Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest commercial port developer and integrated transport utility, handled 46 million metric tonnes (MMT) of cargo in September 2026, registering an 11% year-on-year (YoY) increase. According to a statutory regulatory update filed with stock exchanges on October 2, 2026, the performance brought the conglomerate’s total cargo volumes for the first half of the financial year (H1 FY27) to a record 280 MMT, an expansion of 15% compared to the corresponding period last year.
The operational acceleration was led by container traffic, which climbed 15% YoY during September, alongside balanced growth across dry bulk commodities. The half-year run rate keeps APSEZ firmly on track to meet or exceed its full-year guidance, highlighting the resilience of India’s external merchandise trade corridors despite volatile global maritime shipping rates and geopolitical route diversions.
Key Takeaways
- Record H1 Throughput: APSEZ handled 280 MMT of cargo between April and September 2026, posting a 15% YoY increase and setting a company record for first-half volume.
- 11% September Growth: Monthly cargo handling reached 46 MMT in September 2026, expanding 11% compared to September 2025.
- Container and Dry Cargo Lead: Container cargo volumes expanded 15% YoY in September; across H1 FY27, both container cargo and dry bulk cargo posted matching 15% YoY growth rates.
- Mixed Rail Logistics Performance: Domestic rail logistics volume registered 62,302 twenty-foot equivalent units (TEUs) in September (up 3% YoY), but cumulative H1 FY27 rail volume contracted 13% YoY to 312,763 TEUs due to early-quarter monsoon disruptions and freight corridor congestion.
- Clearance Across International Exchanges: The official performance disclosure—signed by Company Secretary Kamlesh Bhagia—was concurrently lodged with the BSE, NSE, India INX, NSE IX, and the Singapore Exchange (SGX).
Central Question: What Drove APSEZ’s 280 MMT First-Half Milestone?
Direct Answer: The milestone was driven by the combination of a 15% expansion in container volumes and a 15% increase in dry bulk shipments across APSEZ’s coastal port cluster. By capturing transshipment volumes at flagship hubs like Mundra and Vizhinjam and handling higher domestic demand for industrial dry bulk (such as thermal coal, limestone, and fertilizers), APSEZ outpaced overall Indian major port throughput, lifting its domestic cargo market share past 27%.
APSEZ CARGO VOLUME ENGINE (H1 FY27)
│
┌────────────────────────────────┴────────────────────────────────┐
▼ ▼
SEPTEMBER 2026 THROUGHPUT CUMULATIVE H1 FY27 TRAFFIC
• Total Cargo: 46 MMT (+11% YoY) • Total Cargo: 280 MMT (+15% YoY)
• Container Volume: +15% YoY • Container Volume: +15% YoY
• Logistics Rail: 62,302 TEUs (+3% YoY) • Dry Bulk Volume: +15% YoY
│ • Logistics Rail: 312,763 TEUs (-13% YoY)
└────────────────────────────────┬────────────────────────────────┘
▼
INFRASTRUCTURE & TRANSSHIPMENT ADVANTAGE
• Mundra & Western Port Efficiencies
• Early Transshipment Inflows at Vizhinjam
• Industrial Coal & Fertilizer Supply Chains
Performance Breakdown: Monthly Surge vs. Half-Year Trajectory
APSEZ’s monthly operational disclosures outline the scale of cargo flowing across its 15 operational domestic ports and terminals:
| Operational Metric | September 2026 | September 2025 | YoY Change (%) | H1 FY27 (Apr–Sep) | H1 FY26 (Apr–Sep) | YoY Change (%) |
| Total Port Cargo Volume | 46.0 MMT | ~41.4 MMT | +11.1% | 280.0 MMT | ~243.5 MMT | +15.0% |
| Container Cargo Growth | — | — | +15.0% | — | — | +15.0% |
| Dry Bulk Cargo Growth | — | — | Steady | — | — | +15.0% |
| Logistics Rail Volume | 62,302 TEUs | ~60,487 TEUs | +3.0% | 312,763 TEUs | ~359,500 TEUs | -13.0% |
The data confirms that operational momentum accelerated throughout the second quarter of the fiscal year:
- The 46 MMT Run Rate: Handling 46 MMT in September represents a daily average throughput of over 1.53 million tonnes across company-operated waterfronts.
- Volume Composition: While containerized freight represents the highest-margin commercial category, dry bulk movements—particularly coastal coal shipments for power utilities and import parcels of metallurgical coal and industrial minerals—provided a baseline of stable volume.
- The Rail Logistics Contraction: Rail volumes showed an initial rebound in September (up 3% to 62,302 TEUs) after declining 13% across the entire half-year period to 312,763 TEUs. Transport executives attribute the first-half rail softness to heavy monsoons along the western freight corridors in July and August, which temporarily delayed container rake turns between hinterland inland container depots (ICDs) and port container freight stations (CFSs).
Strategic Growth Drivers: The Network Effect of India’s Waterfront
APSEZ’s 15% volume expansion occurred while general merchandise trade across global supply chains faced macroeconomic friction. Several structural factors explain the company’s market share expansion:
1. Mundra’s Scaled Dominance
Flagship port Mundra in Gujarat remains the primary volume driver of the company’s portfolio. Having cleared over 200 MMT in FY25, Mundra’s deep drafts, automated rail-mounted gantry systems, and dedicated multi-purpose terminals allow it to handle ultra-large container vessels (ULCVs) without pre-berthing waiting times, drawing traffic away from state-run ports facing congestion.
2. The Transshipment Pivot: Vizhinjam and Colombo
A major operational transition for APSEZ in FY27 is its entry into international transshipment.
- Vizhinjam Port (Kerala): Having commenced commercial trials and early automated operations, India’s first semi-automated deep-water transshipment hub at Vizhinjam began capturing container transfers that historically bypassed India for Colombo, Singapore, or Port Klang.
- Colombo West International Terminal (CWIT): Located directly along major east-west oceanic routes, APSEZ expanded CWIT’s phase capacity toward 3.2 million TEUs via a $750 million investment framework, building an integrated regional transshipment loop connecting peninsular India with global shipping lines.
3. Coastal Diversification (East Coast Balancing)
Historically tilted toward the western seaboard, APSEZ has balanced its port network along the Bay of Bengal through past acquisitions of Krishnapatnam, Gangavaram, Karaikal, and Gopalpur. This east-coast chain gives the operator direct access to the industrial hinterlands of Odisha, Andhra Pradesh, and Jharkhand, capturing inbound steel coking coal and outbound finished engineering products.
Macro Implications: Measuring India’s Industrial Activity
Port throughput figures serve as a leading indicator of real economic activity in India:
┌───────────────────────────────────────────────────────────────────────────────────┐
│ PORT CARGO AS A MACROECONOMIC BAROMETER │
├───────────────────────────────────────────────────────────────────────────────────┤
│ │
│ CARGO SEGMENT MACROECONOMIC DRIVER ECONOMIC IMPLICATION │
│ │
│ Containerized Goods Export-Import Manufacturing Higher export value; │
│ (+15% YoY in H1) Electronics, Auto Parts, Garments expanding factory PMI│
│ │
│ Dry Bulk Thermal & Coking Coal, Heavy infrastructure, │
│ (+15% YoY in H1) Limestone, Steel & Cement power grid baseload │
│ │
│ Liquid Bulk & POL Refined Fuels, Edible Oils, Domestic consumer fuel │
│ (Steady Base) Industrial Chemicals & transport demand │
│ │
└───────────────────────────────────────────────────────────────────────────────────┘
The 15% increase in container throughput points to resilient factory output across domestic manufacturing hubs. As global retailers front-load inventories ahead of the western holiday shopping cycle, export despatches across textiles, engineering goods, and consumer electronics saw accelerated clearances through western gateways in August and September.
Simultaneously, the 15% increase in dry bulk traffic reflects high baseload electricity demand across India, requiring power generation utilities to maintain elevated coal stockpiles throughout the late monsoon season.
What Could Happen Next?
- Full-Year Target Tracking: Handling 280 MMT in the first half positions APSEZ comfortably within reach of its stated full-year FY27 volume guidance of 500 MMT to 520 MMT, with the seasonally stronger second half (October to March) traditionally driving peak agricultural and retail cargo movements.
- Rail Logistics Recovery: As the festive season boosts consumer deliveries and post-monsoon freight corridors normalize, logistics rail volumes are expected to expand in Q3 FY27, compensating for the early-year 13% decline.
- Capacity Additions: Investors will monitor capital expenditure milestones at the Colombo West terminal and additional container berth mechanization at Paradip and Dhamra.
Frequently Asked Questions (FAQs)
What cargo volume did Adani Ports handle in September 2026?
Adani Ports and Special Economic Zone Limited (APSEZ) handled 46 million metric tonnes (MMT) of cargo in September 2026, marking an 11% year-on-year increase compared to September 2025.
What was APSEZ’s total cargo volume for H1 FY27?
In the first half of the fiscal year 2026–27 (April to September 2026), APSEZ handled a record 280 MMT of cargo, an increase of 15% compared to the 243.5 MMT handled in H1 FY26.
Which cargo segments drove the growth?
Growth was driven primarily by container cargo, which expanded 15% YoY in September and 15% across H1 FY27, and dry bulk cargo, which also recorded a 15% YoY increase over the half-year period.
Why did rail logistics volume decline in H1 FY27 despite port growth?
While logistics rail volumes expanded 3% YoY in September to 62,302 TEUs, cumulative H1 FY27 volume dropped 13% YoY to 312,763 TEUs. The half-year contraction was caused by weather-related disruptions, heavy monsoon flooding across inland railway networks in July and August, and temporary wagon-turnaround congestion between inland depots and coastal ports.
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