* FY26 RoCE excludes NQXT since consolidation was effective during Q4 only
April 30, 2026, Ahmedabad: Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest integrated transport operator, announced its results for the quarter and year ended March 31, 2026.
Q4 FY26 & FY26 key financials (consolidated)
| Particulars (₹ Cr) | Q4 FY26 | Q4 FY25 | YoY | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|
| Revenue | 10,738 | 8,488 | 26% | 38,736 | 31,079 | 25% |
| EBITDA | 6,020 | 5,006 | 20% | 22,851 | 19,025 | 20% |
| PAT | 3,308 | 3,023 | 9% | 12,782 | 11,061 | 16% |
Comment by Ashwani Gupta, Whole-time Director & CEO
“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% and 134% respectively during the year.
While this represents meaningful progress, our journey is far from complete. 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 & asset-zero 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”.
Q4 FY26 & FY26 operational performance
| Particulars | Q4 FY26 | Q4 FY25 | YoY | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|
| Cargo (MMT) | 133.4 | 117.9 | 13% | 500.8 | 450.2 | 11% |
| All-India market share | 26% | 26.3% | -30 bps | 27.1% | 27% | 10 bps |
| All-India container market share | 45.2% | 46.3% | -110 bps | 45.5% | 45.5% | - |
| Rail volume (TEUs) | 166,646 | 167,659 | -1% | 695,517 | 643,480 | 8% |
FY26 performance v. guidance
| FY26 guidance | FY26 reported | |
|---|---|---|
| Revenue (₹ Cr) | 38,000 | 38,736 |
| EBITDA (₹ Cr) | 22,800 | 22,851 |
| Capex (₹ Cr) | 11,000 – 12,000 | 15,320 |
| Net debt to EBITDA | Policy up to 2.5x | 1.9x |
| Port cargo volume | 505-515 MMT | 500.8 MMT |
| Trucking revenue | 3x – 4x | 3.4x |
| Marine revenue | 2.3x | 2.34x |
Performance highlights
FY26 marks an important milestone for APSEZ as we reach a critical scale of operations. Our proven execution capabilities enable us to consistently deliver projects ahead of schedule. The year also underscored the inherent resilience of our business, as we ensured continuity of critical maritime trade amid Middle East conflicts and global trade disruptions due to tariffs.Strong growth in our marine and logistics services reinforces the composite nature of our integrated operating model. As shore to door solutions rapidly scale across India, APSEZ is playing an increasingly strategic role in strengthening the country’s logistics efficiency and supply chain resilience.
Domestic ports revenue grew 8% during Q4 FY26 (₹6,566 Cr vs. ₹6,062 Cr in Q4 FY25). For the full year, domestic ports revenue grew 13% (₹25,755 Cr vs. ₹22,740 Cr in FY25) led by 45.5% container market share. FY26 EBITDA was up by 14% (₹18,849 Cr in FY26 vs. ₹16,503 Cr in FY25). FY26 EBITDA margin stood at 73.2% (vs. 72.6% in FY25). As of 31st March 2026, domestic ports capacity stood at 653 MMT. FY26 RoCE at 23% (21% in FY25).
International ports delivered highest ever quarterly revenue at ₹1,422 Cr (+58% YoY, ₹901 Cr in Q4FY25), driven by NQXT addition and Colombo ramp up. International ports also delivered c.5x jump in Q4 FY26 EBITDA (₹597 Cr in Q4 FY26 vs. ₹131 Cr in Q4 FY25), led by all-time high 42% EBITDA margin (14.5% in Q4 FY25). During FY26, international ports revenue was up by 34% (₹4,539 Cr vs. ₹3,380 Cr in FY25). FY26 EBITDA margins stood at 28.6% vs. 13.7% in FY25. FY26 RoCE at 8%* (6% in FY25).
Logistics business delivered FY26 revenue growth of 55% YoY (₹4,478 Cr vs. ₹2,881 Cr in FY25), led by accelerated ramp up across asset-light Trucking services and asset-zero International Freight Network solutions. FY26 EBITDA grew by 34% (₹863 Cr vs. ₹642 Cr in FY25). Q4 FY26 revenue and EBITDA grew by 10% and 26% respectively. FY26 RoCE at 10% (6% in FY25).
During FY26, Marine operations delivered robust 134% YoY revenue (₹2,681 Cr vs. ₹1,144 Cr in FY25) and 125% EBITDA growth (₹1,357 Cr vs. ₹604 Cr in FY25), driven by offshore support vessel acquisitions in the Middle East, Africa, South Asia (MEASA) and India waters and backed by take-or-pay contracts with Tier-1 customers. Marine operations offer revenue visibility and deliver high capital efficiency. As of 31st March 2026, APSEZ’s marine vessel count stood at an all-time high of 136 vessels. FY26 EBITDA margin stood at 51% vs. 53% in FY25. During Q4FY26, revenue jumped 101% (₹726 Cr vs. ₹361 Cr in Q4 FY25). FY26 RoCE at 13% (13% in FY25).
Financial highlights
New credit rating and rating affirmation: CareEdge Global assigned long-term foreign currency issuer rating of “CareEdge BBB+/Stable” to APSEZ. India Ratings and Research (Ind-Ra) reaffirmed APSEZ’s long-term issuer rating at “IND AAA” with “Stable” outlook. Ind-Ra has also reaffirmed APSEZ’s commercial paper rating at IND A1+
JCR assigned foreign currency and local currency long-term issuer credit rating of “A-/Stable” to APSEZ, a notch above India’s sovereign rating. Moody's revised outlook to “Stable” from “Negative”, reaffirmed “Baa3” rating. ICRA reaffirmed “AAA/Stable”. Fitch Ratings revised outlook to “Stable” from “Negative”, affirmed rating at “BBB-“. S&P Global revised ratings outlook to “Positive” from “Negative” while reaffirming “BBB-“rating
Fitch Ratings upgraded NQXT’s long-term issuer default rating to “BBB-“ from “BB+” (“Stable” outlook)
FY27 guidance
| ₹ Cr | FY27 guidance | Comments |
|---|---|---|
| Revenue | 43,000 - 45,000 | 11% - 16% growth guidance |
| EBITDA | 25,000 – 26,000 | 9% - 14% growth guidance |
| Capex | 12,000 - 14,000 | |
| Net debt / EBITDA | Up to 2.5x | Consistent with guidance issued in previous periods |
About APSEZ
APSEZ, part of the globally diversified Adani Group, a leading Integrated Transport Operator--across cargo origination (International Freight Network) through port handling, rail transport, multi-modal logistics parks, warehousing, and final delivery via road transport to customer gates.
This comprehensive "shore-to-door" capability, supported by cutting-edge digital infrastructure and AI-driven optimization, positions APSEZ as India's preeminent integrated logistics solutions provider. The company operates a comprehensive ecosystem of 15 strategically located ports and terminals across India's west, south, and east coasts, combined with a diversified marine fleet of 136 vessels, integrated logistics capabilities including 12 multi-modal logistics parks, 3.1 million sq. ft. of warehouses, and 25,000+ trucks operating on its proprietary platform, thus providing capabilities to handle vast amounts of cargo from both coastal areas and the hinterland. APSEZ also operates 4 international ports across Australia, Colombo, Israel and Tanzania.
With a current cargo handling capacity of 653 million tonnes per annum, APSEZ commands approximately 27% of India's total port volumes, targeting 1 billion tonnes throughput by 2030.
Recognized among the Top 5% of global transportation and transportation infrastructure firms in the 2025 S&P Global Corporate Sustainability Assessment (95th percentile globally), with five ports featuring in the World Bank's Container Port Performance Index 2024, APSEZ combines scale, operational excellence, and integrated capabilities to enable seamless global trade.
Disclaimer
No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this release. Certain statements made in this release may be "forward-looking statements" based on currently held beliefs and assumptions of the management of Adani Ports and Special Economic Zone Limited, which may involve known and unknown risks and uncertainties that may cause actual results to differ materially from projected results.
This release is for general information purposes only and does not constitute an offer or invitation to purchase or subscribe for any securities. Past performance is not necessarily indicative of future results. The Company disclaims any obligation to update forward-looking statements to reflect future events or developments.
For media queries, please contact: Roy Paul roy.paul@adani.com
For Investor Relations, please contact: Rahul Agarwal apsezl.ir@adani.com
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