Adani Ports Q2 FY27 revenue jumps 24% to ₹11,340 crore; FY27 guidance raised
Synopsis
Adani Ports posted a 24% revenue jump to ₹11,340 crore in Q2 FY27, with international ports tripling EBITDA and marine revenue surging 57%. The company then raised its full-year revenue guidance to ₹44,000–₹46,000 crore — signalling that its Ambition 2031 expansion blueprint is running ahead of schedule.
Key Takeaways
APSEZ reported Q2 FY27 consolidated revenue of ₹11,340 crore , up 24% year-on-year .
EBITDA grew 23% to ₹6,807 crore ; domestic port EBITDA margin held at 72.5% .
International ports revenue surged 71% , with EBITDA expanding 3.4 times and margin hitting a record 47.7% .
FY27 revenue guidance raised by ₹1,000 crore to ₹44,000–₹46,000 crore ; EBITDA guidance lifted to ₹26,000–₹27,000 crore .
Capex guidance increased by ₹3,000 crore to ₹15,000–₹17,000 crore as APSEZ accelerates Ambition 2031 investments.
Net debt-to-EBITDA remained stable at 1.8 times despite cumulative capex of ₹30,346 crore over two years.
Adani Ports and Special Economic Zone Limited (APSEZ) on Wednesday, 28 October 2026 reported a 24% year-on-year surge in consolidated revenue to ₹11,340 crore for the second quarter of FY27 (ended 30 September), as strength across its ports, logistics and marine segments powered top-line growth. EBITDA rose 23% to ₹6,807 crore in the same period, underscoring sustained operational efficiency.
Segment-wise Performance
Domestic ports remained the primary earnings anchor, with revenue climbing 13% and EBITDA margin holding robust at 72.5%. The international ports business delivered the standout performance of the quarter — revenue surging 71% year-on-year and EBITDA expanding 3.4 times, with the segment's EBITDA margin reaching a record 47.7%.
The logistics division posted 21% revenue growth, aided by the continued rollout of APSEZ's integrated 'shore-to-door' network, which links port infrastructure to last-mile delivery. Revenue from the marine segment climbed 57% year-on-year, driven by global fleet expansion and the company's entry into subsea services.
What the CEO Said
Whole-time Director and CEO Ashwani Gupta described the quarter as 'another stellar quarter,' crediting the company's diversified growth engines for sustaining scale while preserving financial discipline. 'APSEZ's ability to execute at scale with financial prudence enables us to pursue ambitious growth while leveraging balance-sheet strength and compounding cash flows,' Gupta said.
He added that reflecting a strong first-half performance, the company was 'upgrading our FY27 guidance across revenue, EBITDA and capex.'
Upgraded FY27 Guidance
Buoyed by its H1 FY27 results, APSEZ raised its full-year revenue outlook by ₹1,000 crore to a range of ₹44,000 crore–₹46,000 crore. The company also lifted its EBITDA guidance by ₹1,000 crore to ₹26,000 crore–₹27,000 crore. Capital expenditure guidance was raised by ₹3,000 crore to ₹15,000 crore–₹17,000 crore, as APSEZ accelerates investment toward its Ambition 2031 targets.
Balance Sheet and Cash Flows
Despite an aggressive investment programme, APSEZ's balance sheet remained stable. Operating cash flow in the first half of FY27 stood at ₹13,327 crore, which funded investments of ₹10,521 crore. The company's net debt-to-EBITDA ratio held at 1.8 times even after cumulative capital expenditure of ₹30,346 crore over the last two years — a metric that analysts typically watch closely for leveraged infrastructure conglomerates.
With guidance now revised upward across all three financial metrics, APSEZ's next earnings update will be closely watched for early signals on whether its Ambition 2031 capacity targets remain on track.
Point of View
But the more significant signal is the guidance upgrade across all three metrics simultaneously — revenue, EBITDA and capex. That triple revision is unusual and reflects genuine operational outperformance, not just accounting adjustments. The 3.4x EBITDA expansion in international ports is the metric to watch: if that trajectory holds, APSEZ's overseas footprint could shift from a growth story to a structural earnings contributor faster than markets have priced in. The risk, as always with Adani Group entities, is leverage optics — net debt-to-EBITDA at 1.8x looks managed, but ₹30,346 crore in capex over two years means the balance sheet has little room for macro shocks or project delays.
NationPress
28 Oct 2026
Frequently Asked Questions
What were Adani Ports' Q2 FY27 revenue and EBITDA figures?
Adani Ports and Special Economic Zone Limited reported consolidated revenue of ₹11,340 crore for Q2 FY27 (quarter ended 30 September), a 24% year-on-year increase. EBITDA grew 23% to ₹6,807 crore in the same period.
Why did APSEZ raise its FY27 guidance?
APSEZ raised its FY27 guidance following a strong first-half performance across all business segments. The company increased its full-year revenue outlook by ₹1,000 crore to ₹44,000–₹46,000 crore, and lifted EBITDA guidance by ₹1,000 crore to ₹26,000–₹27,000 crore, reflecting better-than-expected momentum in international ports, logistics and marine.
Which segment drove the strongest growth for APSEZ in Q2 FY27?
International ports delivered the standout performance, with revenue surging 71% year-on-year and EBITDA expanding 3.4 times, pushing the segment's EBITDA margin to a record 47.7%. The marine segment also posted strong growth of 57% year-on-year, driven by global fleet expansion and entry into subsea services.
How is APSEZ's financial health despite heavy capital spending?
APSEZ maintained a net debt-to-EBITDA ratio of 1.8 times despite cumulative capital expenditure of ₹30,346 crore over the past two years. Operating cash flow in H1 FY27 stood at ₹13,327 crore, which funded ₹10,521 crore in investments during the period.
What is APSEZ's Ambition 2031?
Ambition 2031 is Adani Ports' long-term strategic roadmap that targets significant capacity and revenue expansion across its domestic and international port network, logistics, and marine businesses by 2031. The company's revised capex guidance of ₹15,000–₹17,000 crore for FY27 is explicitly tied to accelerating investments toward these targets.
