Ahmedabad, 04 November: Adani Ports and Special Economic Zone Limited (APSEZ), an Integrated Transport Utility, today announced its results for the quarter and half year ended 30 September 2025.

Q2 FY26 & H1 FY26 key financials (consolidated):

Business segment performance trajectory:

     Q2 FY26 & H1 FY26 operational performance:

Performance highlights:

• APSEZ Q2 FY26 EBITDA at ₹5,550 Cr, up 27% YoY; H1 FY26 EBITDA at ₹11,046 Cr (+20% YoY)

• Domestic Ports deliver highest ever H1 FY26 EBITDA margin at 74.2%; International Ports H1 FY26 revenue and EBITDA hits lifetime high of ₹2,050 Cr and ₹466 Cr respectively

• Logistics H1 FY26 revenue at ₹2,224 Cr, +92% YoY, driven by ramp up in Trucking and International Freight Network services, RoCE increases to 9% (6% in FY25)

• Marine H1 FY26 Marine revenue ₹1,182 Cr, +213% YoY, driven by vessel acquisitions

• Fitch Ratings revised outlook to “Stable” from “Negative”, reaffirmed rating at “BBB-“

• S&P Global CSA recognized APSEZ in the Top 5% of Global Transportation and Transportation Infrastructure companies¹

Business transformation analysis:

Logistics business delivered exceptional growth with H1 FY26 revenue of ₹2,224 Cr, up 92% YoY. This transformation reflects APSEZ’s strategic evolution toward Integrated Transport Utility, with accelerated ramp-up in trucking services, international freight network services, multi-modal logistics park (MMLP) operations across 12 locations, and RoCE improvement to 9% (from 6% in FY25).

Marine operations achieved remarkable 213% YoY growth to ₹1,182 Cr in H1 FY26. The diversified marine fleet expansion with 127 vessels in the MEASAregion, including foray into West Africa waters through acquisition of 4 Platform Supply Vessels (PSVs) and 1 workboat, demonstrates successful scaling of offshore capabilities with Tier-1 customers.

International ports delivered lifetime high H1 revenue at ₹2,050 Cr in H1 FY26, reflecting strong performance at Haifa Port (Israel), operational commencement at Colombo West International Terminal (Sri Lanka), and Container Terminal 2 operations at Dar Es Salaam (Tanzania).

Domestic ports maintained steady growth with H1 FY26 revenue of ₹12,488 Cr and all-time high EBITDA margin at 74.2%, demonstrating the resilience of APSEZ’s core Indian operations with overall market share at 28% (27.3% in H1 FY25) and container market share at 45.5% (45.1% in H1 FY25).

Financial Highlights

• Strong operating cash flow: H1 FY26 operating cash flow of ₹9,503 Cr, representing 86% of EBITDA
• Capex momentum: H1 FY26 capex at ₹6,462 Cr
• Debt management: H1 FY26 Net debt/EBITDA ratio at 1.8x; Cash balance ₹13,063 Cr; Gross debt ₹51,082 Cr
• Credit rating upgrade: Fitch Ratings revised outlook to “Stable” from “Negative”, affirmed rating at “BBB-“. S&P Global revised ratings outlook to “Positive” from “Negative” while reaffirming “BBB-“ rating; Moody’s reaffirmed “Baa3/Negative”; ICRA reaffirmed “AAA/Stable”
• Capital optimization: Completed bond buyback program in August 2025, repurchasing total of US$386.03m (US$384.38m during early tender date and US$1.65m before expiration); Issued ₹5,000 Cr NCDs for 15 years to LIC; Increased average debt maturity to 5.2 years (from 4.3 years as on March 31, 2025)

Technology & skill development

• AI-powered Strategic Command Center for Logistics operations fully operational
• Commenced skill building centers at Mundra & Krishnapatnam to impart industry-relevant skills aligned with APSEZ’s requirements

Environmental leadership and ESG ratings

• Scored 66/100 in S&P Global Corporate Sustainability Assessment (CSA) 2025, placing APSEZ in Top 95th percentile¹ globally within Transportation & Transportation Infrastructure sector. APSEZ maintained the highest score in “Environment” dimension for third consecutive year
• 12 ports certified Zero Waste to Landfill showcasing commitment to circular economy
• Committed to Net Zero by 2040
• Maintained “Prime” status in Institutional Shareholder Services (ISS) ESG rating
• Deployed electric-powered Mobile Harbour Cranes at Netaji Subhas Dock
• MSCI upgraded APSEZ’s ESG rating from “CCC” to “B” on strong corporate governance and sustainability practices
• Included as constituent in Nifty100 ESG Index, Nifty 100 ESG Sector Leaders Index and Nifty 100 Enhanced ESG Index
• Received “Strong” ESG rating from CRISIL with overall score of 61 and core ESG score of 67 (amongst top 15% of companies assessed). NSE Sustainability Ratings and Analytics assigned ESG rating of 69 (amongst Top 15% of companies rated). SES ESG Research rated APSEZ with ESG score of 74.6 (Grade B+), indicating “Medium risk” profile. ESG Risk Assessments and Insights Limited has assigned an Environmental, Social, and Governance (ESG) rating of 76 with an “Excellent” classification

 (Disclaimer: The information provided here is investment advice only. Investing in the markets is subject to risks and please consult your advisor before investing.)

(સ્પષ્ટતા: અત્રેથી આપવામાં આવતી તમામ પ્રકારની માહિતી કોઇપણ પ્રકારે રોકાણ/ ટ્રેડીંગ માટેની સલાહ નથી. બજારોમાં રોકાણ જોખમોને આધીન છે અને રોકાણ કરતા પહેલા કૃપા કરીને તમારા સલાહકારની સલાહ લો.)