DBT Bureau
Pune, 5 Nov 2025
Adani Ports and Special Economic Zone Limited (APSEZ), an Integrated Transport Utility, announced its results for the quarter and half year ended 30 September 2025.
Comment by Ashwani Gupta, Whole-time Director & CEO
“Our strong, across-the-board profitable growth momentum truly underscores the success of our unmatched Integrated Transport Utility value proposition. Logistics and Marine businesses have continued their exponential growth trajectory, further reinforcing our port-gate to customer-gate offering. Our performance is a testament to the success of various operational efficiency and capital optimization initiatives, leading to the strongest ever H1 domestic ports EBITDA margin and significant improvement in Logistics RoCE.
Our vision of becoming an Integrated Transport Utility is taking shape at an accelerated pace. The strategic expansion of our multi-modal capabilities—from our growing network of 12 logistics parks and 3.1 million sq. ft. of warehouses to our expanding trucking fleet and international freight services—demonstrates how we are creating a seamless supply chain ecosystem. The ongoing expansion of our port capacities and our 127-vessel marine fleet across the MEASA1 region, with foray into West Africa waters, position us as a genuine integrated player in the global supply chain. Being recognized amongst the Top 5% of global transportation companies by S&P CSA2 further reinforces our sustainability-driven operational excellence.”
Q2 FY26 & H1 FY26 key financials (consolidated)
| Particulars (₹ Cr) | Q2 FY26 | Q2 FY25 | YoY | H1 FY26 | H1 FY25 | YoY |
| Revenue | 9,167 | 7,067 | 30% | 18,294 | 14,627 | 25% |
| EBITDA | 5,550 | 4,369 | 27%2 | 11,046 | 9,217 | 20% |
| PAT | 3,120 | 2,413 | 29% | 6,431 | 5,520 | 17% |
Business segment performance trajectory
| Revenue in ₹ Cr | Q2 FY23 | Q2 FY24 | Q2 FY25 | Q2 FY26 |
|---|---|---|---|---|
| Domestic Ports | 4,306 | 4,900 | 5,474 | 6,351 |
| International Ports | 181 | 806 | 798 | 1,077 |
| Logistics | 361 | 483 | 588 | 1,055 |
| Marine | 151 | 152 | 190 | 641 |
| Others | 212 | 305 | 17 | 43 |
| Total | 5,211 | 6,646 | 7,067 | 9,167 |
- S&P Global Corporate Sustainability Assessment score as of 4th November 2025
- Mix change to align with strategic objective of Integrated Transport Utility. Greater contribution from Trucking and International Freight Network, which have lower EBITDA margin but higher RoCE
Q2 FY26 & H1 FY26 operational performance
| Particulars | Q2 FY26 | Q2 FY25 | YoY | H1 FY26 | H1 FY25 | YoY |
|---|---|---|---|---|---|---|
| Cargo (MMT) | 124 | 111 | 12% | 244 | 220 | 11% |
| All-India market share | 28.1% | 27.4% | +70bps | 28% | 27.3% | +70bps |
| All-India container market share | 45.9% | 44.4% | +150bps | 45.5% | 45.1% | +40bps |
| Rail volume (TEUs) | 178,927 | 154,630 | 16% | 358,406 | 311,220 | 15% |
| GPWIS (MMT) | 4.92 | 5.14 | -4% | 10.98 | 10.70 | 3% |
