Adani Ports Q1 FY26 cargo 121 MMT; share 27.8%, +11%

Results snapshot for the June 2025 quarter

Adani Ports and Special Economic Zone Ltd (APSEZ) reported a higher cargo throughput for the quarter ended 30 June 2025 (Q1 FY26). The company said it handled 121 million metric tonnes (MMT) of cargo, a 11% year-on-year (YoY) increase. APSEZ also reported that its all-India cargo market share increased to 27.8%, up from 27.2% in Q1 FY25. The growth was described as being driven by containers, which rose 19% YoY in the quarter.

In a separate operational update referenced in the material, Q1 FY26 total cargo volume is also cited at 120.6 MMT (up 11% YoY). June 2025 monthly volumes were highlighted at 41.3 MMT, an increase of 12% YoY, supported by 15% YoY growth in container traffic. These disclosures collectively point to a quarter where container-led growth remained the key theme across APSEZ’s network.

Market share and mix: what changed

APSEZ’s Q1 FY26 update includes both total cargo market share and container market share. While overall cargo share rose to 27.8%, container market share was reported at 45.2%, compared with 45.9% in Q1 FY25. In other words, the company gained share in overall cargo but saw a marginal dip in container share, even as container volumes grew strongly.

The company’s disclosures also link quarter performance to specific cargo categories. For the earlier comparable period in the text, APSEZ noted Q1 FY25 cargo volume of 109 MMT (up 8% YoY) and attributed growth to containers (up 18% YoY) and liquids and gas (up 11% YoY). These category callouts provide context to why container performance continues to be used as the primary driver in the Q1 FY26 commentary.

Port-level highlights: Krishnapatnam, Mundra, Gangavaram

Among individual ports, Krishnapatnam recorded its highest ever monthly cargo volume of 5.85 MMT in June 2025, according to APSEZ.

Mundra, APSEZ’s flagship port, also saw a notable operational record. In June 2025, Mundra Port handled 3,234 TEUs in a single day, described as the highest ever by any Indian port. The port also set a rail-linked operational record by loading 23 double-stack container rakes in one day.

The company also disclosed a disruption in the network. It said there was a temporary disruption at Gangavaram Port leading to a loss of 5.7 MMT, and that operations were fully restored.

International operations: Haifa and other assets

APSEZ’s update includes performance at the Haifa port, where operations were said to have continued “unhindered” during the quarter. Haifa reported 25% YoY growth in container volume and 38% YoY growth in other cargo volume, leading to 29% YoY overall volume growth. APSEZ said this resulted in Haifa’s highest quarterly revenue and operating EBITDA since acquisition, without providing the absolute figures in the text.

The disclosures also mention the company commencing operations at a fully automated container terminal in Colombo port, and an export terminal in Dhamra Port (listed in the provided material alongside cargo and market share points).

Rail and logistics indicators highlighted in June

Beyond port gates, the text provides June 2025 logistics data points. Rail volumes were reported at 62,146 TEUs in June 2025, up 14% YoY. The material also references GPWIS (General Purpose Wagon Investment Scheme) volume of 2.21 MMT in June 2025, up 18% YoY.

These data points are important because APSEZ positions itself as a ports and logistics company, and rail evacuation is often used as a supporting indicator of throughput quality and hinterland connectivity.

Financial and outlook datapoints cited

Alongside volume growth, the text cites a revenue jump linked to the quarter’s performance: revenues were reported as up 31%, reaching Rs 9,126 crore (converted from Rs 91.26 billion). The company also reaffirmed its cargo volume guidance for FY26 in the range of 505 MMT to 515 MMT.

Separately, the material includes a milestone for H1 FY24, stating APSEZ recorded its highest ever half-yearly revenue of Rs 12,894 crore, EBITDA of Rs 7,429 crore, and cargo volumes of 203 MMT.

How this quarter compares with earlier periods

The dataset includes an older operational snapshot from Q1 FY18, when APSEZ handled 50 MMT of cargo, including 6 MMT handled by Abbot Point Operations Pty Ltd (ABPO), Australia. The company also highlighted diversification, stating container volumes grew 21% and other bulk cargo grew 12% in that quarter. Port-level growth figures cited for that period include Mundra up 5%, Hazira up 19%, and Kattupalli up 30% in overall cargo volumes, while container volumes at Mundra were up 20%, Hazira up 25%, and Kattupalli up 31%.

The text also provides a longer-term comparison for 2014 to 2024, stating APSEZ cargo volume increased from 113 MMT to 408 MMT (14%), while industry cargo volumes grew from 972 MMT to 1,539 MMT (5%).

Key numbers table

Why the update matters for investors and the sector

The Q1 FY26 disclosures point to continued growth in APSEZ’s cargo volumes, supported by containers and network-level execution. The rise in all-India cargo market share to 27.8% is a key indicator of competitive positioning, even as container market share was reported slightly lower than last year. The June operational records at Mundra and the high monthly cargo at Krishnapatnam add context on where capacity and execution are showing up in measurable outcomes.

At the same time, the disclosure of a 5.7 MMT loss due to a temporary disruption at Gangavaram, and the subsequent restoration, highlights the operational risks that can affect quarterly throughput. With FY26 guidance of 505-515 MMT reiterated, subsequent monthly updates and port-level performance will remain central to how investors track delivery against that range.

Conclusion

APSEZ’s Q1 FY26 update shows cargo handled at 121 MMT and a higher all-India cargo market share of 27.8%, with container-led growth remaining the key driver. June 2025 volumes, rail indicators, and port-level records at Mundra and Krishnapatnam reinforce the quarter’s operational tone. The company has reaffirmed its FY26 cargo guidance of 505-515 MMT, setting the reference point for upcoming monthly and quarterly disclosures.