Adani Ports and Special Economic Zone (APSEZ) has started the financial year on a strong note, with its overseas operations emerging as a major driver of growth in the June quarter. The company reported a 10% year-on-year rise in consolidated net profit for the first quarter of FY27, while revenue and EBITDA increased by 19% each.
APSEZ reported a consolidated net profit of ₹3,650 crore for the quarter ended June 30, 2026, compared with ₹3,311 crore in the same period last year. Revenue rose to ₹10,821 crore from ₹9,126 crore, while EBITDA, or earnings before interest, taxes, depreciation and amortisation, increased to ₹6,541 crore from ₹5,495 crore.
The numbers show that APSEZ is increasingly benefiting from its transformation from a largely India-focused port operator into an integrated transport and logistics company with a growing international presence.
The strongest growth came from its international ports business. Revenue from international ports jumped 80% year-on-year to ₹1,747 crore, while EBITDA more than tripled to ₹730 crore, marking a 256% increase. The performance was led by the company’s operations in Australia and Colombo.
Australia played an important role in the increase after NQXT Australia was consolidated into APSEZ from the fourth quarter of FY26. International port volumes rose sharply to 22.8 million tonnes in the June quarter from 7.7 million tonnes a year earlier. Australia contributed 10 million tonnes, Colombo 6.9 million tonnes, Tanzania 3.7 million tonnes and Israel 2.2 million tonnes.
The stronger contribution from international operations also improved profitability. The EBITDA margin for international ports increased to 41.8% from 21.1% a year earlier. Colombo, in particular, recorded a sharp improvement, with revenue rising five times year-on-year as the terminal continued to scale up.
The domestic ports business, however, remains the backbone of APSEZ’s earnings. Revenue from domestic ports rose 12% to ₹6,964 crore, while EBITDA increased 11% to ₹5,152 crore. Cargo volumes handled by domestic ports increased to 115.3 million tonnes from 112.9 million tonnes in the corresponding quarter last year.
The company attributed the domestic performance to higher cargo volumes, a better product mix and improved realisations. Its domestic ports EBITDA margin stood at 74%, highlighting the strong profitability of the core business. APSEZ’s all-India cargo market share was 27.6%, while its container cargo market share stood at 44.8%.
APSEZ is also expanding its capacity to prepare for future cargo growth. Its domestic port capacity stood at 653 million tonnes as of June 30, and the company plans to increase this to 1,000 million tonnes by December 2030. The expansion is expected to support its longer-term growth strategy and strengthen its position in India’s ports and logistics sector.
Another part of the business that performed well was marine services. Revenue from the marine segment increased 67% year-on-year to ₹901 crore, while EBITDA rose 36% to ₹404 crore. The improvement was supported by the addition of vessels, with the fleet increasing to 135 vessels from 118 a year earlier.
APSEZ is also trying to build a wider international marine business. Recent initiatives include a partnership with Oceaneering International for deepwater engineering and offshore capabilities in Europe and a 10-year marine services contract connected with Argentina’s first LNG exports to India.
The logistics business was comparatively steady during the quarter. Revenue was broadly unchanged at ₹1,173 crore, while EBITDA increased 3% to ₹219 crore. The company said rail volumes were affected by the continuing Middle East crisis, although its asset-light trucking business continued to grow. Trucking revenue increased 26% year-on-year, while International Freight Network revenue rose 28% sequentially.
The strong quarterly performance comes as APSEZ continues to diversify beyond traditional port operations. The company now combines port handling with rail transport, logistics parks, warehousing, trucking and marine services. Its integrated model is designed to provide customers with a broader “shore-to-door” logistics network.
APSEZ also maintained its FY27 guidance. The company is targeting revenue of ₹43,000-45,000 crore and EBITDA of ₹25,000-26,000 crore for the full financial year. Its net debt-to-EBITDA ratio stood at 1.9 times at the end of June, below its stated ceiling of 2.5 times.
The company’s balance sheet also received a boost from ratings agencies. S&P Global Ratings upgraded APSEZ’s long-term issuer credit rating to BBB from BBB-, with a stable outlook. CARE Ratings and ICRA also reaffirmed the company’s domestic AAA ratings.
Despite the healthy earnings, APSEZ shares came under pressure after the results. The stock fell around 3% on the BSE following the announcement, even as analysts pointed to the company’s strong operating performance and international expansion.
For APSEZ, the June quarter offers an encouraging start to FY27. Domestic ports continue to provide a stable earnings base, while international ports, marine services and logistics are gradually becoming meaningful sources of growth. Adani Ports challenge now will be to maintain that momentum while managing its expansion, debt and exposure to global trade disruptions.
With overseas assets gaining scale and domestic capacity continuing to expand, APSEZ is positioning itself as more than a port operator. Its latest results suggest that the company’s broader integrated transport and logistics strategy is beginning to translate into stronger and more diversified earnings.