Adani Ports Q2 Results Lift FY27 Outlook as Revenue Rises 24%

Summary

Adani Ports and Special Economic Zone reported a 24% increase in quarterly revenue to ₹11,340 crore, supported by growth across domestic ports, overseas terminals, logistics and marine services. The company raised its FY27 revenue and EBITDA guidance by ₹1,000 crore each and increased planned capital expenditure by ₹3,000 crore.

Earnings growth prompts higher annual targets

Adani Ports Q2 results for the quarter ended 30 September 2026 showed consolidated EBITDA rising 23% year on year to ₹6,807 crore.

The company now expects FY27 revenue of ₹44,000–46,000 crore and EBITDA of ₹26,000–27,000 crore. Capital expenditure guidance increased to ₹15,000–17,000 crore from ₹12,000–14,000 crore.

Chief executive Ashwani Gupta said domestic ports remained the earnings foundation, while international ports, logistics and marine services were contributing more strongly.

The revised guidance reflects management’s expectations following the first-half performance. It remains a forecast, rather than revenue or earnings already secured.

Profit figures require a clear distinction

Consolidated profit after tax for the quarter was approximately ₹3,682 crore, an increase of 18% from ₹3,120 crore a year earlier.

Profit attributable to the company’s equity shareholders was approximately ₹3,622 crore, up around 17%. The difference reflects the distinction between total consolidated profit and the portion attributable to shareholders of the parent company.

For the first half, consolidated revenue reached ₹22,161 crore and EBITDA ₹13,347 crore, both increasing approximately 21%. Consolidated profit after tax rose 14% to ₹7,332 crore.

The quarterly figures therefore show faster revenue growth than the first-half average, while profit growth remained below the expansion in revenue and EBITDA.

Domestic ports remain the principal earnings source

Domestic ports generated quarterly revenue of ₹7,177 crore and EBITDA of ₹5,201 crore, representing increases of 13% and 11%, respectively.

The business reported an EBITDA margin of 72.5%. Domestic cargo volumes were 118 million tonnes during the quarter.

APSEZ also secured a 30-year concession for Paradip Port’s CQ-I and CQ-II dry bulk berths, covering 18 million tonnes of mechanised capacity. The addition strengthens its presence on the east coast and its access to mineral-producing hinterlands.

For cargo owners, the relevance of such expansion lies in the services ultimately available, terminal productivity and connections with inland markets. Concession capacity should be distinguished from cargo already handled.

Overseas operations increase their contribution

International ports recorded revenue of ₹1,839 crore, up 71%, while EBITDA increased to ₹878 crore. Their quarterly EBITDA margin reached 47.7%.

The company identified Colombo West International Terminal, Tanzania and Australia’s North Queensland Export Terminal among the contributors.

At Colombo, APSEZ reported inauguration of the terminal’s second phase, increasing capacity from 1.6 million to 3.2 million TEUs.

The international portfolio broadens the company’s exposure beyond Indian cargo flows. However, performance across individual terminals will continue to depend on customer demand, shipping connections and the pace at which additional capacity is used.

Logistics and marine extend the operating platform

Logistics revenue increased 21% to ₹1,273 crore, while EBITDA rose 8% to ₹237 crore.

The difference between revenue and earnings growth indicates that expanding activity did not translate into proportionate EBITDA growth during the quarter.

Marine services recorded revenue of ₹1,007 crore, up 57%, and EBITDA of ₹447 crore, up 32%. Fleet additions, offshore activity and entry into subsea services supported the business.

Together, these operations extend APSEZ’s offering beyond terminal handling into inland cargo movement and maritime services. Their contribution also makes business mix increasingly relevant when assessing consolidated margins.

Investment acceleration becomes the next test

The higher capital expenditure outlook signals continued investment across the platform.

For customers, additional assets can expand service options, but the commercial outcome depends on execution, utilisation and operating reliability. For APSEZ, the challenge is to convert increased spending into sustained cash generation while maintaining financial flexibility.

The next reporting periods will show whether overseas terminals and newer services continue to grow alongside the domestic ports business, and whether that performance supports the upgraded annual outlook.

FAQs

How much did quarterly revenue increase?

Revenue rose 24% year on year to approximately ₹11,340 crore.

What was quarterly EBITDA?

EBITDA increased 23% to approximately ₹6,807 crore.

Why are two net-profit figures reported?

Total consolidated profit was approximately ₹3,682 crore; profit attributable to equity shareholders was approximately ₹3,622 crore.

What is the revised FY27 revenue guidance?

₹44,000–46,000 crore.

How much capital expenditure is planned?

APSEZ raised FY27 capital expenditure guidance to ₹15,000–17,000 crore.