DBT Bureau
Pune, 6 August 2025
Adani Ports and Special Economic Zone Limited (APSEZ) announced its results for the quarter ending 30th June 2025.
| Particulars (₹ Cr) | Q1 FY26 | Q1 FY25 | YoY |
|---|---|---|---|
| Revenue | 9,126 | 7,560 | 21% |
| EBITDA | 5,495 | 4,848 | 13%# |
| PAT | 3,311 | 3,107 | 7%* |
Strategic highlights
- Commenced operations at the Colombo West International Terminal (CWIT), a fully automated, natural deep-water port. CWIT is a public-private partnership under a 35-year BOT agreement. Upon full completion, CWIT will handle c. 3.2m TEUs annually
- Dhamra port opened a new export berth. Also commenced construction of two new berths that will increase port capacity to 92 MMT. Won a liquid cargo handling contract from a large carbon black manufacturer. Inaugurated a warehouse for a large steel manufacturer to house cold rolled coils
- Vizhinjam port completed its first year. Achieved 100% utilization in its ninth month of operation. Commenced construction of Phase 2 at the port
- Board has approved the acquisition of NQXT Port, Australia. NQXT is a natural deep-water, multi-user export terminal with a nameplate capacity of 50 MTPA. The transaction is subject to regulatory approvals
- As part of long-term capital management plan, increased the average debt maturity from 4.3 years to 5.2 years and reduced yield across all bond issuances by up to 116 bps. This was achieved through issuance of 15-year Non-Convertible Debentures (NCDs) to Life Insurance Corporation of India (LIC) and bond buyback
- Commenced skill building centers at Mundra & Krishnapatnam to impart industry-relevant skills to youth that are aligned with APSEZ’s requirements
Operational highlights
- Handled 121 MMT (+11% YoY) cargo volume in Q1 FY26, driven by containers (+19% YoY)
- All-India cargo market share increased to 27.8% (27.2% in Q1 FY25). Container market share stood at 45.2% (45.9% in Q1 FY25)
- Haifa port operated unhindered throughout and reported 25% YoY growth in container volume and 38% YoY growth in other cargo volume during the quarter, leading to overall volume growth of 29% YoY. This led to the highest quarterly revenue and operating EBITDA for Haifa port since acquisition by APSEZ
- Krishnapatnam port handled its highest ever cargo volume (5.85 MMT) in June 2025
- Handled 179,479 TEUs of container rail volume (+15% YoY) and 6.05 MMT GPWIS volume (+9% YoY)
- Received approval to commence EXIM operations at Virochannagar (Gujarat), Kishangarh (Rajasthan) and Malur (Karnataka) ICDs
- Launched double stack container rake movement between ICD Tumb and ICD Patli
- In June 2025, Mundra Port handled the highest ever TEUs by any Indian port in one day (3,234). The port also set a record by loading 23 double-stack container rakes in a single day
- Ocean Sparkle integrated cloud-based vessel management system (SeaFlux) across its fleet
Financial highlights
- Domestic ports revenue increased by 14% YoY to ₹6,137 Cr. Domestic ports EBITDA margin stood at 74.6% (vs. 72.5% in Q1 FY25)
- International ports revenue increased 22% YoY to ₹973 Cr. EBITDA margin stood at 21% vs. 13% in Q1 FY25
- Logistics revenue grew 2x YoY to ₹1,169 Cr. Marine revenue grew 2.9x YoY to ₹541 Cr
- EBITDA increased 13% to ₹5,495 Cr (60% EBITDA margin in Q1 FY26 vs. 64% in Q1 FY25)
- S&P Global revised ratings outlook to Positive from Negative. S&P Global has reaffirmed BBB- rating
- Tenor increase and yield reduction achieved through:
- Issuance of ₹5,000 Cr NCDs for 15 years to LIC. The transaction highlights access to domestic markets for its longest tenure issuance
- Launch of tender offer to buy back up to US$450m of outstanding USD Bonds. As of 29 July 2025, received US$384m of tenders (tender offer will expire on 13 August, 2025)
- Reduced yield across all bond issuances by up to 116 bps
- Q1 FY26 cash balance – ₹16,921 Cr; Gross debt – ₹53,089 Cr
- Q1 FY26 Net debt / EBITDA – 1.8x
ESG highlights
- Recognized as “Leader” in the CDP Supplier Engagement Assessment 2024
- Maintained “Prime” status in the Institutional Shareholder Services (ISS) ESG rating
- Included in the Nifty 100 ESG Sector Leaders Index and Nifty 100 Enhanced ESG Index
- Received “Strong” ESG rating from CRISIL, with overall score of 61 and a “Core” ESG score of 67 (amongst the top 15% of companies assessed)
- NSE Sustainability Ratings and Analytics assigned ESG rating of 69 (amongst Top 15% of the companies rated)
- SES ESG Research assigned ESG score of 74.6 (Grade B+), indicating “Medium risk” profile
- 12 ports in portfolio are Zero Waste to Landfill (ZWL) certified
- Hazira Port constructed India’s first steel slag road within a port, in collaboration with CSIR-CRRI and the Ministry of Science & Technology
- Deployed electric-powered Mobile Harbour Cranes (MHCs) at the Netaji Subhas Dock, Shyama Prasad Mukherjee Port, marking a shift from fossil fuel-powered equipment
Awards & accolades
- Won two awards at the 7th India Logistics Strategy summit organized by the Institute of Supply Chain and Management (ISCM Forum). Mundra port named as the “Best Port Service Provider” and Adani Logistics Ltd. won the “Logistics Champion”
- Won multiple awards at the 24th Global Environment Awards 2025. Gangavaram port received award for Environmental Protection, Vizhinjam port received award for Pollution Control Machinery & Equipment and Dhamra port received award for Waste Minimization
- Mundra port won Best Private Sector Port and Best Container Terminal of the year at the India Maritime Awards
- Terminal in Goa port won the Diamond Award in Apex India Green Leaf Awards for sustainable operations
