Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest Integrated Transport Operator, announced its results for the first quarter ended June 30, 2026.
“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 programme 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,” says Ashwani Gupta, Whole-time Director & CEO.
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Domestic ports revenue grew 12% YoY driven by cargo volume growth (115.3 MMT in Q1 FY27 vs. 112.9 MMT in Q1FY26), superior product mix and higher realisation. EBITDA margins stood at a best-in-class 74%. As of June 30, 2026, domestic ports capacity stood at 653 MMT. APSEZ is undertaking one of the largest port capacity expansion programmes in its history, with domestic capacity slated to increase to 1,000 MMT by December 2030, laying the foundation for the next phase of growth. All-India cargo market share stood at 27.6% (27.8% in Q1FY26). All-India container cargo market share stood at 44.8% (45.2% in Q1FY26).
International ports delivered record quarterly revenue and EBITDA in Q1 FY27, underscoring the growing scale and profitability of APSEZ’s global ports platform. Volumes increased to 22.8 MMT from 7.7 MMT in Q1 FY26, driven by the addition of NQXT Australia and ongoing ramp-up at Colombo. Australia contributed 10 MMT, followed by Colombo at 6.9 MMT, Tanzania at 3.7 MMT and Israel at 2.2 MMT. The inclusion of higher-margin Australia operations and improving scale at Colombo drove a sharp expansion in EBITDA margin to 41.8% in Q1 FY27 from 21.1% in Q1 FY26. Colombo revenue was up 5x YoY while Tanzania revenue was up 36% YoY.
Logistics business TEU rail volumes were impacted due to the ongoing Middle East crisis. APSEZ continued to build out the asset-light operations with Trucking revenue up 26% YoY. IFN (International Freight Network) revenue was also up 28% sequentially. Rail volume (TEUs) stood at 145,310 for Q1 FY27 (179,479 for Q1 FY26).
Marine operations delivered 67% YoY revenue growth in Q1 FY27, driven by ongoing vessel additions (135 vessels in Q1 FY27 vs. 118 vessels in Q1 FY26). APSEZ continues to globalize its Marine business, with recent wins including a partnership with Oceaneering International to enhance deepwater engineering and offshore capabilities in Europe, and a landmark 10-year contract supporting Argentina’s first LNG exports to India, establishing a presence in South America.
Financial highlights
Debt management: Gross debt at ₹56,776 Cr. Cash balance at ₹12,428 Cr. Net debt / EBITDA at 1.9x (proforma net debt / EBITDA calculated using TTM NQXT EBITDA at 1.8x)
Credit rating upgrade and rating affirmation: S&P Global Ratings upgraded APSEZ’s long-term issuer credit rating and the issue rating on its senior unsecured notes to “BBB” from “BBB-“, with a Stable outlook, placing APSEZ on par with India’s sovereign rating assigned by S&P. In January 2026, JCR assigned APSEZ an “A- / Stable” rating, positioning it among a select group of Indian corporates rated above the sovereign level by an international rating agency.
APSEZ’s strong credit profile continues to be reinforced by the reaffirmation of its “AAA” domestic ratings by both CARE Ratings and ICRA Limited. The company’s debt maturity profile remains well diversified, with an average debt maturity of 5.1 years as of June 30, 2026, compared with 5.2 years as of June 30, 2025.