Adani Ports Charts a Course for Record Growth and Sustainability in Q2 & H1 FY26

Adani Ports and Special Economic Zone Limited (APSEZ) has once again demonstrated robust financial and operational performance, delivering a 'record quarter' in Q2 FY26 and a strong first half for FY26. The company, a leading Integrated Transport Utility, reported a consolidated net profit of ₹3,120 crore for Q2 FY26, marking a significant 29% year-on-year increase. Revenue for the quarter also saw a substantial jump of 30% to ₹9,167 crore. For the half-year ended September 30, 2025, APSEZ's EBITDA stood at ₹11,046 crore, reflecting a healthy 20% growth compared to the previous year. This impressive performance underscores the success of its strategic initiatives and its unmatched integrated transport utility value proposition.

The growth was broad-based across all key segments. Domestic Ports achieved its highest-ever H1 FY26 EBITDA margin of 74.2%, showcasing operational efficiency and resilience. International Ports also reached lifetime highs in H1 FY26 revenue and EBITDA, with figures of ₹2,050 crore and ₹466 crore respectively. The Logistics business experienced exponential growth, with H1 FY26 revenue soaring by 92% to ₹2,224 crore, driven by the ramp-up of trucking and international freight network services. The Marine segment also witnessed remarkable expansion, with revenue surging by 213% to ₹1,182 crore in H1 FY26, primarily due to strategic vessel acquisitions. These results highlight APSEZ's ability to capitalize on market opportunities and execute its strategic vision effectively.

Strategic Expansion and Operational Excellence

APSEZ's strategic expansion is well underway, with significant investments and initiatives across its multimodal capabilities. The company is actively expanding its network of 12 logistics parks and 3.1 million sq. ft. of warehouses, alongside an expanding trucking fleet and international freight services. This integrated approach aims to create a seamless supply chain ecosystem. Key operational highlights include Mundra Port ranking 25th among the top global ports in the World Bank's Container Port Performance Index 2024, an improvement from its 27th position last year. The Colombo West International Terminal (CWIT) has handled over 350,000 TEUs since commencing operations in April 2025, demonstrating rapid ramp-up.

In logistics, APSEZ announced the groundbreaking of a 70-acre, 1.3 million sq. ft. logistics park in Kochi with a ₹600 crore investment, expected to generate over 1,500 jobs. The company also received approval for EXIM operations at various Inland Container Depots (ICDs) in Gujarat, Rajasthan, and Karnataka. The marine fleet expanded with 9 new vessels acquired in Q2 FY26, bringing the total fleet to 127 vessels, including a foray into West Africa waters. This expansion enhances offshore capabilities and positions APSEZ as a genuine integrated player in the global supply chain. The company also inaugurated a Strategic Command Center for Marine operations, facilitating real-time vessel tracking and enhanced operational control.

Financial Discipline and Sustainability Leadership

APSEZ's commitment to financial discipline is evident in its deleveraged balance sheet and strong capital markets track record. The company closed H1 FY26 with a net debt/EBITDA ratio of 1.8x, well below its policy of up to 2.5x, and increased its average debt maturity to 5.2 years. Fitch Ratings revised its outlook to 'Stable' from 'Negative', and S&P Global revised its outlook to 'Positive' from 'Negative', reaffirming investment-grade ratings. The company also completed a bond buyback program in August 2025, repurchasing US$386.03 million, and issued ₹5,000 crore in NCDs for 15 years to LIC, further optimizing its capital structure.

Sustainability remains a core pillar of APSEZ's strategy. The company scored 66/100 in the S&P Global Corporate Sustainability Assessment (CSA) 2025, placing it in the Top 95th percentile globally within the Transportation & Transportation Infrastructure sector. Twelve of its ports are certified Zero Waste to Landfill, and APSEZ is committed to achieving Net Zero by 2040. MSCI upgraded APSEZ's ESG rating from 'CCC' to 'B', recognizing strong corporate governance and sustainability practices. These accolades, including multiple awards for environmental protection and logistics excellence, highlight APSEZ's dedication to responsible growth.

Outlook and Future Growth Drivers

Looking ahead, APSEZ management expressed confidence in achieving its targets, including a port cargo volume guidance of 505-515 MMT for FY26. The company aims to reach 1 billion tonnes throughput by 2030, with a significant portion coming from domestic ports. Key growth drivers include containerization, coastal shipping, and the redefinition of the liquid cargo supply chain. Investments in port capacity expansion, such as at Dhamra and the ongoing Vizhinjam and Colombo Phase-2 projects, are expected to fuel future growth. The company's AI-powered Strategic Command Center for Logistics operations is fully operational, and skill-building centers have commenced at Mundra and Krishnapatnam, reinforcing its focus on technology and human capital development.

APSEZ's strong, across-the-board profitable growth momentum truly underscores the success of its integrated transport utility value proposition. The company's strategic vision, disciplined execution, and commitment to sustainability position it for continued leadership in the global transportation and logistics sector, fostering long-term value creation for its stakeholders.