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Adani Ports & Special Economic Zone Results: Latest Quarterly Results & Analysis

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Adani Ports & Special Economic Zone Ltd. 05 Aug 2025 14:36 PM
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Q1FY26 Quarterly Result Announced for Adani Ports & Special Economic Zone Ltd.

Marine Port & Services company Adani Ports & Special Economic Zone announced Q1FY26 results

Q1FY26 Financial Highlights:

  • Domestic ports revenue increased by 14% YoY to Rs 6,137 crore. Domestic ports EBITDA margin stood at 74.6% (vs 72.5% in Q1FY25).
  • International ports revenue increased 22% YoY to Rs 973 crore. EBITDA margin stood at 21% vs 13% in Q1FY25.
  • Logistics revenue grew 2x YoY to Rs 1,169 crore. Marine revenue grew 2.9x YoY to Rs 541 crore.
  • EBITDA increased 13% to Rs 5,495 crore (60% EBITDA margin in Q1FY26 vs 64% in Q1FY25).
  • S&P Global revised ratings outlook to Positive from Negative. S&P Global has reaffirmed BBB- rating.
  • Tenor increase and yield reduction achieved through:
    • Issuance of Rs 5,000 crore NCDs for 15 years to LIC. The transaction highlights access to domestic markets for its longest tenure issuance.
    • Launch of tender offer to buy back up to USD 450 million of outstanding USD Bonds. As of 29 July 2025, received USD 384 million of tenders (tender offer will expire on 13 August, 2025).
  • Reduced yield across all bond issuances by up to 116 bps.
  • Q1FY26 cash balance - Rs 16,921 crore; Gross debt - Rs 53,089 crore.
  • Q1FY26 Net debt / EBITDA - 1.8x.

Operational Highlights:

  • Handled 121 MMT ( 11% YoY) cargo volume in Q1FY26, driven by containers ( 19% YoY).
  • All-India cargo market share increased to 27.8% (27.2% in Q1FY25). Container market share stood at 45.2% (45.9% in Q1FY25).
  • Haifa port operated unhindered throughout and reported 25% YoY growth in container volume and 38% YoY growth in other cargo volume during the quarter, leading to overall volume growth of 29% YoY. This led to the highest quarterly revenue and operating EBITDA for Haifa port since acquisition by APSEZ.
  • Krishnapatnam port handled its highest ever cargo volume (5.85 MMT) in June 2025.
  • Handled 179,479 TEUs of container rail volume ( 15% YoY) and 6.05 MMT GPWIS volume ( 9% YoY).
  • Received approval to commence EXIM operations at Virochannagar (Gujarat), Kishangarh (Rajasthan) and Malur (Karnataka) ICDs.
  • Launched double stack container rake movement between ICD Tumb and ICD Patli.
  • In June 2025, Mundra Port handled the highest ever TEUs by any Indian port in one day (3,234). The port also set a record by loading 23 double-stack container rakes in a single day.
  • Ocean Sparkle integrated cloud-based vessel management system (SeaFlux) across its fleet

Ashwani Gupta, Whole-time Director & CEO, APSEZ, said: This quarter’s 21% revenue growth is anchored by extraordinary momentum in our Logistics and Marine businesses, which grew 2x and 2.9x respectively.”

“These are no longer ancillary verticals - they are reshaping the contours of our future-ready ports ecosystem. With expanding Trucking and International Freight Network services and fast growing, diversified marine fleet in the MEASA region, we are deepening our integrated transport utility approach and extending our value chain from port gate to customer gate. Coupled with cargo growth and market share gains in the domestic ports business, and higher revenue and improving EBITDA in international ports, we remain firmly on track to meet our FY26 guidance”.

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Marine Port & Services company Adani Ports & Special Economic Zone announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue: Rs 8,488 crore compared to Rs 6,897 crore during Q4FY24, change 23%.
  • EBITDA: Rs 5,006 crore compared to Rs 4,044 crore during Q4FY24, change 24%
  • PAT: Rs 3,023 crore compared to Rs 2,015 crore during Q4FY24, change 50%.
  • Cargo (MMT): 118 MMT compared to 109 MMT during Q4FY24, change 8%

FY25 Financial Highlights:

  • Operating revenue grew by 16% YoY to Rs 31,079 crore. Domestic ports revenue increased 12% YoY to Rs 22,740 crore; Logistics revenue increased 39% to Rs 2,881 crore. Marine revenue increased 82% to Rs 1,144 crore.
  • EBITDA (excluding forex) increased 20% to Rs 19,025 crore. 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 Rs 7 per share. This implies a payout of Rs 1,500 crore.
  • 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 nonconvertible 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 .

Ashwani Gupta, Whole-time Director & CEO, APSEZ., said: “Our record-breaking performance in FY25—crossing Rs 11,000 crore in PAT and handling 450 MMT cargo—is a testament to the power of integrated thinking and flawless execution.”

“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.”

Result PDF

Marine Port & Services company Adani Ports & Special Economic Zone announced Q3FY25 results

  • Cargo (MMT): 113, up 4% YoY from 109
  • Revenue: Rs 7,964 crore, up 15% YoY from Rs 6,920 crore
  • EBITDA: Rs 4,802 crore, up 15% YoY from Rs 4,186 crore
  • PAT: Rs 2,518 crore, up 14% YoY from Rs 2,208 crore
  • FY25 EBITDA guidance revised to Rs 18,800-18,900 crore.
  • APSEZ continues to maintain excellent financial discipline - net debt to TTM EBITDA stood at 2.1x (vs 2.3x in FY24).
  • ICRA Limited reaffirmed the credit rating of long-term - fund based/non-fund-based limit and non-convertible debentures as [ICRA] AAA; stable and commercial paper as [ICRA] A1 .
  • India Ratings & Research reaffirmed the credit rating of non-convertible debentures and bank loans (long-term) as IND AAA/Stable and commercial paper and bank loans (short-term) as IND A1 .
  • S&P Global Ratings reaffirmed its rating at BBB- and revised outlook to “Negative” during the quarter. Moody’s Ratings reaffirmed investment grade rating ‘Baa3’ and revised its outlook to negative during the quarter.
  • Fitch Ratings reaffirmed APSEZ rating at BBB- and placed the long-term foreigncurrency issuer rating and US dollar senior unsecured bonds on Rating Watch Negative during the quarter.

Ashwani Gupta, Whole-time Director & CEO, APSEZ, said: "I am excited to share the fantastic momentum we have achieved during 9M FY25, driven by exceptional execution across 3 key areas of our business - market share gains coupled with volume-price mix increase, traction in logistics vertical, and operational efficiencies along with technology-led gains. On the logistics front, in line with our commitment earlier in the year, we launched a new trucking platform, which is being integrated across the rest of the logistics value chain and will make us a true integrated Transport Utility. We have also upgraded our FY25 EBITDA forecast to Rs 18,800-18,900 crore. Moreover, it is incredibly gratifying to be recognized by S&P Global CSA as one of the Top 10 companies globally in the transport industry. This prestigious recognition reflects our focus on imbibing sustainability across our operations.”

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Marine Port & Services company Adani Ports & Special Economic Zone announced Q2FY25 results

Financial Highlights:

  • Operating revenue grew by 13% YoY to Rs 14,627 crore. Ports revenue increased by 11% YoY to Rs 12,824 crore, Logistics revenue increased by 17% YoY to Rs 1,159 crore.
  • EBITDA (excluding forex) increased 21% YoY to Rs 9,217 crore.
  • Net debt to TTM EBITDA at 2x (vs 2.3x in FY24).
  • CRISIL assigned “AAA” rating to APSEZ. India Ratings upgraded APSEZ’s long-term issuer rating to “AAA”.
  • APSEZ’s long term debt is now ranked “AAA” by 4 domestic rating agencies, including ICRA and CARE.

Operational Highlights:

  • APSEZ clocked 220 MMT of cargo volume (up 9% YoY) in H1FY25. The growth was primarily driven by Containers (up 19% YoY).
  • Mundra Port achieved a significant milestone by crossing 100 MMT mark in 181 days (101.1 MMT in H1).
  • Vizhinjam port docked the largest cargo ship ever to arrive in South Asia (MSC Claude Girardet).
  • Handled 0.31 Mn TEUs rail volume (up 11% YoY) and 10.7 MMT GPWIS volume (up 20% YoY).
  • Container volume handled at MMLPs increased by 21% YoY to 215,958 TEUs.

Ashwani Gupta, Whole-time Director & CEO, Adani Ports and Special Economic Zone (APSEZ): “We are pleased to witness continued growth across our operations, with our existing ports delivering strong volume ramp-ups and new capacity additions progressing as planned in Gopalpur, Vizhinjam and Colombo,”

“During the quarter, we also diversified our marine fleet, adding 26 offshore support vessels. Our logistics business too achieved robust growth, enhancing last-mile connectivity through expansions in rakes, warehousing, MMLPs and agri-silos. Mundra Port’s remarkable milestone of crossing 100 MMT in 181 days and our cargo volume trajectory reaffirm our confidence in delivering our FY25 cargo guidance and hitting the upper end of our EBITDA guidance for the year. These results underscore APSEZ’s commitment to sustainable growth and operational excellence.”

Result PDF

Marine Ports & Services company Adani Ports & Special Economic Zone announced Q1FY25 results:

Financial Highlights: 

  • Volume grew 8% YoY to 109 MT
  • Highest ever quarterly revenue at Rs 7,560 crore (21% YoY growth)
  • Highest ever EBITDA and PAT at Rs 4,848 crore (up 29% YoY) and Rs 3,107 crore (up 47% YoY) respectively
  • Net Debt to TTM EBITDA at 2.1x vs 2.3x in FY24
  • Domestic Ports contributed Rs 3,990 crore to EBITDA and Logistics contribution was at Rs 144 crore
  • Domestic ports EBITDA expanded by 32 bps to 72% due to better asset sweating.
  • Ratings upgrade from two domestic rating agencies & outlook upgrade from international rating agency
  • Signed two new port concession agreements and won one new port O&M contract
  • Arrival of first mothership at the Vizhinjam transshipment port, equipped with South Asia’s most advanced container handling technology

Operational Highlights:

  • During the quarter, APSEZ clocked 109MMT of cargo volume (up 8% YoY). The growth was primarily driven by Containers (up 18% YoY) and Liquids & Gas (up 11% YoY). We had a temporary disruption leading to a loss of 5.7 MMT at the Gangavaram Port, which is now fully restored.
  • Mundra port handled the highest every quarterly volume by any Indian port (51 MMT).
  • Mundra, Kattupalli, Hazira, and Krishnapatnam featured in World Bank’s Container Port Performance Index 2023. The index benchmarks ports globally across multiple parameters including productivity, efficiency and reliability.
  • Highest ever quarterly rail cargo (0.16Mn TEUs, up 19% YoY) and GPWIS volume (5.56 MMT, up 28% YoY).
  • Container volume handled at MMLPs increased by 27% YoY to 103,784 TEUs.

Ashwani Gupta, Whole-time Director & CEO, APSEZ, said: “FY25 has begun on a strong note for us with stellar performance on both financial and growth fronts. On the financial front, we posted all-time high earnings. But for the temporary disruption in Gangavaram Port, which is now fully restored, our Q1 cargo volume would have been at 114.7 MMT, a 13% increase.

On the growth front, we won two new port concessions and a port O&M contract. We are proud that four of our ports featured in World Bank’s Container Port Performance Index 2023”

Result PDF

Marine Port & Services company Adani Ports & Special Economic Zone announced FY24 results:

Financial Highlights:

  • Revenue growth of 28% YoY to Rs 26,711 crore in FY24, supported by 30% jump in ports business revenue and 19% in logistics business.
  • EBITDA (excl. forex) jumps 24% YoY to Rs 15,864 crore, with Rs 15,246 crore contributed by ports business and Rs 540 crore by logistics business.
  • Domestic port EBITDA margin expanded by ~150 bps with better sweating of assets (capacity utilization of 67% in FY24 vs 56% in FY23).
  • Record PAT of Rs 8,104 crore ( 50% YoY), despite a write off of Rs 455 crore resulting from the switch to the new tax regime for one of its subsidiaries.
  • Completed loan pre-payments/repayments of Rs 5,584 crore, exceeding the initial guidance of Rs 5,000 crore provided at the start of the year.
  • Net debt to EBITDA improves to 2.3x from 3.1x in FY23, despite a capex of Rs 7,416 crore.
  • For FY24, the APSEZ Board has recommended a dividend of Rs 6 per share, in line with our capital allocation policy. This implies a payout of around Rs 1,300 crore for the company.

Ashwani Gupta, Whole-Time Director & CEO, APSEZ, “FY24 has been a year of many new milestones for APSEZ on both operational and financial metrics. APSEZ outperformed its upper end of guidance provided at the beginning of the financial year on cargo, revenue, and EBITDA by 6%-8%, while closing the year with net debt to EBITDA ratio of 2.3x vs its guidance of 2.5x. Clearly, the company’s business model of end-to-end service, strategic partnership with key customers, leveraging the network effect through its string of ports, and focus on operational efficiencies is yielding results"

Result PDF

Adani Ports & Special Economic Zone announced Q3FY24 results:

  • Financial Highlights:

    • Cargo volume growth ( 44% YoY) drove a 45% YoY revenue increase to Rs 6,920 crore in Q3FY24.
    • Domestic port EBITDA margin expanded by approximately 170 bps, resulting in a 59% YoY growth in EBITDA to Rs 4,293 crore.
    • Robust cargo volume growth contributed to a record PAT of Rs 2,208 crore ( 65% YoY) during the quarter.
    • Bond buy-back of USD 325 million concluded during 9M FY24, leading to an improvement in Net Debt to EBITDA (for TTM Dec’23) to 2.5x vs 3.1x for FY23.

  • Operational Highlights:

    • APSEZ achieved a milestone with its highest-ever quarterly cargo volume of 108.6 MMT.
    • Mundra, the flagship port, set a record for the highest monthly volume at any Indian port in Oct’23, while AICTPL (CT-3) recorded India’s highest monthly container volume in Nov’23.
    • APSEZ reached 300 MMT in 266 days, outpacing the FY23 timeline of 329 days, with the overall cargo volume reaching ~311 MMT in 9M ( 23% YoY).
    • Domestic cargo growth surpassed India’s growth rate, with nine domestic ports/terminals achieving their highest-ever cargo volumes in 9M.
    • Quarterly rail volumes grew 17% YoY to 157,904 TEUs, and GPWIS volumes surged 53% YoY to 5.29 MMT.
    • APSEZ achieved its highest-ever rail ( 22%) and GPWIS ( 46%) volumes in 9M.

  • Business Highlights:

    • Formed a strategic partnership with MSC by establishing a JV for Ennore Container Terminal.
    • Completed the acquisition of Karaikal Port and the sale of Myanmar assets.
    • Adani Logistics Limited (ALL) added 23 rakes, Loni & Valvada ICD, and warehouses at NRC and Indore.
    • Colombo terminal received a financing commitment of USD 553 million from DFC.

“In the year when our first port, Mundra, completed 25 years of operation, APSEZ recorded its strongest ever Q3 and 9M performance with the highest ever revenue, EBITDA, and cargo volumes, and is on course to overachieve its full-year guidance provided at the start of the year. This is a testament to our continuous efforts to drive operating efficiencies and remain an industry-leading port operator,” said Ashwani Gupta, CEO, APSEZ.

 

Result PDF

Adani Ports & Special Economic Zone announced H1FY24 results:

  • Consolidated operating revenue grew by 26% YoY to Rs 12,894 crore
  • Consolidated EBITDA including forex impact grew by 49% YoY to Rs 7,429 crore. Excluding forex impact consolidated EBITDA is Rs 7,634 crore.
  • Ports business EBITDA margin expanded by 220 bps to 72% with improved realization and operating efficiencies
  • Logistics business EBIDTA margin was maintained at 29%
  • APSEZ has concluded a buy-back of two tranches of USD-denominated bonds totaling USD 325 million, representing 50% of the principal repayment due on July 24.
  • Net Debt to EBITDA for TTM Sep’23 improved to 2.8x versus 3.1x for the full year ended Mar’23.
  • On a YTD basis (Apr – Oct’ 23), APSEZ has handled 240 MMT of total cargo, which is a good 18% YoY growth.
  • APSEZ’s domestic cargo volume growth in H1FY24 is over 2x India’s cargo volume growth rate.

“APSEZ achieved another milestone by registering its highest ever half-yearly revenue of Rs 12,894 crore, EBITDA of Rs 7,429 crore, and cargo volumes of 203 MMT during H1FY24. The splendid performance was on the back of a 14% YoY increase in cargo volume coupled with improving operational efficiencies at our ports, which has resulted in our domestic ports EBITDA improving by 220bps YoY to 72% during H1FY24,” said Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone.

 

Result PDF

Adani Ports & Special Economic Zone announced Q1FY24 results:

  • Revenue for Q1FY24 increased by 24% YoY to Rs 6,248 crore
  • EBITDA for Q1FY24 increased by 80% YoY to Rs 3,765 crore
  • PAT for Q1FY24 increased by 80% YoY to Rs 2,119 crore
  • Cargo volume growth of 12% YoY to over 101 MMT, supported by containers growth of 15%
  • APSEZ’s market share in India jumps around 200 bps to 26%

"APSEZ delivered its strongest ever quarterly operating performance during Q1FY24, with highest ever quarterly cargo volumes, revenue, EBITDA and around 200 bps jump in domestic market share, despite over 50% of the company’s total port capacity being adversely impacted for around 6 days due to the cyclone Biparjoy", said Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone.

"Our continuous efforts on improving operational efficiencies have resulted in domestic ports business EBITDA margin of 72% and logistics business EBITDA margin of 28%, which is higher than the reported margins of listed peers from India. Our newly acquired assets, Haifa Port and Karaikal Port, have ramped up well with monthly cargo volumes now touching 1 MMT mark at the two ports. With our cargo volumes crossing 100 MMT during the quarter, we are well on course to achieve our FY24 cargo volume guidance of 370-390 MMT.” added Karan Adani.

 

 

Result PDF

Adani Ports & Special Economic Zone announced Q3FY23 results:

  • Q3FY23 & 9MFY23:
    • With ~24% market share in 9MFY23, APSEZ is India’s largest private-sector port company
    • Revenue increased by 16% YoY to Rs 15,055 crore in 9MFY23
      • Port revenue increased by 22% and Logistics revenue increased by 43%
    • EBITDA increased by 19% YoY to Rs 9,562 crore
      • Port EBIDTA increased by 20% and Logistics EBIDTA increased by 66%
    • With a Port EBITDA margin of 70%, APSEZ is one of the most profitable among global peers
    • PAT increased by 11% YoY to Rs 4,252 crore
    • Transactions concluded for Haifa Port Company, Indian Oiltanking Ltd. (IOTL) & ICD Tumb

With the highest-ever revenue and EBITDA over a nine-month period, ASPEZ is well placed to achieve the upper end of its full-year revenue and EBITDA guidance provided for FY23. The company also concluded the transactions of Haifa Port Company, IOTL, ICD Tumb, Ocean Sparkle, and Gangavaram Port, and is progressing well on transitioning its business model to a transport utility, said Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone.

 

Result PDF

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