India's largest Integrated Transport Operator, announced its results for the first quarter ended June 30, 2026. Here are the key highlights:
• Consolidated revenue at Rs 10,821 crore, up 19% YoY
• International Ports delivered robust growth, with revenue increasing 80% YoY to Rs 1,747 crore and EBITDA surging 256% YoY to Rs 730 crore, led by strong performance in Australia and Colombo and reflecting the increasing maturity of APSEZ's overseas portfolio
• Marine revenue increased 67% YoY to Rs 901 crore, on the back of ongoing offshore vessel additions and European subsea expansion
• Domestic ports revenue grew 12% YoY, driven by cargo volume growth, superior product mix, and higher realization. EBITDA margin stood at a best-in-class 74%
• S&P Global Ratings upgraded APSEZ's long-term issuer credit rating and the issue rating on its senior unsecured notes to "BBB" from "BBB-" with a "Stable" outlook. CARE ratings and ICRA Limited reaffirmed APSEZ's highest possible domestic rating of "AAA"
• APSEZ became the first Indian Transport company to release a TNFD (Taskforce on Nature related Financial Disclosures) report, reinforcing its commitment to nature-positive growth
Q1 FY27 key financials (consolidated)
Comment by Ashwani Gupta, Whole-time Director & CEO "Our Q1 FY27 performance underscores the strength of our diversified business model, combining global reach with a multi-modal asset base across geographies, commodities, and customers. Our domestic ports business continued to deliver strong growth and remains the bedrock of APSEZ's earnings, while International Ports, Marine, and Logistics have transitioned decisively from scale-up to scale-value, becoming increasingly important drivers of revenue growth and profitability.
This balanced growth across businesses reinforces our confidence in achieving Ambition 2031. Supported by our domestic capacity expansion program targeting 1,000 MMT by 2030, a growing international portfolio, and a rapidly scaling logistics ecosystem, APSEZ is steadily building a more diversified, resilient, and globally relevant transport platform capable of sustaining long-term value creation." NQXT Australia results were consolidated into APSEZ with effect from Q4 FY26.
Segment-wise performance
Q1 FY27 demonstrates the strength of a business that has expanded well beyond traditional port operations. Our growing presence across Ports, Logistics, and international markets is creating multiple engines of growth while enhancing the resilience of our earnings profile.
Segment performance
Domestic ports revenue grew 12% YoY driven by cargo volume growth (115.3 MMT in Q1 FY27 vs. 112.9 MMT in Q1FY26), superior product mix and higher realization. EBITDA margins stood at a best in-class 74%. As of June 30, 2026, domestic ports capacity stood at 653 MMT. APSEZ is undertaking one of the largest port capacity expansion programs in its history, with domestic capacity slated to increase to 1,000 MMT by December 2030, laying the foundation for the next phase of growth. All India cargo market share stood at 27.6% (27.8% in Q1FY26). All-India container cargo market share stood at 44.8% (45.2% in Q1FY26).
International Ports delivered record quarterly revenue and EBITDA in Q1 FY27, underscoring the growing scale and profitability of APSEZ's global ports platform. Volumes increased to 22.8 MMT from 7.7 MMT in Q1 FY26, driven by the addition of NQXT Australia and ongoing ramp-up at Colombo. Australia contributed 10 MMT, followed by Colombo at 6.9 MMT, Tanzania at 3.7 MMT and Israel at 2.2 MMT. The inclusion of higher-margin Australia operations and improving scale at Colombo drove a sharp expansion in EBITDA margin to 41.8% in Q1 FY27 from 21.1% in Q1 FY26.
Logistics business TEU rail volumes were impacted due to the ongoing Middle East crisis. APSEZ continued to build out the asset-light operations with Trucking revenue up 26% YoY. IFN (International Freight Network) revenue was also up 28% sequentially. Rail volume (TEUs) stood at 145,310 for Q1 FY27 (179,479 for Q1 FY26).
Marine operations delivered 67% YoY revenue growth in Q1 FY27, driven by ongoing vessel additions (135 vessels in Q1 FY27 vs. 118 vessels in Q1 FY26). APSEZ continues to globalize its Marine business, with recent wins including a partnership with Oceaneering International to enhance deepwater engineering and offshore capabilities in Europe, and a landmark 10-year contract supporting Argentina's first LNG exports to India, establishing a presence in South America.
Q1 FY27 performance v. FY27 guidance
Financial highlights
● Debt management: Gross debt at Rs 56,776 crore. Cash balance at Rs 12,428 crore. Net debt / EBITDA at 1.9x (proforma net debt / EBITDA calculated using TTM NQXT EBITDA at 1.8x)
● Credit rating upgrade and rating affirmation: S&P Global Ratings upgraded APSEZ's long-term issuer credit rating and the issue rating on its senior unsecured notes to "BBB" from "BBB-", with a Stable outlook, placing APSEZ on par with India's sovereign rating assigned by S&P. In January 2026, JCR assigned APSEZ an "A- / Stable" rating, positioning it among a select group of Indian corporates rated above the sovereign level by an international rating agency.
APSEZ's strong credit profile continues to be reinforced by the reaffirmation of its "AAA" domestic ratings by both CARE Ratings and ICRA Limited. The company's debt maturity profile remains well diversified, with an average debt maturity of 5.1 years as of June 30, 2026, compared with 5.2 years as of June 30, 2025.
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: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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