APSEZ Q2 FY26 Net Profit ₹3,120 Cr, +29% YoY; Revenue ₹9,167 Cr, +30% YoY

Adani Ports and Special Economic Zone Limited (APSEZ) announces a robust Q2 FY26 with ₹5,550 Cr EBITDA, a 27% increase YoY. The logistics and marine sectors demonstrate exceptional growth, highlighting APSEZ's strategic expansion and operational excellence.

·APSEZ Q2 FY26 EBITDA at ₹5,550 Cr, up 27% YoY; H1 FY26 EBITDA at ₹11,046 Cr (+20% YoY)

·Domestic Ports deliver highest ever H1 FY26 EBITDA margin at 74.2%; International Ports H1 FY26 revenue and EBITDA hits lifetime high of ₹2,050 Cr and ₹466 Cr respectively

·Logistics H1 FY26 revenue at ₹2,224 Cr, +92% YoY, driven by ramp up in Trucking and International Freight Network services, RoCE increases to 9% (6% in FY25)

·Marine H1 FY26 Marine revenue ₹1,182 Cr, +213% YoY, driven by vessel acquisitions

·Fitch Ratings revised outlook to "Stable" from "Negative", reaffirmed rating at "BBB-"

·S&P Global CSA recognized APSEZ in the Top 5% of Global Transportation and Transportation Infrastructure companies1

"Our strong, across-the-board profitable growth momentum truly underscores the success of our unmatched Integrated Transport Utility value proposition," said Ashwani Gupta, Whole-time Director & CEO

Adani Ports and Special Economic Zone Limited (APSEZ), an Integrated Transport Utility, today announced its results for the quarter and half year ended 30 September 2025.

"Our strong, across-the-board profitable growth momentum truly underscores the success of our unmatched Integrated Transport Utility value proposition. Logistics and Marine businesses have continued their exponential growth trajectory, further reinforcing our port-gate to customer-gate offering. Our performance is a testament to the success of various operational efficiency and capital optimization initiatives, leading to the strongest ever H1 domestic ports EBITDA margin and significant improvement in Logistics RoCE.

Our vision of becoming an Integrated Transport Utility is taking shape at an accelerated pace. The strategic expansion of our multi-modal capabilities---from our growing network of 12 logistics parks and 3.1 million sq. ft. of warehouses to our expanding trucking fleet and international freight services---demonstrates how we are creating a seamless supply chain ecosystem. The ongoing expansion of our port capacities and our 127-vessel marine fleet across the MEASA1 region, with foray into West Africa waters, position us as a genuine integrated player in the global supply chain. Being recognized amongst the Top 5% of global transportation companies by S&P CSA2 further reinforces our sustainability-driven operational excellence."

●Global leadership: Global integrated multi-modal value chain enabler with 633 MTPA capacity, targeting 1 billion tonnes throughput by 2030. Mundra port ranked 25th amongst the top global ports in the World Bank’s Container Port Performance Index 20243 (up from 27th position last year)

●Operational excellence: Colombo West International Terminal (CWIT) handled over 350,000 TEUs since commencing operations in April 2025 (over 100,000 TEUs handled monthly in August & September 2025); Phase 2 construction is ongoing

●Logistics acceleration: Announced groundbreaking of 70-acre, 1.3 Mn sq. ft. logistics park in Kochi with ₹600 Cr investment; Received approval for EXIM operations at Virochannagar (Gujarat), Kishangarh (Rajasthan), and Malur (Karnataka) ICDs

●Record performance: Mundra Port handled 898 double-stacked container rakes in July 2025, moving c.46,000 TEUs; Loaded 5,612 cars onto a single vessel in under 40 hours in September 2025

●International expansion: Board approved acquisition of NQXT Port, Australia - a natural deep-water, multi-user export terminal with 50 MTPA capacity (subject to regulatory approvals)

●Marine fleet expansion: Acquired 9 new marine vessels during Q2 FY26, taking total fleet to 127 vessels; Inaugurated Strategic Command Center for Marine operations

●Sustainability leadership: Scored 66/100 in S&P Global CSA 2025, placing APSEZ in Top 95th percentile1 globally; 12 ports certified Zero Waste to Landfill. MSCI upgraded APSEZ’s ESG rating from "CCC" to "B" on strong corporate governance and sustainability practices

●Financial optimization: Completed bond buyback program in August 2025, repurchasing US$386.03m; Increased average debt maturity to 5.2 years. Fitch Ratings revised outlook to "Stable" from "Negative", affirmed rating at "BBB-". S&P Global revised ratings outlook to "Positive" from "Negative" while reaffirming "BBB-" rating

Business transformation analysis

Logistics business delivered exceptional growth with H1 FY26 revenue of ₹2,224 Cr, up 92% YoY. This transformation reflects APSEZ's strategic evolution toward Integrated Transport Utility, with accelerated ramp-up in trucking services, international freight network services, multi-modal logistics park (MMLP) operations across 12 locations, and RoCE improvement to 9% (from 6% in FY25).

Marine operations achieved remarkable 213% YoY growth to ₹1,182 Cr in H1 FY26. The diversified marine fleet expansion with 127 vessels in the MEASA2 region, including foray into West Africa waters through acquisition of 4 Platform Supply Vessels (PSVs) and 1 workboat, demonstrates successful scaling of offshore capabilities with Tier-1 customers.

International ports delivered lifetime high H1 revenue at ₹2,050 Cr in H1 FY26, reflecting strong performance at Haifa Port (Israel), operational commencement at Colombo West International Terminal (Sri Lanka), and Container Terminal 2 operations at Dar Es Salaam (Tanzania).

Domestic ports maintained steady growth with H1 FY26 revenue of ₹12,488 Cr and all-time high EBITDA margin at 74.2%, demonstrating the resilience of APSEZ's core Indian operations with overall market share at 28% (27.3% in H1 FY25) and container market share at 45.5% (45.1% in H1 FY25).

Financial Highlights

●Strong operating cash flow: H1 FY26 operating cash flow of ₹9,503 Cr, representing 86% of EBITDA

• Capex momentum:

• Debt management:

• Credit rating upgrade:

• Capital optimization:

• Strategic Developments •

• Multi-modal logistics expansion •

• • Groundbreaking of
• • Received approval
• • Launched double stack
• • ICD Virochannagar flagged off block rakes for Ocean Network Express (ONE) and Emirates Shipping to Mundra port in September
• • Handled
• • Port capacity expansion •
• • Dhamra port opened new export berth; commenced construction of two new berths to increase capacity to
• • Karaikal port enhanced permissible draft to meters positioning it among southern India's deepest draft ports berthed MV Sakizaya Victory in September
• • MoU signed with Bharat Petroleum Corporation Limited to launch India’s first ship-to-ship LNG bunkering operations at Vizhinjam port The port will serve as a dedicated LNG refueling hub for vessels along the East-West shipping corridor •
• • Marine fleet development •
• • En bloc purchase of Platform Supply Vessels PSVs and workboat expanding geographical presence to West Africa waters •
• • Inaugurated Strategic Command Center for Marine operations facilitating real-time vessel tracking and enhanced operational control •
• • Ocean Sparkle reached milestone in digital integration with entire fleet operating paperless integrated cloud-based vessel management system SeaFlux across fleet •

*Record operational performance*

• *During July Mundra port set new record by handling double stacked container rakes that moved c TEUs*
• *In September Mundra port loaded cars onto single vessel in under hours previous record of cars in June *
• *In August Hazira port achieved highest-ever bulk liquid volume handling MMT through liquid tankers*
• *In August Adani Gangavaram Port handled vessels setting new monthly record*

*Technology & skill development*

• *AI-powered Strategic Command Center for Logistics operations fully operational*
• *Commenced skill building centers at Mundra & Krishnapatnam to impart industry-relevant skills aligned with APSEZ's requirements*

*ESG excellence*

*Environmental leadership*

• *Scored / in S&P Global Corporate Sustainability Assessment CSA placing APSEZ in Top th percentile globally within Transportation & Transportation Infrastructure sector APSEZ maintained the highest score in Environment dimension for third consecutive year*
• *ports certified Zero Waste to Landfill showcasing commitment to circular economy*
• *Committed to Net Zero by *
• *Maintained Prime status in Institutional Shareholder Services ISS ESG rating*
• *Deployed electric-powered Mobile Harbour Cranes at Netaji Subhas Dock*

*ESG ratings*

• *MSCI upgraded APSEZ’s ESG rating from CCC to B on strong corporate governance and sustainability practices*
• *Included as constituent in Nifty ESG Index Nifty ESG Sector Leaders Index and Nifty Enhanced ESG Index*
• *Received Strong ESG rating from CRISIL with overall score of and core ESG score of amongst top % of companies assessed NSE Sustainability Ratings and Analytics assigned ESG rating of amongst Top % of companies rated SES ESG Research rated APSEZ with ESG score of Grade B indicating Medium risk profile ESG Risk Assessments and Insights Limited has assigned an Environmental Social and Governance ESG rating of with an Excellent classification*

Awards & accolades

• Mundra port won Best Private Sector Port and Best Container Terminal of the year at India Maritime Awards At the India Maritime Week APSEZ won the Port Sustainability Pioneer Award under the Maritime Achievers category This recognition reaffirms our commitment to driving responsible growth integrating sustainability across all aspects of port operations and setting new benchmarks in the maritime industry Ocean Sparkle Ltd was awarded the Digital Naukik Tech Transformation Award by Directorate General of Shipping Dhamra port won the Pollution Control Appreciation Award under industry category by Odisha State Pollution Control Board Won two awards at th India Logistics Strategy summit organized by Institute of Supply Chain and Management ISCM Forum Mundra port named Best Port Service Provider and Adani Logistics Ltd won Logistics Champion Won multiple awards at th Global Environment Awards Gangavaram port received award for Environmental Protection Vizhinjam port received award for Pollution Control Machinery Equipment and Dhamra port received award for Waste Minimization Terminal in Goa port won Diamond Award in Apex India Green Leaf Awards for sustainable operations -- DISCLAIMER Please note that this message and any attachments may contain confidential and proprietary material and information and are intended only for the use of the intended recipient s If you are not the intended recipient you are hereby notified that any review use disclosure dissemination distribution or copying of this message and any attachments is strictly prohibited If you have received this email in error please immediately notify the sender and delete this e-mail whether electronic or printed Please also note that any views opinions conclusions or commitments expressed in this message are those of the individual sender and do not necessarily reflect the views of Ver sé Innovation Pvt Ltd.