APSEZ Q1 FY27 Results: Revenue Climbs 19% on Global Port Growth
APSEZ posts 19% rise in Q1 revenue as overseas ports drive earnings growth
Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest integrated transport operator, reported a strong start to the 2026 to 27 financial year, with consolidated revenue rising 19 per cent year on year to ₹10,821 crore for the quarter ended 30 June 2026. Earnings before interest, tax, depreciation and amortisation (EBITDA) also increased 19 per cent to ₹6,541 crore, while profit after tax grew 10 per cent to ₹3,650 crore.
The latest results show that APSEZ’s business is becoming less dependent on its Indian ports as overseas operations, marine services and logistics contribute a larger share of earnings. The company has steadily expanded beyond cargo handling over the past decade through acquisitions, port development and transport services in India and overseas.
The biggest contributor to quarterly growth came from APSEZ’s international ports business. Revenue from overseas ports increased 80 per cent year on year to ₹1,747 crore, while EBITDA climbed 256 per cent to ₹730 crore. The improvement was supported by stronger operations in Australia and Colombo, along with the addition of NQXT Australia, whose financial results were included in APSEZ’s accounts from the fourth quarter of FY26.
Cargo handled at international ports increased sharply to 22.8 million metric tonnes (MMT), compared with 7.7 MMT in the same quarter last year. Australia accounted for 10 MMT, followed by Colombo with 6.9 MMT, Tanzania with 3.7 MMT and Israel with 2.2 MMT. Colombo’s revenue rose five times compared with the previous year, while Tanzania recorded 36 per cent growth. The higher contribution from Australian operations and improving volumes at Colombo lifted the international ports EBITDA margin to 41.8 per cent from 21.1 per cent a year earlier.
The domestic ports business remained the company’s largest source of income. Revenue from Indian ports reached ₹6,964 crore, up 12 per cent from the previous year, while EBITDA increased 11 per cent to ₹5,152 crore. Cargo volumes handled at domestic ports rose to 115.3 MMT from 112.9 MMT in the corresponding quarter of FY26. EBITDA margin remained strong at 74 per cent.
As of 30 June 2026, APSEZ’s domestic port capacity stood at 653 MMT. The company is expanding capacity to 1,000 MMT by December 2030. Such expansion reflects the continued rise in India’s cargo trade, driven by manufacturing growth, infrastructure spending and increasing container traffic. Government programmes that encourage exports and industrial development have also increased demand for efficient port infrastructure in recent years.
Despite higher cargo volumes, APSEZ’s share of India’s cargo market remained broadly stable at 27.6 per cent, compared with 27.8 per cent in the same quarter last year. Its share of India’s container cargo market stood at 44.8 per cent against 45.2 per cent a year earlier, keeping the company among the country’s largest port operators.
The marine business recorded another quarter of strong growth. Revenue increased 67 per cent year on year to ₹901 crore, while EBITDA rose 36 per cent to ₹404 crore. The improvement was supported by fleet expansion, with the number of vessels increasing to 135 from 118 a year earlier.
The company has also widened its international marine presence. During the quarter, it announced a partnership with Oceaneering International to strengthen deepwater engineering and offshore capabilities in Europe. APSEZ also secured a 10-year contract linked to Argentina’s first liquefied natural gas exports to India, marking its entry into South America’s offshore services market.
Logistics operations delivered a mixed performance. Revenue remained almost unchanged at ₹1,173 crore, while EBITDA increased slightly to ₹219 crore. Rail container volumes fell to 145,310 twenty-foot equivalent units (TEUs) from 179,479 TEUs in the previous year. APSEZ said rail operations were affected by the continuing crisis in the Middle East, which disrupted some cargo movements. At the same time, its asset-light businesses continued to expand, with trucking revenue rising 26 per cent year on year and International Freight Network revenue increasing 28 per cent over the previous quarter.
Revenue from port development and special economic zone operations declined sharply because of project timing, although this segment represents only a small share of the group’s overall business.
Commenting on the results, Ashwani Gupta, Whole-time Director and Chief Executive Officer, said: “Our Q1 FY27 performance underscores the strength of our diversified business model, combining global reach with a multi-modal asset base across geographies, commodities, and customers. Our domestic ports business continued to deliver strong growth and remains the bedrock of APSEZ’s earnings, while International Ports, Marine, and Logistics have transitioned decisively from scale-up to scale-value, becoming increasingly important drivers of revenue growth and profitability.
This balanced growth across businesses reinforces our confidence in achieving Ambition 2031. Supported by our domestic capacity expansion program targeting 1,000 MMT by 2030, a growing international portfolio, and a rapidly scaling logistics ecosystem, APSEZ is steadily building a more diversified, resilient, and globally relevant transport platform capable of sustaining long-term value creation.”
Financially, the company continued to maintain a conservative balance sheet. Gross debt stood at ₹56,776 crore, while cash and cash equivalents totalled ₹12,428 crore. Net debt to EBITDA remained at 1.9 times, below the company’s guidance of up to 2.5 times for the financial year.
Credit rating agencies also recognised APSEZ’s financial position during the quarter. S&P Global Ratings upgraded the company’s long-term issuer credit rating and senior unsecured notes to “BBB” from “BBB-” with a Stable outlook, bringing it in line with India’s sovereign rating assigned by S&P. Earlier in January 2026, Japan Credit Rating Agency assigned APSEZ an “A- / Stable” rating. Domestic agencies CARE Ratings and ICRA Limited reaffirmed the company’s highest domestic credit rating of “AAA”. Strong credit ratings generally allow companies to raise funds at lower borrowing costs and support long-term investment plans.
Beyond financial performance, APSEZ released its first report under the Taskforce on Nature-related Financial Disclosures (TNFD), becoming the first transport company in India to do so. The TNFD framework encourages businesses to measure and disclose how their operations affect nature and biodiversity. The initiative is gaining attention globally as investors increasingly assess environmental risks alongside financial performance.
For the full financial year, APSEZ has maintained its guidance of ₹43,000 crore to ₹45,000 crore in revenue and EBITDA between ₹25,000 crore and ₹26,000 crore. With domestic capacity expansion, international acquisitions and transport services continuing to grow, the company is positioning itself to increase its presence across the global logistics and maritime sector while supporting India’s expanding trade network.
