APSEZ lifts FY27 outlook after 24% revenue surge to ₹11,340 crore

Adani Ports and Special Economic Zone (APSEZ) has raised its full-year revenue, EBITDA and capital expenditure guidance after posting quarterly revenue of ₹11,340 crore, a 24% jump from ₹9,167 crore in the same quarter last year.

The results, published for the quarter ended 30 September 2026, mark the second quarter of the Indian financial year FY27. EBITDA rose 23% to ₹6,807 crore, and profit after tax climbed 18% to ₹3,682 crore.

The momentum carried through the first half of the year. APSEZ generated revenue of ₹22,161 crore in the six months to September, up 21% year on year. First-half EBITDA rose 21% to ₹13,347 crore, while profit after tax increased 14% to ₹7,332 crore.

What drove the upgrade?

The international ports division delivered the standout performance. Its revenue grew 71% to ₹1,839 crore, and EBITDA more than tripled to ₹878 crore, with a margin of 47.7%.

International cargo volumes more than doubled, rising from 10 million tonnes a year ago to 24 million tonnes. APSEZ credited the expansion of Colombo West International Terminal, stronger activity in Tanzania and the contribution from NQXT in Australia.

Colombo West International Terminal handled two million TEU in its first 18 months of operation. Its newly inaugurated second phase has lifted capacity from 1.6 million to 3.2 million TEU — a doubling of throughput potential at Sri Lanka's transhipment gateway.

In Tanzania, APSEZ operations handled a record 265,518 TEU during the quarter, including a monthly record of 91,625 TEU in July 2026.

The domestic ports business, by contrast, grew steadily rather than explosively. Quarterly revenue rose 13% to ₹7,177 crore, with EBITDA up 11% at ₹5,201 crore and a margin holding at 72.5%. Domestic cargo volume reached 118 million tonnes, and APSEZ held 27.3% of India's total cargo market and 44.4% of the national container market.

How did logistics and marine perform?

The logistics business grew revenue 21% to ₹1,273 crore, though EBITDA rose only 8% to ₹237 crore. Container volumes in the division reached 167,453 TEU, a 15% gain on the first quarter of FY27, which had been hit by disruption in West Asia.

Marine operations expanded sharply. Revenue increased 57% to ₹1,007 crore and EBITDA rose 32% to ₹447 crore. The fleet grew from 127 vessels to 138, reflecting fleet additions, stronger offshore services and APSEZ's entry into subsea operations.

What is the new guidance?

APSEZ raised its full-year revenue guidance by ₹1,000 crore to a range of ₹44,000 crore to ₹46,000 crore. EBITDA guidance also moved up ₹1,000 crore, to between ₹26,000 crore and ₹27,000 crore.

Planned capital expenditure received the largest boost, increasing ₹3,000 crore to a range of ₹15,000 crore to ₹17,000 crore.

"Domestic ports continue to anchor our earnings, while international ports, logistics and marine are emerging as powerful growth engines," said Ashwani Gupta, Whole-time Director and CEO of APSEZ.

The balance sheet supports the higher spend. APSEZ invested ₹10,521 crore during the first half of FY27 and closed September with a cash balance of ₹12,502 crore. Net debt-to-EBITDA stood at 1.8 times, a level that leaves room for further expansion without straining leverage.

For carriers and shippers on India trade lanes, the raised capex signals continued capacity additions at a group that already handles more than four of every ten containers moved through Indian ports. With Colombo's capacity doubled and Tanzania setting volume records, the guidance upgrade points to further infrastructure-led growth into the second half of FY27.

By Elena Vasquez