Synopsis:
Adani group company’s shares are in the spotlight after announcing strong Q2 results.
A large-cap company that is in the business of development, operations and maintenance of port infrastructure, is in the spotlight today after posting Q2FY26 results. Read the article below for detailed insights into its performance.
With a market capitalization of Rs. 3,11,470.43 crore, the shares of Adani Ports & Special Economic Zone Limited closed at Rs. 1,441.90, down by 0.19 percent from its previous closing price of Rs. 1,444.70. In today’s trading session it has touched an intraday low of Rs. 1,432.
Q2FY26 Results
Adani Ports and Special Economic Zone Limited reported Rs. 9,167 crore in revenue for the second quarter of FY26, a 29.72 percent increase over the Rs. 7,067 crore for the same period in FY25. It increased by 0.45 percent as compared to Rs. 9,126 crore in Q1 FY26.
The company’s EBITDA for Q2 FY26 stood at Rs. 5,340 crore, down by 2.82 percent from Rs. 5,495 crore in Q1 FY26, and rose by 22.28 percent from Rs. 4,367 crore in Q2 FY25.
The consolidated net profit for the second quarter of FY26 was Rs. 3,120 crore, which was 5.77 percent lower than the Rs. 3,311 crore reported in the previous quarter and increased by 29.29 percent from Rs. 2,413 crore in Q2 FY25. Profit growth was also reflected in earnings per share (EPS), which increased to approximately Rs. 14.39 in Q2 FY26 from Rs. 11.32 in Q2 FY25.
Out of the total revenue of Rs. 9,167 crore, the majority came from the Domestic Ports segment, contributing Rs. 6,351 crore, Rs. 1,077 crore from International Posts segment, Rs. 1,055 crore from Logistics segment while the Marine segment accounted for Rs. 641 crore and other segments contributed Rs. 43 crore.
Performance Highlights
Adani Ports strengthened its global leadership with a multi-modal value chain of 633 MTPA capacity, targeting 1 billion tonnes throughput by 2030. Mundra Port ranked 25th globally in the World Bank’s Port Performance Index 2024. Colombo West Terminal handled 350,000 TEUs since April 2025, with Phase 2 construction ongoing. A Rs. 600 crore logistics park in Kochi was initiated, alongside EXIM operation approvals for ICDs in Gujarat, Rajasthan, and Karnataka. Mundra achieved a record handling of 898 double-stacked container rakes in July 2025 and 5,612 cars loaded in a single vessel in September.
The company also expanded internationally with the NXQT Port acquisition in Australia and added 9 new marine vessels, taking its fleet to 127. Sustainability initiatives included top 5 percent global APSEZ ESG ranking, 10 ports certified Zero Waste to Landfill, and Fitch and S&P rating upgrades following a buyback of US$ 368.03 million.
Strategic Highlights
Key expansions included multi-modal logistics developments across Kochi, Virochanagar, Kishangarh, and Malur, and the launch of double-stack container movement between ICD Tumb and ICD Patli. The firm handled 3.46 lakh TEUs, showing strong YoY growth. Capacity expansion continued with two new berths at Dhamra Port and draft enhancement at Karakal Port to 14.5 meters. A major MoU with Bharat Petroleum aims to launch India’s first LNG bunkering operation at Vizhinjam Port. Marine fleet strength increased with 4 PSVs and 1 workboat, expanding operations to West Africa, while Ocean Sparkle advanced digital integration with the SeaFlux platform.
H1 FY26 saw a robust operating cash flow of Rs. 9,503 crore, representing 86 percent of EBITDA, with capex at Rs. 6,462 crore. Net debt/EBITDA improved to 1.8x, and the cash balance stood at Rs. 13,067 crore. Credit agencies like Fitch, S&P, Moody’s, and ICRA had upgraded or affirmed stable ratings, highlighting financial resilience. The company has increased average debt maturity to 5.2 years, signaling efficient capital management.
Mundra Port achieved record performance, handling 46,000 TEUs in July and setting a new benchmark by loading 5,612 cars in under 40 hours. Hazira Port handled 0.51 MMT liquid volume, and Gangavaram Port recorded the highest coal despatch for the month. The AI-powered Strategic Command Center for marine operations became fully functional, while new skill-building centers at Mundra and Krishnapatnam were launched to align workforce development with APSEZ’s operational goals.
About the company
Adani Ports and Special Economic Zone (APSEZ), part of the Adani Group, is India’s leading integrated transport and logistics utility offering end-to-end “shore-to-door” services across ports, rail, road, and warehousing. Operating 15 ports and terminals, 12 logistics parks, 3.1 million sq. ft. of warehouses, and a fleet of 127 vessels with 25,000+ trucks, APSEZ handles 633 million tonnes annually, accounting for about 28 percent of India’s port volumes, and targets 1 billion tonnes by 2030. Recognized among the top 5 percent globally in S&P Global’s 2025 sustainability assessment, with five ports ranked in the World Bank’s 2024 Port Performance Index, APSEZ stands out for its operational excellence, scale, and digital infrastructure–driven logistics ecosystem.
A return on equity (ROE) of about 18.8 percent, a return on capital employed (ROCE) of about 13.8 percent and debt to equity ratio at 0.85 demonstrate the company’s financial position. At the moment, the company’s P/E ratio is 27.3x which is higher as compared to its industry P/E 27x.
As of September 2025, the company’s shareholding pattern shows that promoters hold 65.89 percent of the total equity, indicating strong promoter ownership. Foreign Institutional Investors (FIIs) hold 13.61 percent, while Domestic Institutional Investors (DIIs) own 15.03 percent. The public shareholding stands at 5.48 percent, reflecting a healthy level of institutional participation in the company.
Written By Akshay Sanghavi
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