APSEZ revenue grows 21% YoY in Q1 FY26, led by logistics and marine

Adani Ports and Special Economic Zone Limited (APSEZ) reported a 21 per cent year-on-year increase in consolidated revenue for the quarter ending 30 June 2025, reaching ₹9,126 crore. The growth was driven by a twofold rise in logistics revenue to ₹1,169 crore and a 2.9 times jump in marine services revenue to ₹541 crore. The company handled 121 million metric tonnes (MMT) of cargo during the quarter, up from 109 MMT in the same period last year.

In the ports segment, APSEZ’s domestic cargo volumes grew by 11 per cent year-on-year. The company's market share in India rose to 27.8 per cent, up from 27.2 per cent. It also began operations at the fully automated Colombo West International Terminal and a new export terminal at Dhamra Port.

The logistics business saw a significant increase due to expansion in trucking and the international freight network. APSEZ also received approvals to begin EXIM operations at its inland container depots in Virochannagar (Gujarat), Kishangarh (Rajasthan), and Malur (Karnataka).

In the marine services segment, revenue surged from ₹188 crore to ₹541 crore year-on-year, supported by operations of 118 vessels. The company continued digital integration by implementing the SeaFlux cloud-based vessel management system across its fleet.

“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 Ashwani Gupta, Whole-time Director & CEO, APSEZ. “These are no longer ancillary verticals – they are reshaping the contours of our future-ready ports ecosystem.”

The company’s net profit for the quarter stood at ₹3,311 crore, up 7 per cent year-on-year. Last year’s figure had included ₹141 crore in dividends from a joint venture, which will be accounted for in Q2 of this year. EBITDA rose by 13 per cent to ₹5,495 crore, with a 60 per cent EBITDA margin.

Operationally, APSEZ reported a 15 per cent increase in container rail volumes and a 9 per cent rise in General Purpose Waggon Investment Scheme (GPWIS) volumes. Mundra Port set two national records: the highest ever single-day container throughput at 3,234 TEUs and the loading of 23 double-stack container rakes in a single day.

The company is also expanding internationally. The Board has approved the acquisition of North Queensland Export Terminal (NQXT) in Australia, a 50 MTPA capacity deep-water export terminal. The transaction is pending regulatory approvals.

International port operations showed strong performance, with Haifa Port in Israel reporting a 29 per cent year-on-year growth in total volume. This led to the highest-ever quarterly revenue and operating EBITDA since its acquisition.

On the sustainability front, APSEZ was recognised as a “Leader” in the Carbon Disclosure Project Supplier Engagement Assessment 2024. Twelve of its ports were certified as Zero Waste to Landfill. The company deployed electric mobile harbour cranes at the Netaji Subhas Dock and constructed a steel slag road at Hazira Port in collaboration with the Ministry of Science & Technology.

APSEZ improved its capital structure by extending average debt maturity to 5.2 years and reducing yields on bonds by up to 116 basis points. This was facilitated through a ₹5,000 crore non-convertible debenture issuance to LIC and a bond buyback programme, which received US$384 million in tenders as of 29 July 2025.

The company ended the quarter with a cash balance of ₹16,921 crore and gross debt of ₹53,089 crore. Net debt to EBITDA stood at 1.8x.

The quarter also saw APSEZ win multiple awards, including “Best Port Service Provider” for Mundra and “Logistics Champion” for Adani Logistics Ltd at the 7th India Logistics Strategy Summit. It also received several environment- and sustainability-related recognitions at the 24th Global Environment Awards.