Adani Ports and Special Economic Zone’s (APSEZ) recorded a 10.44 per cent jump in net profit to ₹3,329 crore for the fourth quarter of the financial year 2025-26 (Q4FY26), backed by higher earnings across domestic and international ports, logistics, and marine verticals as well as an increase in cargo handled by the company.
Revenue from domestic ports increased 26 per cent year-on-year (Y-o-Y) to ₹10,738 crore. Revenue from international ports jumped 58 per cent Y-o-Y to ₹1,422 crore. Revenue from logistics rose 10 per cent Y-o-Y to ₹1,133 crore and that from marine zoomed 101 per cent Y-o-Y to ₹726 crore).
APSEZ’s overall revenue from operations for the quarter under review stood at ₹10,737.6 crore, up 26.5 per cent Y-o-Y. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) grew 20 per cent Y-o-Y to ₹6,020 crore at a margin of 56 per cent.
The company exceeded Bloomberg analysts’ poll estimate expectations for Q4FY26 profit of ₹3,159.9 crore. It also topped the analysts’ revenue estimate of ₹9,683 crore.
Sequentially, APSEZ’s revenue grew by 10.64 per cent, while profit increased by about 9.02 per cent. Its shares listed on the BSE closed at ₹1,655.15 per equity share on Thursday.
In Q4FY26, APSEZ handled a cargo volume of 133.4 million metric tonnes (mmt), up 13 per cent Y-o-Y. The company’s domestic volume remained flat Y-o-Y at 111.7 mt, versus 111.9 mt in Q4FY26. However, APSEZ’s international volume jumped 262 per cent Y-o-Y to 21.7 mt.
The company’s all-India market share declined by 30 basis points (bps) during the quarter, while its all-India container market share and rail volumes dipped by 110 bps and 1 per cent, respectively.
For FY26, APSEZ’s revenue stood at ₹38,735.77 crore, up 27.1 per cent Y-o-Y, while its profit for the same period stood at ₹12,806.21 crore, up 15.45 per cent Y-o-Y. Ebitda stood at ₹22,851 crore, up 20 per cent Y-o-Y. In FY26, the company handled a cargo of 500.8 mmt, up 11 per cent Y-o-Y.
The company spent ₹15,320 crore in capex during FY26.
The company beat its revenue guidance of ₹38,000 crore for FY26, Ebitda guidance of ₹22,800 crore, and capex guidance of ₹11,000 crore to 12,000 crore. The company, however, fell short of its port cargo volume guidance which was set at 505 to 515 mmt.
“Our strong performance during the quarter underscores the resilience of our business model and the disciplined execution of our strategy. Despite the geopolitical volatility and ongoing global tariff uncertainty, we surpassed our FY26 guidance, led by record 500 mmt port cargo volumes. Logistics and Marine businesses also grew rapidly at 55 per cent and 134 per cent, respectively during the year,” said Ashwani Gupta, whole-time director and chief executive officer, APSEZ.
FY27 guidance
The company aims to handle 1 billion mt of cargo annually by 2030. Its current cargo handling capacity stands at 653 mt per annum.
“APSEZ has built a strong platform to more than double revenue and Ebitda by FY31. This is underpinned by us reaching one billion tonnes of port cargo by December 2030, rapid scale-up of asset-light & assetzero services, and expansion of marine fleet. Disciplined capital allocation will ensure that future capex is funded via internal accruals, while preserving flexibility for selective inorganic growth,” Gupta added.
The company has guided its FY27 revenue to be ₹43,000 crore to 45,000 crore (up 11-16 per cent Y-o-Y), Ebitda at ₹25,000 crore to 26,000 crore (up 9-14 per cent Y-o-Y), and capex at ₹12,000 crore to 14,000 crore.
For net debt-to-Ebitda, the company aims to stand at within 2.5x limit for FY27. APSEZ’s net debt as of March 31, 2025 was ₹42,910 crore, while its net debt-to-equity stood at 1.9x. The company reported a cash balance of ₹12,193 crore.
