Ahemdabad: Adani Ports & SEZ Ltd (APSEZ) delivered a stellar Q2FY26 performance, reaffirming its position as India’s largest port operator and setting the tone for an aggressive growth phase ahead. The company reported a sharp jump in key financial metrics for the quarter, revenue rose 30% YoY, EBITDA increased 27%, and PAT grew 29%, marking one of its strongest quarterly executions in recent years. For H1FY26, ROCE stood at 16%, supported by robust internal accruals and over ₹3,000 cr in FCF, while leverage remained comfortable at 1.8x, signalling a strong balance sheet.
APSEZ continued to dominate India’s maritime ecosystem, with its cargo mkt share climbing to 28.1% and container share touching 45.9%, further consolidating its leadership. Global rating agency Fitch upgraded the company’s outlook to Stable, citing sustained growth visibility.
The domestic ports portfolio emerged as a major profit engine, delivering record margins of over 74% and a ROCE of 24%. Strong movement in coking coal, coastal coal, fertilisers and liquid cargo contributed to the momentum. Meanwhile, Mundra Port, the company’s flagship asset, bounced back to peak performance, handling over 720k TEUs in October.
On the global front, APSEZ’s international operations recorded their highest-ever revenue as Colombo terminal crossed 100k TEUs for the third consecutive month. Long-term margins are trending towards ~45%, underscoring efficiency gains across assets.
The logistics segment maintained its hyper-growth trajectory, clocking 79% YoY revenue growth, with ROCE improving and a margin potential of 40-45%. The marine services business also expanded rapidly, with revenue surging 237% and the fleet rising to 127 vessels, now extending operations from West Africa to Southeast Asia.
APSEZ announced the start of a massive capex cycle, committing ₹75,000 cr over five years to scale port capacity from 633 MMT to 1.1-1.2 BMT. Key projects include Vizhinjam P2, Colombo P2, doubling of Dhamra, and expansions at Kattupalli and Hazira.
With FY26 cargo volumes estimated at ~510 MMT, the company reiterated its FY30 vision of 1 Bn Ton throughput, a target that now looks increasingly within reach.
