Adani Ports and Special Economic Zone (APSEZ) reported a 10.4% year-on-year rise in consolidated net profit for the March quarter at ₹3,329 crore, as strong revenue growth was partly offset by a decline in margins.

Revenue for the quarter increased 26.5% to ₹10,737 crore, while EBITDA rose 20.5% to ₹6,034 crore. However, EBITDA margin slipped to 56.2% from 58.9% a year ago.

Margins soften as business mix shifts

The softer margin performance comes even as the company continues to expand beyond its core ports business. Faster growth in logistics, marine and international operations — which operate at lower margins compared to domestic ports — has begun to weigh on overall profitability.

During FY26, logistics revenue rose 55%, marine revenue jumped 134% and international ports revenue grew 34%, outpacing domestic ports. At the same time, domestic ports continue to deliver EBITDA margins of over 70%, compared with around 28–30% for international ports, resulting in a lower blended margin even as overall revenue expands.

FY26 growth beats guidance

For the full year, APSEZ reported revenue of ₹38,736 crore, up 25% year-on-year, while EBITDA grew 20% to ₹22,851 crore, marginally exceeding its guidance. Net profit for FY26 stood at ₹12,782 crore, up 16%.

The company crossed a key operational milestone during the year, handling 500.8 million metric tonnes (MMT) of cargo — becoming the first Indian integrated transport operator to breach the 500 MMT mark. Cargo volumes for the March quarter stood at 133.4 MMT.

Commenting on the performance, whole-time director and CEO Ashwani Gupta said the results underscore the resilience of the company’s business model and execution strategy.

“Despite the geopolitical volatility and ongoing global tariff uncertainty, we surpassed our FY26 guidance, led by record 500 MMT port cargo volumes,” he said.

Non-port segments drive growth

Growth during the year was led by non-port verticals. Logistics revenue rose 55%, supported by a ramp-up in trucking and international freight network services, while marine revenue more than doubled on the back of fleet expansion and offshore contracts. International ports also delivered strong growth, aided by the addition of the North Queensland Export Terminal in Australia and ramp-up at Colombo.

APSEZ stepped up investments during the year, with capital expenditure rising to ₹15,320 crore, exceeding its earlier guidance of ₹11,000–12,000 crore. Despite this, leverage remained under control, with net debt to EBITDA at 1.9x.

Dividend announced; AGM on June 24

The board has proposed a dividend of ₹7.5 per equity share of face value ₹2 each (375%) for FY26, with June 12, 2026 fixed as the record date. The company’s 27th annual general meeting is scheduled for June 24.

For FY27, the company has guided revenue in the range of ₹43,000–45,000 crore and EBITDA of ₹25,000–26,000 crore, implying continued double-digit growth.

Post-earnings, shares of Adani Ports fell over 3.5% as margin compression, higher-than-expected capex and a shift towards lower-margin businesses weighed on investor sentiment despite strong topline growth. The stock, however, remains up over 30% in the past one year, outperforming the benchmark Nifty 50 index, which has declined nearly 1.5% during the same period.