APSEZ Records All-Time High PAT of Rs. 11,061 Cr in FY25, Up 37%

Editor’s Synopsis

FY25 Revenue, EBITDA and PAT increased by16%, 20%and 37%respectively
In FY25 Revenue and EBITDA surpassed guidance
Achieved multiple strategic goals – completed Gopalpur acquisition, commenced Vizhinjam port, commenced Colombo port, board approved acquisition of 50MTPA NQXT Australia, commenced O&M operations at Kolkata, won concession agreement to develop Berth No.13 at Deendayal Port, acquired Astro Offshore
All-timehighcargovolumeat450MMT; Mundra became the first port in India to cross 200MMT in a single year
39% increase in Logistics revenue driven by asset accretion, growth in container & bulk cargo volumes, trucking and integrated freight network services.
Marine services revenue set to grow 3X in two years
FY25 net debt to EBITDA at 1.9x (2.3x in FY24); Cash balance stands at ₹8,991 Cr
Projects strong growth in FY26. Revenue and EBITDA guidance at ₹36,000-38,000 Cr and ₹21,000- 22,000 Cr respectively
Secured top ESG Ratings, cementing its leadership position
For FY25, the APSEZ Board has recommended a dividend of ₹7 per share - payout of c. ₹1,500 Cr

Ahmedabad, 1 May 2025: Adani Ports and Special Economic Zone Limited (APSEZ) announced results for the quarter and twelve months ending 31st March, 2025.

Particulars (₹ Cr)	Q4 FY25	Q4 FY24	YoY	FY25	FY24	YoY
Cargo (MMT)	118	109	8%	450	420	7%
Revenue	8,488	6,897	23%	31,079	26,711	16%
EBITDA	5,006	4,044	24%	19,025	15,864	20%
PAT*	3,023	2,015	50%	11,061	8,104	37%

“Our record-breaking performance in FY25—crossing ₹11,000 Cr in PAT and handling 450 MMT cargo—is a testament to the power of integrated thinking and flawless execution,” said Mr. Ashwani Gupta, Whole-time Director & CEO, APSEZ. “We have outperformed guidance across all metrics, expanded our footprint across India and globally, and transformed our logistics and marine verticals into engines of future growth. From Mundra crossing 200 MMT, to Vizhinjam rapidly achieving 100,000 TEUs, to the strategic acquisitions of NQXT and Astro Offshore—every milestone reflects our long-term vision to become the world’s largest ports and logistics platform. With robust fundamentals, industry-leading ESG ratings and an unwavering commitment to excellence, we are well-positioned for even greater strides in FY26.”

Strategic highlights

During the year, APSEZ made considerable progress in expanding its domestic port footprint. Within India, APSEZ closed the acquisition of Gopalpur port. APSEZ commenced operations at Vizhinjam port, India’s first fully automated transshipment port that has already crossed the milestone of 100,000+ TEUs in a single month. APSEZ also commenced O&M operations at Syama Prasad Mookerjee Port’s Netaji Subhas dock and won concession agreement with Deendayal Port Authority to develop Berth No. 13
APSEZ also expanded its international footprint significantly during the year. APSEZ commenced operations at the Colombo West International Terminal (CWIT), located at the port of Colombo. This is the first deep-water terminal in Colombo to be fully automated, designed to enhance cargo handling capabilities, improve vessel turnaround times and elevate the port’s status as a key transshipment hub in South Asia. APSEZ’s Board approved the acquisition of North Queensland Export Terminal (NQXT), Australia. NQXT is a critical export gateway for producers in resource-rich Queensland, Australia and has current capacity of 50 MTPA. APSEZ also signed a 30-year concession agreement to manage container terminal at Dar es Salaam Port, Tanzania
On Haifa Port, significant progress on both fronts viz. integration with APSEZ processes including appointment of senior leadership team at the site and signing of union agreement in April 2025. The agreement will lead to significantly higher productivity and efficiency at the port. During FY25, Haifa Port’s EBITDA increased by 36% YoY
APSEZ launched a strategic initiative to expand its marine business during the year. APSEZ closed the acquisition of offshore support services operator Astro Offshore. Astro will enhance APSEZ’s global marine portfolio, add new Tier-1 customers to the roster, and strengthen geographical footprint. As of FY25, APSEZ’s marine fleet stood at 115 vessels (Ocean Sparkle, Astro, TAHID). APSEZ expects its marine business to grow 3x in two years. In addition to these vessels, Adani Harbor operated a fleet of 46 vessels across APSEZ ports
Logistics vertical continued to pursue its high-growth trajectory (39% revenue growth YoY). During FY25, APSEZ expanded into new lines of business via Trucking Management Solution and International Freight Network services. This enhanced presence across the value chain will strengthen our Integrated Transport Utility positioning. TMS acts as a transformational marketplace and fulfilment solution to streamline supply chain for customers. International Freight Network services is an integrated platform connecting carriers with end users

Operational highlights

APSEZ handled 450 MMT (+7% YoY) cargo volume in FY25, driven by containers (+20% YoY), liquids and gas (+9% YoY)
All-India cargo market share for FY25 increased to 27% (26.5% in FY24). Container market share for FY25 increased to 45.5% (c.44% in FY24)
Mundra became the first Indian port to cross 200 MMT annual cargo volume in single year
Vizhinjam port crossed the 100,000 monthly TEUs milestone in March 2025, just four months after becoming operational
Logistics handled container volumes of 0.64 Mn TEUs (+8% YoY), and bulk cargo of 21.97 MMT (up 9% YoY) in FY25. Rakes count increased to 132 (Container: 68, GPWIS: 54, Agri: 7, AFTO: 3) from 127 as of FY24 end
MMLP count - 12, warehousing capacity increased to 3.1 million sq. ft. (from 2.4 million sq. ft as of FY24 end)
Agri silo capacity stood at 1.2 MMT. Construction activity is underway to increase the capacity to 4 MMT

Financial highlights

Operating revenue grew by 16% YoY to ₹31,079 Cr. Domestic ports revenue increased 12% YoY to ₹22,740 Cr; Logistics revenue increased 39% to ₹2,881 Cr. Marine revenue increased 82% to ₹1,144 Cr
EBITDA (excluding forex) increased 20% to ₹19,025 Cr. EBITDA margin stood at 61% (59% in FY24)
APSEZ continues to maintain excellent financial discipline - net debt to TTM EBITDA stood at 1.9x (vs 2.3x in FY24)
For FY25, the APSEZ Board has recommended a dividend of ₹7 per share. This implies a payout of c. ₹1,500 Cr
S&P Global Ratings revised the outlook on APSEZ to “Negative” from “Positive” and reaffirmed the rating at “BBB-“. Moody’s Ratings revised its outlook to negative and reaffirmed its investment grade rating “Baa3”. Fitch Ratings affirmed long-term foreign currency issuer default rating at “BBB-“ and removed from Rating Watch Negative (RWN) and assigned a negative outlook
ICRA reaffirmed the credit rating of long-term fund based / non-fund based limit and non- convertible debentures of APSEZ at AAA; Stable and commercial paper of APSEZ as [ICRA] A1+
India Ratings & Research reaffirmed the credit rating of non-convertible debentures and bank loans (long-term) of APSEZ as IND AAA / Stable and commercial paper and bank loans (short term) as IND A1+

FY26 guidance

Parameter	FY26 guidance
Revenue	₹36,000-38,000 Cr
EBITDA	₹21,000-22,000 Cr
Capex	₹11,000-12,000 Cr
Net debt / EBITDA	Policy up to 2.5x

Port cargo volume guidance – 505-515 MMT

ESG highlights

APSEZ is committed to Net Zero by 2040. As part of its ongoing journey towards the 2040 target, APSEZ has commissioned renewable capacity of 225 MW
APSEZ was ranked among the Top 10 global transportation and transportation infrastructure companies in the 2024 S&P Global Corporate Sustainability Assessment (CSA), with a score of 68 out of 100, improving by three points from last year. APSEZ is now in the 97th percentile within the sector, up from the 96th percentile in 2023
Received an “A-” (Leadership band) in both climate change and water security assessments by CDP for 2024, marking its first entry into the leadership rating for water security.
Maintained top position in the low carbon transition rating within the port sector by Sustainalytics and received a low ESG risk rating with a score of 13.7
Included in the Nifty 100 ESG Index based on favorable ESG risk score
Ranked among the Top 12 companies in transportation infrastructure by ISS ESG and awarded ‘Prime’ status for the first time, making its equity and bond instruments eligible for responsible investments
The Adani Mundra Cluster, including APSEZ Mundra port, Adani New Industries Ltd., and Ambuja Cements Ltd., joined the World Economic Forum’s ‘Transitioning Industrial Clusters’ initiative to enhance collaboration, drive economic growth, generate employment, and advance decarbonization by 2050

Awards & accolades

APSEZ earned the Great Place to Work certification for the 5th year in a row
Mundra port received the ‘Shipping Terminal of the year Award’ at the 11th International Samudra Manthan Awards 2024
Mundra port received ‘Port of the year – containerized cargo’ at the EXIM Star Awards 2024
Mundra port was recognized at the Kutch Business Excellence Award 2.0 for excellence in infrastructure development and collaborative CSR projects
Four of APSEZ’s ports—Krishnapatnam, Gangavaram, Goa and Dhamra received the Pollution Control and Waste Management Reduction Excellence Award by the Greentech Foundation
Krishnapatnam port won the ‘Sustenance Organization Award’ at the QCFI Tirupati Chapter Meet. This award recognizes commitment to quality and continuous improvement
Ocean Sparkle was awarded ‘The Maritime Standard Excellence Award’ at the Esteemed Star of the Industry Awards
Ocean Sparkle was named as ‘Best Employer of Offshore Fleet’ at the Seajob Indian Anchor Awards 2024

*During FY24, based on future estimated future profits, APSEZ switched to the new tax regime (u/s 115 BAA of the Income Tax Act, 1961) for one of its subsidiaries, AKPL. Consequently, past years MAT was written off which reduced the FY24 PAT by ₹455 Cr