Adani Ports and Special Economic Zone FY26 revenue rises 25% as cargo hits 500 MMT

Adani Ports and Special Economic Zone reported a 25% year-on-year increase in revenue for FY26 at ₹38,736 crore, while EBITDA rose 20% to ₹22,851 crore, as the company surpassed its full-year guidance on the back of record cargo volumes, strong growth in logistics and marine operations, and expansion in its international ports business.

The company also became the first Indian integrated transport operator to handle more than 500 million metric tonnes (MMT) of port cargo in a single financial year. Total cargo handled during FY26 stood at 500.8 MMT, up 11% from 450.2 MMT in FY25. In the fourth quarter alone, cargo volumes increased 13% year-on-year to 133.4 MMT.

Consolidated profit after tax for FY26 rose 16% to ₹12,782 crore, while Q4 FY26 profit increased 9% year-on-year to ₹3,308 crore. Quarterly revenue during Q4 FY26 stood at ₹10,738 crore, up 26%, and EBITDA rose 20% to ₹6,020 crore.

APSEZ said it exceeded its FY26 guidance of ₹38,000 crore revenue and ₹22,800 crore EBITDA. Capital expenditure during the year stood at ₹15,320 crore, higher than the earlier guidance of ₹11,000-12,000 crore. Net debt-to-EBITDA remained at 1.9x, within the company’s stated policy limit of up to 2.5x.

Ashwani Gupta, Whole-time Director and CEO, said the company’s performance reflected the resilience of its business model despite geopolitical volatility and global tariff uncertainty. He added that APSEZ had created a platform to more than double its revenue and EBITDA by FY31, supported by plans to reach one billion tonnes of port cargo by December 2030 and continued expansion of logistics and marine services.

The domestic ports business remained the company’s largest revenue contributor. Revenue from domestic ports rose 13% year-on-year to ₹25,755 crore in FY26, while EBITDA increased 14% to ₹18,849 crore. EBITDA margin improved to 73.2% from 72.6% a year earlier. APSEZ’s domestic ports capacity stood at 653 MMT as of March 31, 2026, while its all-India cargo market share increased to 27.1%.

International ports also delivered strong growth during the year. Revenue from the segment increased 34% to ₹4,539 crore, driven by the addition of NQXT Australia and ramp-up at Colombo West International Terminal (CWIT). EBITDA margin for international ports rose sharply to 28.6% from 13.7% in FY25. Quarterly revenue from the segment jumped 58% year-on-year to ₹1,422 crore in Q4 FY26.

The logistics business recorded a 55% increase in FY26 revenue to ₹4,478 crore, supported by growth in trucking services and international freight network solutions. EBITDA from logistics operations rose 34% to ₹863 crore. Rail volumes during FY26 increased 8% year-on-year to 695,517 TEUs.

Marine operations emerged as one of the fastest-growing verticals during the year, with revenue rising 134% to ₹2,681 crore and EBITDA increasing 125% to ₹1,357 crore. APSEZ attributed the growth to offshore support vessel acquisitions across the Middle East, Africa and South Asia region and long-term contracts with customers. The company’s marine fleet expanded to 136 vessels by the end of FY26.

Separately, APSEZ said it handled 43.1 MMT of cargo in April 2026, marking a 15% year-on-year increase. The growth was led by containers and dry cargo, both of which rose 17%. Rail logistics volumes for the month stood at 48,490 TEUs.

The company proposed a dividend of ₹7.5 per share for FY26, with June 12, 2026 fixed as the record date.

For FY27, APSEZ has guided revenue in the range of ₹43,000-45,000 crore and EBITDA of ₹25,000-26,000 crore, while planned capital expenditure is expected to be between ₹12,000 crore and ₹14,000 crore.