Adani Ports Q2 Results: Profit Up 18% to ₹3,682 Crore, FY27 Guidance Raised (October 28)

Adani Ports Q2 results came with something investors rarely get halfway through a year: higher targets. Adani Ports and Special Economic Zone (APSEZ) reported consolidated net profit of ₹3,682 crore for the September quarter, up 18% from ₹3,120 crore a year ago, according to the company’s media release filed with BSE on October 28. Revenue rose 24% to ₹11,340 crore and EBITDA grew 23% to ₹6,807 crore.

Adani Ports Q2 results: where the growth came from

The old business still pays the bills. Domestic ports brought in ₹7,177 crore of revenue, up 13%, and ₹5,201 crore of EBITDA, up 11%, at a 72.5% EBITDA margin. Cargo handled at Indian ports was 118 million tonnes, and the company put its all-India cargo market share at 27.3% and its container share at 44.4%.

The faster growth sat elsewhere. International ports revenue jumped 71% to ₹1,839 crore, and EBITDA went to ₹878 crore from ₹261 crore, a margin of 47.7%. Volumes there rose to 24 million tonnes from 10 million tonnes, helped by the Colombo West International Terminal, Tanzania and the NQXT terminal in Australia. APSEZ also opened phase II at Colombo, doubling that terminal’s capacity from 1.6 million TEUs to 3.2 million TEUs.

Marine revenue rose 57% to ₹1,007 crore, with the fleet at 138 vessels against 127 a year ago. Logistics revenue grew 21% to ₹1,273 crore, though its EBITDA rose only 8% to ₹237 crore. By our arithmetic, that pulls the logistics margin down to about 18.6% from about 20.9%.

Guidance goes up, and so does capex

This is the part we’d watch most closely. On the back of the first half, APSEZ raised its FY27 revenue guidance to ₹44,000-46,000 crore from ₹43,000-45,000 crore, and EBITDA guidance to ₹26,000-27,000 crore from ₹25,000-26,000 crore. Capex guidance was lifted by ₹3,000 crore to ₹15,000-17,000 crore.

The balance sheet is carrying that spending for now. First-half operating cash flow was ₹13,327 crore against ₹10,521 crore of capex, free cash flow was ₹2,806 crore, cash stood at ₹12,502 crore and net debt was 1.8 times EBITDA, per the filing. The company’s own ceiling for that ratio is up to 2.5 times, so there’s room, but not unlimited room if capex keeps climbing.

How the stock reacted

The release was filed while markets were still open. Moneycontrol reported the shares were up 1.33% at ₹1,778 in afternoon trade on Wednesday, giving a market value of about ₹4.09 lakh crore. The same report said the stock had gained 20.1% in 2026 so far, while the Nifty 50 was down 12.9% over the same period.

What it means

Two things stand out. First, overall EBITDA margin barely moved, about 60% this quarter against about 60.5% a year ago on the filed numbers, even as lower-margin logistics and marine grew faster. Second, international ports are no longer a side story; they contributed roughly an eighth of EBITDA this quarter. The risk is the one every capex-heavy company carries: higher spending has to turn into cargo. If you want a framework for reading results like these, our guide on how to analyse quarterly results covers segment margins and guidance. APSEZ was also on our Q2 results calendar for this week.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.