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APSEZ FY26: Revenue up 25% as ports scale and logistics expands

Adani Ports and Special Economic Zone Limited (APSEZ) closed FY26 with strong consolidated growth and a clear message that it intends to compound scale across ports, logistics, and marine services. Consolidated revenue rose to ₹38,736 crore, up 25% year-on-year. EBITDA increased 20% to ₹22,851 crore, and profit after tax rose 16% to ₹12,782 crore.

Operationally, the company crossed a major milestone by handling 500.8 million metric tonnes (MMT) of cargo during FY26. Management described this as a marker of scale rather than just a statistic, and it used the milestone to reinforce its positioning as an integrated transport operator with end-to-end “shore-to-door” capability.

At the same time, the quarter showed some margin pressure. Consolidated Q4 FY26 EBITDA margin came in at 56% versus 59% in Q4 FY25. In the conference call, management attributed this to seasonality, business mix changes, and actions taken during disruptions such as extended free storage for containers at Mundra during shipping dislocations.

FY26 at a glance: growth, scale, and leverage discipline

APSEZ exceeded the FY26 guidance it had set for revenue and EBITDA. It reported net debt to EBITDA of 1.9x versus its stated policy ceiling of up to 2.5x. Gross debt was ₹55,103 crore and cash balance was ₹12,193 crore as of March 31, 2026.

The Board proposed a dividend of ₹7.5 per share for FY26, with June 12, 2026 as the record date.

Segment performance: domestic ports steady, international ports step up

Domestic ports remained the core earnings engine. FY26 domestic ports revenue grew 13% to ₹25,755 crore, while EBITDA rose 14% to ₹18,849 crore. EBITDA margin for domestic ports was 73.2% in FY26. Domestic ports capacity stood at 653 MMT. The company also reported domestic ports RoCE of 23% in FY26, up from 21% in FY25.

In terms of throughput, domestic volume in FY26 was 451.0 MMT, up 5% year-on-year. APSEZ’s all-India cargo market share for FY26 was 27.1%, up 10 bps, while container market share was 45.5%.

International ports delivered the sharpest improvement in profitability. FY26 international ports revenue increased 34% to ₹4,539 crore. EBITDA rose 180% to ₹1,298 crore, and EBITDA margin expanded to 28.6% from 13.7% in FY25. In Q4 FY26, international ports EBITDA margin reached 42%, supported by NQXT Australia consolidation (from Q4 FY26) and the ramp-up of Colombo West International Terminal (CWIT).

The company reported international volume of 49.8 MMT in FY26 versus 19.6 MMT in FY25. Management also stated on the call that international governance has been centralized in Ahmedabad and leadership teams are aligned with APSEZ operating culture.

Logistics and marine: fast growth, different margin structure

Logistics expanded rapidly and continued to shift mix toward asset-light and asset-zero services.

FY26 logistics revenue grew 55% to ₹4,478 crore, while EBITDA rose 34% to ₹863 crore. The consolidated logistics EBITDA margin for FY26 was 19.3% versus 22.3% in FY25, which the presentation links to a rising mix of trucking and international freight network services that typically have lower EBITDA margins but are described as additive to RoCE due to limited incremental capex.

The detailed logistics split for FY26 showed:

On capital efficiency, the company reported logistics RoCE of 10% in FY26, up from 6% in FY25.

Marine was another standout in growth. FY26 marine revenue rose 134% to ₹2,681 crore and EBITDA increased 125% to ₹1,357 crore. The company stated marine vessel count reached 136 as of March 31, 2026 and cited take-or-pay contracts with Tier-1 customers as a source of revenue visibility. Marine EBITDA margin in FY26 was 50.6%.

Capex: FY26 overshoot and FY27 guidance

A key talking point for investors was the FY26 capex outcome. APSEZ had guided capex of ₹11,000 to ₹12,000 crore for FY26 but reported capex of ₹15,320 crore.

In the call, management said the higher capex reflected accelerated execution across growth projects, including expansion and automation initiatives. The capex snapshot in the presentation includes projects such as Vizhinjam Phase 2, Mundra VLCC jetty, Mundra container terminal CT5, CWIT Phase 2, and modernization and expansion at Dhamra.

For FY27, the company guided capex of ₹12,000 to ₹14,000 crore.

FY27 guidance and near-term positioning

APSEZ provided FY27 guidance that implies continued growth, though at a slower rate than FY26.

Management commentary on the call emphasized operating agility during disruptions and a preference to remain conservative given uncertainty. It also discussed commodity mix changes such as shifts between imported coal and coastal coal, and noted that some disruption-related impacts, including container storage measures, could normalize over the next few months.

Corporate announcements: governance and audit changes

Alongside results, the company’s exchange filing stated:

• Appointment of Dr. Ajay Kumar, IAS (VC and CEO, Gujarat Maritime Board) as an Additional Director (Non-Executive, Non-Independent).
• Mr. Rakshit Shah ceased to be Senior Management Personnel due to transition within the Adani Group.
• Ernst and Young LLP appointed as Internal Auditor in place of Mr. Amrendra Kumar Sinha due to organizational restructuring.

What to track next

APSEZ ends FY26 with higher scale across ports, stronger profitability in international operations, and rapid growth in logistics and marine. The near-term investor debate is likely to focus on two things: whether margins stabilize as disruptions fade, and whether accelerated capex converts into sustained throughput growth without stretching leverage.

With net debt to EBITDA at 1.9x and FY27 guidance reaffirming a ceiling of 2.5x, the company is signaling that it wants headroom for growth while staying within a credit-disciplined framework.