Adani Ports and Special Economic Zone Limited FY2026 Annual Report
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Overview
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Detailed Analysis
Sentiment
Positive
Executive Summary
Adani Ports FY26: Revenue ₹38,735.77 Cr (vs ₹30,475.33 Cr YoY), PAT ₹12,782.03 Cr (vs ₹11,061.26 Cr YoY)
In FY2025-26, revenue from operations increased to ₹38,735.77 Cr from ₹30,475.33 Cr in FY2024-25, alongside profit for the year rising to ₹12,782.03 Cr from ₹11,061.26 Cr. Consolidated EBITDA was reported at ₹22,851 Cr in FY2025-26, indicating continued operating scale-up despite margin pressure versus FY2024-25. Operations sustained throughput momentum with total cargo across all Adani ports at 500.8 MMT in FY2025-26, supported by record/rapid ramp-ups across key assets. Cash generation strengthened with net cash generated from operating activities at ₹20,358 Cr in FY26 versus ₹17,226 Cr in...Revenue from operationsp.191
₹38,735.77 Crvs ₹30,475.33 Cr in FY2024-25
Profit for the year (PAT)p.191
₹12,782.03 Crvs ₹11,061.26 Cr in FY2024-25
Consolidated EBITDAp.210
₹22,851 Crup 20% YoY
Net cash generated from operating activitiesp.56
₹20,358 Crvs ₹17,226 Cr in FY25
Capexp.56
₹15,320 Crvs ₹8,049 Cr in FY25
Net debt/EBITDAp.22
1.9xvs NA
Cargo handled (all Adani ports)p.209
500.8 MMTvs NA
Current Ratiop.210
1.39vs 0.9 in FY2024-25
Key Highlights
9
APSEZ operates a cargo handling capacity of 653 MMT and holds ~27% share of India’s total port volumes, underscoring its dominant domestic gateway position.
Vizhinjam handled 1.3 Mn TEUs in its inaugural year and accommodated 41 ULCVs, making it the fastest Indian port to cross 1 Mn TEUs.
APSEZ completed the acquisition of North Queensland Export Terminal (NQXT), Australia and the acquisition of Abbot Point Port Holdings Pte Ltd, Singapore (APPH), expanding its international footprint.
T2 Terminal at Mundra handled a record annual volume of 1.48 Mn TEUs in FY2025-26, marking the terminal’s highest-ever annual throughput.
RoRo operations at Mundra achieved the highest-ever throughput of 229,357 units in FY2025-26, indicating strengthening auto logistics franchise.
The Company issued and allotted 6,00,000 rated, listed, secured, redeemable NCDs of face value ₹1 lakh each aggregating to ₹6,000 Cr during the year, highlighting active liability management and funding access.
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Key Highlights
9
APSEZ operates a cargo handling capacity of 653 MMT and holds ~27% share of India’s total port volumes, underscoring its dominant domestic gateway position.
Vizhinjam handled 1.3 Mn TEUs in its inaugural year and accommodated 41 ULCVs, making it the fastest Indian port to cross 1 Mn TEUs.
APSEZ completed the acquisition of North Queensland Export Terminal (NQXT), Australia and the acquisition of Abbot Point Port Holdings Pte Ltd, Singapore (APPH), expanding its international footprint.
T2 Terminal at Mundra handled a record annual volume of 1.48 Mn TEUs in FY2025-26, marking the terminal’s highest-ever annual throughput.
RoRo operations at Mundra achieved the highest-ever throughput of 229,357 units in FY2025-26, indicating strengthening auto logistics franchise.
The Company issued and allotted 6,00,000 rated, listed, secured, redeemable NCDs of face value ₹1 lakh each aggregating to ₹6,000 Cr during the year, highlighting active liability management and funding access.
APSEZ became the first transport utility in India to join the UN-backed Taskforce on Nature-related Financial Disclosures (TNFD), with first disclosures beginning in FY2025-26.
Your Directors recommended a dividend of ₹7.50 per equity share of ₹2 each for FY2025-26, signalling continued shareholder payouts.
APSEZ contributed ₹12,155 Cr in tax payments across direct, indirect and other contribution categories in FY2025-26, reflecting high fiscal contribution alongside scale.
MD&A Insights
5
Management highlighted Sagarmala 2.0 launch with a financial outlay of ₹85,482 Cr to drive port-led development, supporting a favourable medium-term demand environment for ports and logistics.
Management disclosed FY2025-26 renewable energy share at 28% versus a FY2025-26 target of 25%, indicating faster-than-target decarbonisation progress.
Management reiterated sustainability ambitions including a net-zero target by 2040 alongside objectives of Zero fatalities and Zero Incidents by 2030, framing ESG execution priorities for operations.
Project SETU aims to digitise supplier sustainability-related data and integrate BRSR-aligned metrics across the supplier base, strengthening value-chain governance as disclosure expectations rise.
APSEZ targets Net Zero by 2040 and reported 28% share of renewable energy in FY2025-26, positioning energy transition as a core operating agenda.
Guidance & Outlook
3
Management presented a planned 5-year capex of ₹90,000–₹1,00,000 Cr to significantly scale capacity and deepen integration, implying an elevated investment cycle ahead.
APSEZ targets domestic ports handling capacity of 850 MMT by 2030 from current total capacity of 653 MMT, indicating a clear long-term capacity expansion trajectory.
APSEZ is targeting achieving Net Zero of all businesses in FY2040, providing a long-dated transition roadmap that can influence capital allocation and customer franchise.
Risks & Concerns
5
Global conflicts and geopolitical shifts were cited as risks that can pressure freight rates, insurance costs and delivery schedules for India’s ports and infrastructure sectors.
Management identified climate-related physical and transition risks and conducted climate vulnerability assessments across its ports under 1.5°C and 2.0°C scenarios, implying potential exposure to adaptation and compliance costs.
Evidence of the audit trail feature being enabled and operated for direct changes to the underlying ERP database was missing for May 27, 2025 to December 12, 2025, indicating a control-gap risk for financial systems governance.
Number of Lost Time Injuries (workers) increased to 29 in FY2025-26 from 22 in FY2024-25, highlighting operational safety execution risk despite stated long-term targets.
Interest Service Coverage Ratio declined to 5.89 in FY2025-26 from 6.87 in FY2024-25, implying reduced buffer against higher finance costs in a rising-rate environment.
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