APSEZ FY26 Results India Sees Record Cargo Milestone
APSEZ FY26 Results Reveal Sharp Growth in Ports and Global Operations
Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest integrated transport operator, has reported a strong set of numbers for the financial year ending March 31, 2026. The company’s revenue rose to ₹38,736 crore, marking a 25% year-on-year growth. EBITDA stood at ₹22,851 crore, up by 20%. This performance places APSEZ ahead of its own guidance, which had projected ₹38,000 crore in revenue and ₹22,800 crore in EBITDA.
This growth comes at a time when global trade remains under pressure. Many international reports, including those from the World Trade Organisation, have pointed to slower trade growth due to geopolitical tensions and tariff disputes. Despite this, APSEZ managed to expand, which shows strong demand for port and logistics services in India and nearby regions.
One of the biggest highlights is that APSEZ became the first Indian integrated transport company to handle more than 500 million metric tonnes (MMT) of cargo in a single year. This is a major milestone. India’s growing manufacturing sector, higher exports of goods like coal, crude oil, and containers, and rising domestic consumption have all contributed to this surge. Industry experts often note that cargo growth is a strong sign of economic activity, and this milestone places APSEZ in a leading global position.
The domestic ports business remained stable, with revenue rising 13% over the year. The company also improved its return on capital employed (RoCE) to 23%. In simple terms, this means APSEZ is earning better returns on the money it invests. Reports from shipping and logistics journals often stress that efficiency and cost control are key in port operations, and APSEZ seems to be improving on both fronts.
The international ports business showed even faster growth, with revenue rising 34%. This was supported by the addition of the NQXT terminal in Australia and the steady rise in operations at Colombo. Global port operators are increasingly looking to expand beyond their home countries, and APSEZ’s moves reflect this trend. The sharp jump in EBITDA and margins in this segment also suggests that these overseas assets are now starting to deliver strong returns.
The logistics segment stood out with a 55% increase in revenue. This growth came mainly from trucking services and international freight networks. In recent years, there has been a big push towards integrated logistics solutions in India. Government policies such as the National Logistics Policy aim to reduce costs and improve efficiency. APSEZ’s expansion in this area shows that the company is aligning itself with these national goals.
Marine operations also saw strong growth. Revenue rose by 134%, supported by a larger fleet and new contracts. The company now operates 136 vessels. In global markets, offshore support services have gained demand due to increased energy exploration and shipping needs. APSEZ’s focus on this segment helps diversify its income and reduces reliance on port operations alone.
The company’s financial position remains stable. Its net debt to EBITDA ratio stands at 1.9x, which is within a comfortable range. Credit rating agencies like Moody’s, Fitch, and S&P have either maintained or improved their outlook on APSEZ. This shows confidence in the company’s ability to manage its debt and continue growing.
APSEZ also completed bond buyback programmes during the year. Such steps are often taken to reduce interest costs and improve financial flexibility. Analysts generally view this as a positive sign, as it reflects strong cash flows and careful financial planning.
The board has proposed a dividend of ₹7.5 per share for FY26. This indicates that the company is not only growing but also sharing its profits with shareholders. For investors, steady dividends along with growth often make a company more attractive.
Looking ahead, APSEZ has given guidance for FY27. The company expects revenue to be between ₹43,000 crore and ₹45,000 crore, with EBITDA in the range of ₹25,000 crore to ₹26,000 crore. This suggests continued growth, though at a slightly slower pace compared to FY26.
CEO Ashwani Gupta stated that the company aims to more than double its revenue and EBITDA by FY31. A key target is to reach one billion tonnes of cargo by December 2030. This is in line with India’s broader economic ambitions, as the country aims to become a global manufacturing and export hub.
Overall, APSEZ’s performance reflects a mix of strong execution, expansion into new areas, and the ability to adapt to global challenges. While risks such as global trade tensions remain, the company’s diversified model across ports, logistics, and marine services gives it a solid base for future growth.
