Adani Ports and Special Economic Zone (APSEZ), India's largest integrated transport operator, reported strong financial results for the first quarter of FY27 on the back of strong growth in its domestic ports, international operations, marine services and logistics businesses.
For the quarter ending June 30, 2026, APSEZ had total revenue of ₹10,821 crore, which is 19 per cent higher than the previous year. This was driven by record earnings at its overseas ports, and the company is expanding its multi-modal transport network in India.
International Business Drives Growth
One of the biggest highlights of the quarter was the amazing performance of APSEZ's international ports business.
International ports revenues grew 80% year-on-year to ₹1,747 crore, and EBITDA increased 256% to ₹730 crore. This was mainly because of the strong performance of Australia and Colombo and the company's overseas businesses maturing.
International cargo volumes at the country's ports grew significantly to 22.8 million metric tonnes (MMT) from 7.7 MMT in the corresponding quarter last year.
Australia contributed 10 MMT, followed by:
Colombo – 6.9 MMT
Tanzania – 3.7 MMT
Israel – 2.2 MMT
The incorporation of higher-margin Australian operations and improved operational efficiency at Colombo enabled international EBITDA margins to increase sharply from 21.1% to 41.8%.
Domestic Ports Continue Strong Performance
APSEZ's domestic ports business remained the backbone of its earnings.
The domestic port revenue increased 12% year-on-year, supported by:
Higher cargo volumes
Improved cargo mix
Better realisations
Cargo moved through domestic ports increased to 115.3 MMT in the third quarter, as compared to 112.9 MMT in the first quarter.
The business achieved a 74% EBITDA margin according to our results
As of June 30, 2026, APSEZ's domestic port capacity was 653 MMT. The company is embarking on one of its largest-ever expansion programmes, reaching 1,000 MMT of capacity by December 2030.
APSEZ held a 27.6% market share in all-India cargo and a 44.8% share in container cargo.
Marine Business Registers Strong Growth
This is not the only performance of the company's marine division.
Marine revenue increased 67% year-on-year to ₹901 crore as fleet expansion continues and international business growth continues.
The vessel fleet was 135 vessels, compared to 118 vessels in the previous year.
APSEZ also grew its global presence through:
A partnership with Oceaneering International for deepwater engineering and offshore services in Europe.
A landmark 10-year contract supporting Argentina’s first LNG exports to India, marking the company’s entry into South America’s offshore energy market.
Logistics Business
The logistics business had mixed performance during the quarter.
Rail container volumes were affected by the ongoing geopolitical tensions in the Middle East, with rail volumes declining to 145,310 TEUs from 179,479 TEUs a year earlier.
However, other logistics segments performed well:
Trucking revenue increased 26 percent year-on-year.
International Freight Network (IFN) revenue rose 28 percent sequentially, evidence of still-growing demand for integrated logistics solutions.
Credit Rating Upgrade
During the quarter, S&P Global Ratings upgraded APSEZ's long-term issuer credit rating from BBB- to BBB, with a Stable Outlook.
CARE Ratings and ICRA reaffirmed the company’s highest domestic credit rating of AAA based on its robust financial position and business stability.
Sustainability Milestone
APSEZ was also the first Indian transport company to publish a Taskforce on Nature-related Financial Disclosures (TNFD) report, further demonstrating that it is committed to sustainable and nature-positive growth.
Management Commentary
The company’s first-quarter performance reflects the company’s diversified business model, Ashwani Gupta, Whole-time Director and CEO of APSEZ, said in a statement.
While domestic ports will continue to provide a solid base of earnings, international ports, marine operations and logistics businesses have become a vital part of revenue growth and profitability, he said.
According to Gupta, APSEZ is confident of realizing its Ambition 2031 strategy through continued domestic capacity expansion, growth in international operations and the rapid development of its integrated logistics ecosystem.
On a strong basis and with growth in a number of business lines, high profitability in the international business and continuing expansion of the infrastructure, APSEZ has started off FY27 on a good footing and is now one of India’s top transport and logistics companies.
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