Adani Ports and Special Economic Zone Limited (APSEZ) reported a 24% year-on-year increase in consolidated revenue to ₹11,340 crore in the second quarter of FY27. EBITDA rose 23% to ₹6,807 crore, supported by growth across domestic ports, international ports, logistics and marine services.
Following its strong first-half performance, the company has raised its FY27 revenue guidance by ₹1,000 crore to ₹44,000–₹46,000 crore. EBITDA guidance has also been increased by ₹1,000 crore to ₹26,000–₹27,000 crore.
APSEZ has raised its capital expenditure guidance by ₹3,000 crore to ₹15,000–₹17,000 crore as it accelerates investments towards its Ambition 2031 targets.
Domestic and International Ports Drive Growth
Domestic ports remained the company’s primary earnings contributor, with revenue increasing 13% year-on-year. The segment reported an EBITDA margin of 72.5%, while cargo volumes reached 118 million metric tonnes (MMT). APSEZ’s share of India’s total cargo and container volumes stood at 27.3% and 44.4%, respectively.
The company also secured a 30-year concession for Paradip Port’s CQ-I and CQ-II dry bulk berths, adding 18 MMT of mechanised capacity. It commenced export-import (EXIM) operations at Vizhinjam Port during the quarter.
International ports recorded a 71% increase in revenue to ₹1,839 crore, while EBITDA rose to ₹878 crore, more than three times the year-ago level. The segment’s EBITDA margin reached a record 47.7%, with volumes increasing to 24 MMT from 10 MMT in Q2 FY26.
Growth was supported by operations at Colombo West International Terminal, Tanzania and NQXT Australia. Colombo West International Terminal also inaugurated Phase II, doubling its capacity from 1.6 million to 3.2 million TEUs.
Logistics and Marine Businesses Expand
APSEZ’s logistics business recorded 21% revenue growth, supported by the expansion of its integrated shore-to-door network. Trucking revenue increased 28% year-on-year, while International Freight Network revenue more than doubled to ₹289 crore.
The marine business reported 57% revenue growth and 32% EBITDA growth, driven by fleet expansion, higher contributions from offshore services and entry into subsea services. The company’s fleet increased to 138 vessels from 127 a year earlier.
Strong Cash Flow Supports Higher Investments
APSEZ reported operating cash flow of ₹13,327 crore in the first half of FY27, funding investments of ₹10,521 crore. The company generated free cash flow of ₹2,806 crore during the period despite elevated capital expenditure.
Its cash balance stood at ₹12,502 crore, while net debt-to-EBITDA remained at 1.8 times. The company said its balance sheet strength and cash generation would support accelerated investments towards its Ambition 2031 targets of ₹91,500 crore in revenue and ₹52,000 crore in EBITDA.
Commenting on the results, Ashwani Gupta, Whole-time Director and CEO of APSEZ, highlighted the company’s broad-based growth and financial discipline. He said the strong first-half performance had prompted the company to upgrade its revenue, EBITDA and capital expenditure guidance.
APSEZ operates ports and terminals across India and international markets, alongside integrated logistics and marine services. The company aims to handle one billion tonnes of cargo by FY31.
