Adani Ports & SEZ , India's largest private port operator, has reported strong financial results for the second quarter of fiscal year 2026, with significant growth in both revenue and profitability.

Financial Highlights

The company's consolidated net profit for Q2 FY26 rose by 29% year-on-year to ₹3,120.00 crore, compared to ₹2,413.00 crore in the same quarter last year. Revenue from operations saw a 30% increase, reaching ₹9,167.00 crore, up from ₹7,067.00 crore in Q2 FY25.

EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) for the quarter stood at ₹5,550.00 crore, marking a 27% increase from the previous year. The EBITDA margin, however, showed a slight decline to 61% compared to 62% in Q2 FY25.

Operational Performance

The company handled a total cargo volume of 124 million metric tonnes (MMT) during the quarter, representing a 12% growth year-on-year. Adani Ports & SEZ's market share in India's port sector increased to 28.1%, up from 27.4% in the same period last year.

Segment-wise Performance

Ports

Logistics

• Logistics revenue surged by 79% to ₹1,055.00 crore
• Container rail volume grew by 16% to 178,927 TEUs

Marine Services

• Marine services revenue saw a significant jump of 237% to ₹641.00 crore

Strategic Developments

Adani Ports & SEZ continued its expansion and operational improvements:

• Colombo West International Terminal handled over 350,000 TEUs since commencing operations in April 2025
• Announced groundbreaking of a 70-acre, 1.3 million sq. ft. logistics park in Kochi with ₹600.00 crore investment
• Acquired 9 new marine vessels during Q2 FY26, taking the total fleet to 127 vessels

Financial Position

The company maintained a strong balance sheet with a net debt to EBITDA ratio of 1.8x. Cash balance stood at ₹13,063.00 crore, while gross debt was ₹51,082.00 crore as of September 30, 2025.

Management Commentary

Ashwani Gupta, Whole-time Director & CEO of Adani Ports & SEZ, stated, "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."

Sustainability and Ratings

Adani Ports & SEZ scored 66/100 in the S&P Global Corporate Sustainability Assessment 2025, placing it in the top 95th percentile globally within the Transportation & Transportation Infrastructure sector. Fitch Ratings revised the company's outlook to "Stable" from "Negative", while affirming its rating at "BBB-".

About Adani Ports and Special Economic Zone Limited

Adani Ports & SEZ is part of the globally diversified Adani Group and operates as an integrated transport utility. With a current cargo handling capacity of 633 million tonnes per annum, the company aims to reach 1 billion tonnes throughput by 2030. It operates 15 ports and terminals across India's coastline, complemented by a comprehensive logistics network including rail, multi-modal logistics parks, and warehousing facilities.

Adani Ports & SEZ , India's largest private port operator, has announced strong financial results for the second quarter of fiscal year 2026, demonstrating significant growth across key metrics.

Financial Highlights

• Revenue: Increased by 30% year-over-year to ₹9,167.00 crore
• Net Profit: Rose by 29% to ₹3,120.00 crore, compared to ₹2,413.00 crore in the same period last year
• EBITDA: Grew by 27% to ₹5,550.00 crore
• EBITDA Margin: 60.54%, compared to 61.82% in the previous year

Operational Performance

• Cargo Volume: Handled 124 million metric tonnes (MMT), up 12% year-over-year
• Market Share: Increased to 28.1%, a gain of 70 basis points
• Container Market Share: Reached 45.9%, up 150 basis points

Segment-wise Performance

Key Developments

1. International Expansion: The Board approved the acquisition of NQXT Port in Australia, a deep-water export terminal with 50 MTPA capacity.
2. Marine Fleet Growth: Added 9 new vessels during Q2, expanding the total fleet to 127 vessels.
3. Logistics Growth: Announced plans for a 70-acre logistics park in Kochi with ₹600.00 crore investment.
4. Operational Records:
   • Mundra Port handled 898 double-stacked container rakes in July 2025
   • Loaded 5,612 cars onto a single vessel in under 40 hours in September 2025
5. Subsidiary Merger: The company's Board approved a scheme of amalgamation of its wholly-owned subsidiary Adani Harbour Services Limited with the parent company, subject to regulatory approvals.
6. Debt Management: Completed a tender offer to buy back $386 million worth of senior notes across three tranches during the quarter.

Financial Position

• Debt Management: Net debt to EBITDA ratio at 1.8x
• Cash Balance: ₹13,063.00 crore
• Gross Debt: ₹51,082.00 crore

Half-Year Performance

For the half-year period ended September 30, 2025, net profit rose to ₹6,431.00 crore from ₹5,528.00 crore in the previous year.

Management Commentary

Ashwani Gupta, Whole-time Director & CEO, stated, "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."

Outlook

Adani Ports maintains its cargo volume target of 505-515 million tons for the fiscal year and expects capital expenditure between ₹110.00-120.00 billion.

Analyst Perspective

The robust performance of Adani Ports in Q2 FY26 reflects the company's strong positioning in the Indian port and logistics sector. The significant growth in revenue and profitability, coupled with market share gains, indicates the company's ability to capitalize on the growing demand for port and logistics services in India. The focus on expanding its marine fleet and logistics capabilities, along with international acquisitions, suggests a clear strategy for long-term growth and diversification.

Investors should note the company's EBITDA margin and the healthy debt-to-EBITDA ratio, which indicate efficient operations and financial stability. The continued expansion in logistics and marine segments is likely to provide additional growth avenues and reduce dependence on traditional port operations.

However, it's important to monitor global trade dynamics and potential regulatory changes that could impact the port sector. Additionally, the success of international ventures and the integration of new acquisitions will be crucial factors to watch in the coming quarters.

Overall, Adani Ports' Q2 FY26 results demonstrate a strong operational and financial performance, positioning the company well for continued growth in the evolving global trade and logistics landscape.