Adani Ports and Special Economic Zone Limited (APSEZ) reported a 16.5% year-on-year increase in profit attributable to owners to ₹3,621.94 crore for the second quarter of FY2027, compared with ₹3,109.05 crore in the corresponding quarter of the previous financial year. Revenue from operations increased 24% to ₹11,340.40 crore, while EBITDA rose 23% to ₹6,807 crore, reflecting growth across the company’s ports, logistics and marine businesses.
The October 28, 2026, results also prompted APSEZ to raise its full-year revenue and EBITDA guidance by ₹1,000 crore each. The company increased its capital expenditure guidance by ₹3,000 crore as it accelerates investments in its domestic and international port network and integrated logistics operations. The revised outlook reflects stronger first-half performance, although execution, cargo demand, global trade conditions and investment requirements will remain important factors for the rest of FY2027.
Key Takeaways
- Profit attributable to owners: Increased 16.5% year-on-year to ₹3,621.94 crore.
- Revenue from operations: Rose 24% to ₹11,340.40 crore.
- EBITDA: Grew 23% to ₹6,807 crore.
- Consolidated profit after tax: Reached ₹3,682 crore, up approximately 18% year-on-year.
- Revenue guidance: Raised to ₹44,000–₹46,000 crore for FY2027.
- EBITDA guidance: Increased to ₹26,000–₹27,000 crore.
- Capital expenditure: FY2027 guidance raised to ₹15,000–₹17,000 crore.
- Business performance: International ports and marine services recorded strong growth, while domestic ports continued to provide the largest contribution to revenue and EBITDA.
Adani Ports Q2 FY2027 Results: Financial Performance
APSEZ delivered growth across its principal financial indicators during the July–September 2026 quarter. Revenue increased faster than total income, while EBITDA growth reflected continued operating performance across the company’s business segments.
Quarterly results comparison
| Financial metric | Q2 FY2027 | Q2 FY2026 | Year-on-year change |
|---|---|---|---|
| Revenue from operations | ₹11,340.40 crore | ₹9,167.46 crore | +24.0% |
| Profit attributable to owners | ₹3,621.94 crore | ₹3,109.05 crore | +16.5% |
| Consolidated profit after tax | ₹3,682.44 crore | ₹3,120.20 crore | +18.0% |
| EBITDA | ₹6,807 crore | ₹5,550 crore | +22.6% |
| Total income | ₹11,609.77 crore | ₹10,004.06 crore | +16.1% |
| Total expenses | ₹7,252.76 crore | ₹6,103.59 crore | +18.8% |
Source: APSEZ’s official Q2 FY2027 results announcement. Figures are rounded where appropriate.
There are two profit figures in the table because they measure different things. Profit attributable to owners represents the earnings attributable to the company’s shareholders, while consolidated profit after tax includes the results attributable to non-controlling interests as well. This explains why the two figures differ.
Revenue growth of 24% outpaced the 16.1% increase in total income. However, total expenses also rose by 18.8%, so investors will need to monitor how operating costs, financing expenses and other items affect future profitability.
Revenue and EBITDA Growth Across Business Segments
APSEZ’s results reflect its development from a port operator into a broader transport and logistics platform. Its operations span domestic ports, international ports, logistics and marine services.
Segment-wise performance in Q2 FY2027
| Business segment | Revenue in Q2 FY2027 | Year-on-year revenue growth | EBITDA in Q2 FY2027 |
|---|---|---|---|
| Domestic ports | ₹7,177 crore | 13% | ₹5,201 crore |
| International ports | ₹1,839 crore | 71% | ₹878 crore |
| Logistics | ₹1,273 crore | 21% | ₹237 crore |
| Marine | ₹1,007 crore | 57% | ₹447 crore |
| Special economic zone (SEZ) | ₹44 crore | 2% | ₹44 crore |
| Total | ₹11,340 crore | 24% | ₹6,807 crore |
Source: APSEZ’s official results announcement. Segment figures are rounded.
Domestic ports remain the earnings foundation
Domestic ports generated ₹7,177 crore in revenue, up 13% year-on-year, and contributed ₹5,201 crore in EBITDA. The segment reported an EBITDA margin of 72.5%, highlighting its role in supporting group profitability.
APSEZ handled 118 million metric tonnes (MMT) of cargo through its domestic ports during the quarter. The company also secured a 30-year concession for Paradip Port’s CQ-I and CQ-II dry bulk berths, adding 18 MMT of mechanized capacity. Such investments can strengthen its network, although their eventual financial contribution will depend on cargo demand and execution.
International ports record strong growth
International ports revenue increased 71% year-on-year to ₹1,839 crore, while EBITDA climbed to ₹878 crore from ₹261 crore a year earlier. The segment’s EBITDA margin reached 47.7%, according to the company.
Growth was supported by operations at Colombo West International Terminal, Tanzania and NQXT Australia. International port volumes increased to 24 MMT from 10 MMT in Q2 FY2026.
The faster growth in this segment is significant because it broadens APSEZ’s earnings base beyond India. However, international expansion also exposes the company to country-specific risks, foreign-exchange movements, local regulations and changes in global trade.
Logistics and marine services expand
Logistics revenue grew 21% to ₹1,273 crore, supported by the expansion of its integrated transport network. Marine revenue increased 57% to ₹1,007 crore, while marine EBITDA rose 32% to ₹447 crore.
These businesses can help APSEZ capture more value across the movement of goods, from port handling to inland transportation and maritime services. Their contribution will depend on maintaining utilization, expanding services efficiently and converting revenue growth into sustainable earnings.
APSEZ Raises FY2027 Revenue and EBITDA Guidance
Following its first-half performance, APSEZ upgraded its full-year outlook. The revisions indicate management’s expectation of continued business growth during the remainder of FY2027.
| Metric | Previous FY2027 guidance | Revised FY2027 guidance | Change |
|---|---|---|---|
| Revenue | ₹43,000–₹45,000 crore | ₹44,000–₹46,000 crore | +₹1,000 crore |
| EBITDA | ₹25,000–₹26,000 crore | ₹26,000–₹27,000 crore | +₹1,000 crore |
| Capital expenditure | ₹12,000–₹14,000 crore | ₹15,000–₹17,000 crore | +₹3,000 crore |
Source: APSEZ’s official announcement. Guidance represents management expectations, not guaranteed results.
The revised revenue range implies annual growth of approximately 14%–19% against FY2026, while the revised EBITDA range implies growth of approximately 14%–18%, based on the company’s guidance.
The higher capital expenditure range is also important. More investment may support capacity expansion and future growth, but it can increase near-term cash requirements. Investors should assess whether the additional spending generates sufficient returns without putting pressure on the company’s balance sheet.
What the Results Mean for Investors
The results show growth in revenue, EBITDA and profit attributable to owners, accompanied by stronger full-year guidance. The international ports and marine segments grew particularly quickly, while domestic ports continued to provide most of the company’s revenue and EBITDA.
Nevertheless, one quarter does not establish a long-term trend. Investors should consider cargo volumes, utilization, operating margins, debt levels, cash generation and the returns from capital expenditure when evaluating APSEZ’s financial performance.
The company’s share price may also respond to broader market conditions, valuation, interest rates, infrastructure spending and developments affecting the Adani Group. Strong earnings growth alone does not determine whether a stock is attractively valued at its prevailing market price.
The Bigger Picture
APSEZ’s Q2 FY2027 performance reflects the strategic importance of ports and logistics infrastructure in India’s trade and supply chains. By expanding international port operations and adding logistics and marine capabilities, the company is seeking to diversify its earnings and provide services across more stages of cargo movement.
The higher guidance suggests management expects this expansion to continue, but the increased capital expenditure also raises the importance of execution and financial discipline. The next few quarters will help show whether the company can translate capacity investments and international growth into sustained earnings and cash flow.
FAQs
1. What was Adani Ports’ Q2 FY2027 profit?
APSEZ reported ₹3,621.94 crore in profit attributable to owners, up 16.5% from ₹3,109.05 crore in Q2 FY2026. Consolidated profit after tax was ₹3,682.44 crore.
2. What was Adani Ports’ Q2 FY2027 revenue?
Revenue from operations reached ₹11,340.40 crore, an increase of 24% from ₹9,167.46 crore in the year-ago quarter.
3. How much did APSEZ’s EBITDA increase?
EBITDA rose approximately 23% year-on-year to ₹6,807 crore, compared with ₹5,550 crore in Q2 FY2026.
4. What is Adani Ports’ revised FY2027 revenue guidance?
APSEZ raised its revenue guidance to ₹44,000–₹46,000 crore and EBITDA guidance to ₹26,000–₹27,000 crore.
5. Why did APSEZ increase its capital expenditure guidance?
The company raised its FY2027 capital expenditure guidance to ₹15,000–₹17,000 crore as it accelerates investments in its growth plans and port, logistics and marine operations. The ultimate returns will depend on project execution and future demand.
Looking Ahead
APSEZ’s performance in the first half of FY2027 has led it to raise its revenue and EBITDA outlook, supported by growth across domestic ports, international operations, logistics and marine services. Investors will watch whether cargo growth and operating performance remain strong enough to support the revised targets.
The key measures to monitor are quarterly revenue and EBITDA, profit attributable to owners, cargo volumes, cash generation, leverage and the returns on increased capital expenditure. These indicators will help determine whether the company’s expansion translates into durable financial growth over the rest of FY2027.
Get the day’s top stories in your inbox
One concise email. No spam, unsubscribe anytime.
