APSEZ Q2 Revenue Soars 24% to Rs 11,340 Crore; Full-Year Guidance Raised
Adani Ports (APSEZ) reports strong Q2 growth with revenue hitting Rs 11,340 crore and raises full-year FY27 financial guidance.
Adani Ports and Special Economic Zone Limited (APSEZ) has posted a powerhouse performance for the second quarter ended September 30, 2026, reporting a 24 per cent year-on-year (YoY) surge in APSEZ Q2 consolidated revenue, which climbed to Rs 11,340 crore. This growth was fueled by a broad-based expansion across its domestic and international port operations, logistics, and marine services.
The company's financial health showed significant strength across multiple metrics. EBITDA rose by 23 per cent to reach Rs 6,807 crore, while the consolidated profit after tax (PAT) saw an 18 per cent increase, totaling Rs 3,682 crore for the quarter.
Upgrading the Future: FY27 Guidance Hiked
Following a stellar first-half performance, APSEZ has expressed confidence in its trajectory by raising its full-year FY27 financial guidance. The company increased its revenue and EBITDA projections by Rs 1,000 crore each.
- Projected Annual Revenue: Rs 44,000 crore to Rs 46,000 crore.
- Projected EBITDA: Rs 26,000 crore to Rs 27,000 crore.
Breaking Down the Growth Engines
The quarterly expansion was not limited to one sector but was driven by diverse business segments:
Domestic Ports
Continuing to serve as the anchor for earnings, domestic port revenue grew by 13 per cent YoY to Rs 7,177 crore. The segment maintained a robust EBITDA margin of 72.5 per cent and handled 118 million metric tonnes (MMT) of cargo.
International Operations
The international ports division emerged as a high-growth catalyst, with revenue skyrocketing 71 per cent to Rs 1,839 crore. Even more impressive was the EBITDA growth, which increased more than three-fold to Rs 878 crore.
Logistics and Marine Services
The logistics arm reported a 21 per cent growth, bringing its revenue to Rs 1,273 crore, while the marine business witnessed a massive 57 per cent jump to reach Rs 1,007 crore.
"APSEZ’s ability to execute at scale with financial prudence enables us to pursue ambitious growth while leveraging balance-sheet strength and compounding cash flows," stated Ashwani Gupta, Whole-time Director and CEO of APSEZ.
Strategic Expansions and Operational Wins
The quarter was marked by several key operational milestones that strengthen the company's long-term position:
- Paradip Port: Secured a 30-year concession for CQ-I and CQ-II dry bulk berths, adding 18 MMT of mechanized capacity.
- Vizhinjam Port: Officially commenced EXIM (Export-Import) operations.
- Colombo West International Terminal: Inaugurated Phase II, doubling capacity from 1.6 million TEUs to 3.2 million TEUs.
- Tanzania: Achieved record quarterly volumes of 265,518 TEUs.
Capital Expenditure and Financial Discipline
In alignment with its "Ambition 2031" roadmap, APSEZ has increased its capital expenditure (capex) guidance for FY27 by Rs 3,000 crore, now targeting a range between Rs 15,000 crore and Rs 17,000 crore.
Despite heavy investments—including Rs 30,346 crore deployed over the last two years—the company maintains a disciplined balance sheet. Ashwani Gupta highlighted that the net debt-to-EBITDA ratio remains at a lean 1.8x.
H1 Financial Snapshot
For the first half of FY27, the company's cash flow remains healthy:
- Operating Cash Flow: Rs 13,327 crore.
- Free Cash Flow: Rs 2,806 crore.
- Capex Deployment: Rs 10,521 crore.
- Cash Balance: Rs 12,502 crore.
- Gross Debt: Rs 57,717 crore.