Adani Ports and Special Economic Zone Limited (APSEZ) announced its results for the second quarter ended September 30, 2026. APSEZ's strong Q2 performance, with consolidated revenue up 24 per cent to `11,340 crore and EBITDA up 23 per cent to `6,807 crore, underscores its transformation into India's largest and amongst the world's fastest growing Integrated Transport Operator, with multiple growth engines across Domestic and International Ports, Logistics, and Marine scaling simultaneously.
"APSEZ's ability to execute at scale with financial prudence enables us to pursue ambitious growth while leveraging balance-sheet strength and compounding cash flows. Against this backdrop, Q2FY27 was another stellar quarter.
Domestic Ports continue to anchor our earnings, while International Ports, Logistics and Marine are emerging as powerful growth engines. Reflecting strong H1 performance, we are upgrading our FY27 guidance across revenue, EBITDA and capex.
As we accelerate investments toward our Ambition 2031 objectives, our balance sheet remains exceptionally strong. We have deployed `30,346 crore of capex over the past two years, includinghigher-than-planned investments in H1, while maintaining net debt-to-EBITDA at just 1.8x, underscoring the strength of our business model and capital discipline."
Strong H1 performance has led APSEZ to raise its FY27 revenue and EBITDA guidance by `1,000 crore each to `44,000-`46,000 crore and `26,000-`27,000 crore, respectively. APSEZ is simultaneously accelerating its investment program to deliver its FY31 Ambition of `91,500 crore revenue and `52,000 crore EBITDA, equivalent to 2.4x and 2.3x FY26 levels. Consequently, FY27 capex guidance has been raised by `3,000 crore to `15,000-`17,000 crore, reflecting the higher pace of investment across the company's growth initiatives.
Q2 FY27 consolidated revenue grew 24 per cent to `11,340 crore and EBITDA rose 23 per cent to `6,807 crore reflecting strong, broad-based growth across all businesses. Q2 FY27 performance also demonstrates the impact of APSEZ's transformation into an increasingly diversified transport and logistics platform, where multiple growth engines across ports, logistics, marine and international markets are scaling simultaneously. Domestic Ports continued to provide scale, stability and strong cash generation. Revenue increased 13per cent YoY, supported by cargo growth and higher realizations. EBITDA margin remained best-in-class at 72.5 per cent. Cargo volume during the quarter stood at118 MMT, while APSEZ's all-India cargo and container market share was at 27.3 per cent and 44.4 per cent respectively. Domestic ports' capacity stood at 671 MMT.
During the quarter, APSEZ secured 30-year concession for Paradip Port's CQ-I and CQ-II dry bulk berths, adding 18 MMT of mechanized capacity. The addition strengthens APSEZ's east coast network, enhances access to mineral-rich hinterlands and supports long-term cargo growth. During the quarter, APSEZ also commenced EXIM operations at the Vizhinjam port.
The International Ports portfolio sustained its strong momentum, delivering record revenue and EBITDA of `1,839 crore and `878 crore respectively, with the EBITDA margin reaching a record 47.7 per cent.
Volumes increased to 24 MMT from 10 MMT in Q2 FY26.
The performance was led by the continued ramp-up of Colombo West International Terminal (CWIT) and Tanzania operations and contribution from NQXT Australia. CWIT handled 2 million TEUs within its first 18 months of operations, demonstrating strong customer confidence and operational scale. Building on the success of Phase I, APSEZ inaugurated Phase II, doubling CWIT's capacity from 1.6 million TEUs to 3.2 million TEUs. The expanded terminal aims to handle nearly 25% of the Port of Colombo's targeted capacity of 13 million TEUs by 2028.