Adani Ports May 2026 cargo rises 16% to 48.3 MMT

Key update from May 2026

Adani Ports and Special Economic Zone Limited (APSEZ) said it handled 48.3 million metric tons (MMT) of total cargo in May 2026, a 16% rise year-on-year (YoY). The update extends the company’s run of higher port volumes in FY26 so far. The growth was driven mainly by liquids and containers, as per the company’s operational disclosure. However, rail-linked logistics volumes fell during the month.

May cargo volumes and segment drivers

In May 2026, APSEZ’s liquids cargo was up 33% YoY, marking the strongest growth among the segments highlighted. Container volumes rose 17% YoY in the same month. The company did not provide absolute segment-wise tonnage in the provided data, but attributed overall growth to these two categories. The headline cargo number of 48.3 MMT represents a clear step-up from the prior year’s base, as reflected in the 16% YoY increase.

Logistics rail volumes decline in May

Alongside port handling growth, APSEZ reported softer logistics rail volumes for May 2026. Logistics rail volume stood at 48,170 TEUs, down 19% YoY. This divergence between port cargo growth and rail logistics performance is visible in the company’s month-level numbers shared. The disclosure does not specify the commodity mix behind the rail decline, but the YoY contraction is explicit.

Year-to-date performance till May 2026

On a year-to-date (YTD) basis till May 2026, APSEZ reported cargo handled of 91.4 MMT, up 15% YoY. Over the same YTD period, logistics rail volumes reached 96,660 TEUs, down 18% YoY. These YTD figures indicate that the company’s port network continued to expand throughput early in the fiscal year, while rail-linked container logistics faced pressure.

FY26 milestone: crossing 500 MMT in a single year

APSEZ also highlighted that it became the first Indian integrated transport operator to handle over 500 MMT of port cargo volume in a single year. In the FY26 operational table shared, full-year cargo stood at 500.8 MMT, compared with 450.2 MMT in FY25, translating to 11% YoY growth. The company also referenced “record 500 MMT port cargo volumes” and stated it surpassed its FY26 guidance despite “geopolitical volatility and ongoing global tariff uncertainty.”

Quarterly and full-year operating snapshot

The operational numbers included in the FY26 disclosure provide additional context beyond monthly updates. In Q4 FY26, cargo handled was 133.4 MMT versus 117.9 MMT in Q4 FY25, a 13% YoY increase. For rail volume, Q4 FY26 stood at 166,646 TEUs versus 167,659 TEUs in Q4 FY25, a 1% YoY decline. For the full year, rail volume rose to 695,517 TEUs in FY26 from 643,480 TEUs in FY25, an 8% YoY increase.

Logistics and marine growth highlights

APSEZ stated that its logistics business delivered FY26 revenue growth of 55% YoY to ₹4,478 crore, compared with ₹2,881 crore in FY25. The company also cited a 10% RoCE in logistics (versus 6% in FY25), linking the improvement to ramp-up in Trucking and International Freight Network services. Separately, APSEZ said logistics and marine businesses grew rapidly at 55% and 134% respectively during the year, as per the provided disclosure.

Recent month comparison: April 2026 vs May 2026

APSEZ’s May update followed a strong April 2026. In April 2026, the company reported total cargo handling of 43.1 MMT, up 15% YoY, with container and dry cargo growth of 17% each. April logistics rail volume was 48,490 TEUs, down 16% YoY. Compared with April, May showed higher total cargo (48.3 MMT versus 43.1 MMT) and a slightly lower rail TEU number (48,170 versus 48,490), based on the figures provided.

Summary table of the reported metrics

Market impact and why investors track these numbers

Monthly volume updates from APSEZ are closely watched because cargo throughput is a direct operating indicator for a port-led business. The May 2026 print shows that higher liquids and container movement supported overall cargo growth, even as rail logistics volumes fell. The FY26 full-year milestone of 500.8 MMT cargo provides a broader benchmark for scale, while the logistics revenue number of ₹4,478 crore in FY26 highlights the company’s push beyond port operations. The data also shows that rail performance can vary by month and quarter, as seen in the 19% YoY decline in May rail TEUs versus 8% full-year growth in FY26.

Conclusion

APSEZ’s May 2026 operational update showed cargo handled of 48.3 MMT, up 16% YoY, with liquids and containers leading the growth. YTD May 2026 cargo rose 15% YoY to 91.4 MMT, while logistics rail volumes declined both for the month and YTD. The company’s broader FY26 disclosure underscored a record 500.8 MMT annual cargo figure and a 55% YoY rise in logistics revenue to ₹4,478 crore, setting the context for how port throughput and logistics performance are moving together and diverging at times.