Adani Ports and Special Economic Zone Ltd. reported a 25% rise in revenue to Rs 38,736 crore for FY26, exceeding its guidance of Rs 38,000 crore. Ebitda rose 20% to Rs 22,851 crore, ahead of its stated range, while the company handled more than 500 million metric tonnes of port cargo in a year for the first time.
The company also proposed a dividend of Rs 7.5 per share, with June 12, 2026 set as the record date.
The results point to expansion in scale and higher contribution from logistics and marine businesses, alongside steady gains in port operations. The company reported return on capital employed of 16% for FY26, compared with 15% in the previous year.
CEO Commentary
"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," Ashwani Gupta, whole-time director and chief executive officer, said.
"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," he added.
Ports Lead Growth
Domestic ports revenue rose 13% to Rs 25,755 crore in FY26, supported by a rise in market share. Ebitda from the segment increased 14% to Rs 18,849 crore, with margin at 73.2%. Capacity stood at 653 million metric tonnes as of March 31, 2026, while return on capital employed improved to 23%.
International ports revenue grew 34% to Rs 4,539 crore during the year, driven by the addition of NQXT Australia and ramp-up at Colombo. Ebitda margin rose to 28.6%, from 13.7% a year earlier, with return on capital employed at 8%.
Logistics, Marine Scale Up
The logistics business posted a 55% rise in revenue to Rs 4,478 crore in FY26, supported by growth in trucking and international freight network services. Ebitda increased 34% to Rs 863 crore, while return on capital employed improved to 10%.
Marine operations reported revenue growth of 134% to Rs 2,681 crore, while Ebitda rose 125% to Rs 1,357 crore. The company expanded its fleet to 136 vessels by March 31, 2026. Ebitda margin stood at 51%, with return on capital employed at 13%.
Balance Sheet, Ratings
Gross debt stood at Rs 55,103 crore, with cash balance at Rs 12,193 crore. Net debt to Ebitda was 1.9 times.
The company reported capex of Rs 15,320 crore for FY26. Credit ratings were affirmed or revised across agencies, including CareEdge at BBB+/Stable, India Ratings at AAA/Stable, Moody's at Baa3 with stable outlook, and Fitch at BBB- with stable outlook.
APSEZ also completed bond buyback programmes during the year, including a repurchase of $199.57 million in March 2026 and $386.03 million in August 2025. Average debt maturity extended to 5.4 years as of March 31, 2026.
The company stated that its integrated model continues to support growth across port, logistics and marine operations, with expansion in capacity and services during the year.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
