Adani Ports Q2 FY27: Revenue up 24%, EBITDA up 23%; company raises FY27 guidance by ₹1,000 crore each

Adani Ports and Special Economic Zone Limited (APSEZ) on Wednesday reported a strong set of numbers for the second quarter ended September 30, 2026. Consolidated revenue rose 24 per cent year-on-year to ₹11,340 crore, and EBITDA grew 23 per cent to ₹6,807 crore.

Profit after tax (PAT) rose 18 per cent to ₹3,682 crore from ₹3,120 crore in the same quarter last year. For the first half of FY27, revenue was up 21 per cent at ₹22,161 crore, EBITDA was up 21 per cent at ₹13,347 crore, and PAT was up 14 per cent at ₹7,332 crore. The company said growth was broad-based across domestic ports, international ports, logistics and marine, which it described as multiple growth engines scaling at the same time.

Citing its strong first-half performance, APSEZ has raised its FY27 revenue guidance by ₹1,000 crore to ₹44,000-46,000 crore. This implies 14-19 per cent year-on-year growth, against the earlier range of ₹43,000-45,000 crore (11-16 per cent growth).

EBITDA guidance has also gone up by ₹1,000 crore to ₹26,000-27,000 crore, or 14-18 per cent growth, from the earlier ₹25,000-26,000 crore (9-14 per cent growth).

Capex guidance has been increased by ₹3,000 crore to ₹15,000-17,000 crore, from ₹12,000-14,000 crore. The net debt-to-EBITDA guidance of up to 2.5x is unchanged.

The company is speeding up its investment programme to meet its FY31 ambition of ₹91,500 crore in revenue and ₹52,000 crore in EBITDA. These targets are 2.4 times and 2.3 times FY26 levels respectively.

*Domestic ports: the earnings anchor*

Domestic ports revenue rose 13 per cent to ₹7,177 crore, supported by cargo growth and higher realisations. EBITDA rose 11 per cent to ₹5,201 crore, with a margin of 72.5 per cent. Cargo volume was 118 million metric tonnes (MMT) during the quarter. APSEZ’s all-India cargo and container market shares stood at 27.3 per cent and 44.4 per cent respectively, and domestic capacity is 671 MMT.

During the quarter, APSEZ secured a 30-year concession for the CQ-I and CQ-II dry bulk berths at Paradip Port. This adds 18 MMT of mechanised capacity and strengthens its east coast network. The company also began EXIM operations at Vizhinjam port.

*International ports: record earnings*

International ports revenue rose 71 per cent to a record ₹1,839 crore, while EBITDA rose 3.4 times to a record ₹878 crore. The EBITDA margin reached a record 47.7 per cent. Volumes rose to 24 MMT from 10 MMT in Q2 FY26.

The growth was led by the ramp-up of Colombo West International Terminal (CWIT) and the Tanzania operations, along with a contribution from NQXT in Australia. CWIT handled 2 million TEUs in its first 18 months. APSEZ has inaugurated Phase II, which doubles capacity from 1.6 million TEUs to 3.2 million TEUs. The expanded terminal aims to handle nearly 25 per cent 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 opportunity*

Logistics revenue rose 21 per cent to ₹1,273 crore, and EBITDA rose 8 per cent to ₹237 crore. The business recovered from Q1 FY27, which was hit by the West Asia crisis. TEU volumes rose 15 per cent to 167,453 in Q2 from 145,310 in Q1. Trucking revenue grew 28 per cent year-on-year, while International Freight Network (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 that connects ports with industrial and consumption centres across India.

*Marine: building a global maritime services platform*

Marine revenue rose 57 per cent to ₹1,007 crore, and EBITDA rose 32 per cent to ₹447 crore. The growth came from fleet additions (138 vessels against 127 a year ago), higher offshore services income and a foray into subsea services. The SEZ segment reported revenue and EBITDA of ₹44 crore each, up 2 per cent.

*Management comment*

Ashwani Gupta, Whole-time Director and CEO, said APSEZ’s ability to execute at scale with financial prudence lets it pursue ambitious growth while drawing on balance-sheet strength and compounding cash flows. "Q2 FY27 was another stellar quarter. Domestic Ports continue to anchor our earnings, while International Ports, Logistics and Marine are emerging as powerful growth engines," he said. He added that the company had deployed ₹30,346 crore of capex over the past two years, including higher-than-planned investments in H1, while keeping net debt-to-EBITDA at 1.8x.

*Strong balance sheet*

H1 FY27 capex stood at ₹10,521 crore, against operating cash flow of ₹13,327 crore. Gross debt is ₹57,717 crore and the cash balance is ₹12,502 crore. Net debt-to-EBITDA is 1.8x, even after aggregate capex of ₹30,346 crore over the past two years. APSEZ also generated ₹2,806 crore of free cash flow in H1 FY27 despite the elevated capex.

On ratings, S&P Global Ratings upgraded APSEZ’s long-term issuer credit rating and the rating on its senior unsecured notes to "BBB" from "BBB-", with a Stable outlook. This places the company on par with India’s sovereign rating from S&P. JCR assigned an "A-/Stable" rating in January 2026. CARE Ratings and ICRA have reaffirmed their "AAA" domestic ratings. The average debt maturity is 4.9 years as of September 30, 2026, against 5.2 years a year earlier.

*About APSEZ*

Part of the Adani Group, APSEZ describes itself as a leading Integrated Transport Operator. Its "shore-to-door" offering covers port handling, rail transport, multi-modal logistics parks, warehousing and final delivery by road. It operates 16 ports and terminals across India’s west, south and east coasts, plus four international ports in Australia, Colombo, Israel and Tanzania. Its marine fleet has 138 vessels, and its logistics network includes 12 multi-modal logistics parks, 3.1 million sq ft of warehouses and over 40,000 trucks on its platform. With a cargo handling capacity of 671 million tonnes per annum, APSEZ handles around 27 per cent of India’s port volumes. It is targeting 1 billion tonnes of throughput by FY31.