services more than doubled year-on-year to ₹2,890 million.

The evolving business mix reflects APSEZ’s strategy to develop an integrated, asset-light logistics platform that links ports with industrial hubs and consumption centres across India.

Marine
APSEZ’s marine business recorded year-on-year growth of 57% in revenue and 32% in EBITDA, driven by fleet expansion to 138 vessels in Q2 FY27 from 127 in Q2 FY26, increased contributions from offshore services, and its entry into subsea services.