Adani Ports and Special Economic Zone Limited (APSEZ) has delivered a breakout year, beating its own guidance and setting a new benchmark in India’s logistics sector.
The company has become the first integrated transport operator to handle more than 500 million metric tonnes (MMT) of port cargo in a single year.
The company reported FY26 revenue of Rs. 38,736 crore, up 25% year-on-year, while EBITDA rose 20% to Rs. 22,851 crore, both exceeding its earlier projections. Profit after tax climbed 16% to Rs. 12,782 crore, underscoring strong operational momentum despite global trade disruptions.
APSEZ’s performance was powered by broad-based growth across its businesses. Domestic ports revenue rose 13%, supported by market share gains and improved returns, while international ports surged 34%, driven by expansion in Australia and Colombo. Logistics emerged as a standout, jumping 55%, while the marine segment more than doubled, posting a 134% rise in revenue.
For the full year, cargo volumes hit 500.8 MMT, cementing APSEZ’s leadership position. The company also maintained financial discipline, with net debt-to-EBITDA at 1.9x, well within its stated ceiling.
“Our strong performance during the quarter underscores the resilience of our business model and the disciplined execution of our strategy. Despite the geopolitical volatility and ongoing global tariff uncertainty, we surpassed our FY26 guidance, led by record 500 MMT port cargo volumes. Logistics and Marine businesses also grew rapidly at 55% and 134% respectively during the year.
"While this represents meaningful progress, our journey is far from complete. APSEZ has built a strong platform to more than double revenue and EBITDA by FY31. This is underpinned by us reaching one billion tonnes of port cargo by December 2030, rapid scale-up of asset-light & asset-zero services, and expansion of marine fleet.
"Disciplined capital allocation will ensure that future capex is funded via internal accruals, while preserving flexibility for selective inorganic growth,” said Ashwani Gupta, Whole-time Director & CEO.
Operationally, APSEZ maintained its grip on India’s trade flows, holding a 27.1% all-India cargo market share and 45.5% container market share. Its domestic ports capacity reached 653 MMT, while marine fleet strength hit a record 136 vessels.
The company’s international business delivered its strongest quarter yet, with revenue surging 58% year-on-year and margins expanding sharply. Logistics growth was fueled by rapid scaling of trucking and freight network services, while marine operations benefited from long-term contracts and fleet expansion across key global regions.
APSEZ also stepped up investments, with FY26 capex at Rs. 15,320 crore, above guidance, signaling aggressive expansion. At the same time, it strengthened its balance sheet through bond buybacks and improved credit ratings, with multiple agencies reaffirming or upgrading outlooks.
The board has proposed a dividend of Rs. 7.5 per share, rewarding shareholders after a year of record performance.
Looking ahead, APSEZ is targeting Rs. 43,000–45,000 crore in revenue for FY27 and EBITDA of up to Rs. 26,000 crore, backed by continued growth in ports, logistics, and marine businesses.
With scale, diversification, and capital discipline converging, APSEZ is positioning itself at the center of India’s evolving supply chain—and pushing toward its ambitious goal of handling one billion tonnes of cargo by 2030.
