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

·*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:* H1 FY26 capex at ₹6,462 Cr

●*Debt management:* H1 FY26 Net debt/EBITDA ratio at 1.8x; Cash balance ₹13,063 Cr; Gross debt ₹51,082 Cr

●*Credit rating upgrade:* 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; Moody's reaffirmed "Baa3/Negative"; ICRA reaffirmed "AAA/Stable"

●*Capital optimization:* Completed bond buyback program in August 2025, repurchasing total of US$386.03m (US$384.38m during early tender date and US$1.65m before expiration); Issued ₹5,000 Cr NCDs for 15 years to LIC; Increased average debt maturity to 5.2 years (from 4.3 years as on March31,2025)

Strategic Developments

Multi-modal logistics expansion

●Groundbreaking of70-acre ,1 .3 Mn sq.ft.logistics park in Kochi with investment of₹600Cr ; strategically located park will generate1500+jobs and cater toe-commerce ,FMCG/FMCD ,pharmaceuticals ,retail sectors

●Received approval to commence EXIM operations at Virochannagar(Gujarat ),Kishangarh(Rajasthan )and Malur(Karnataka )ICDs

●Launched double stack container rake movement between ICD Tumb and ICD Patli

●ICD Virochannagar flagged off block rakes for Ocean Network Express(ONE )and Emirates Shipping to Mundra port in September2025

●Handled358406TEUs rail volume(+15 %YoY )and11MMT GPWIS volume(+3 %YoY )inH1FY26

Port capacity expansion

Dhamra port opened new export berth ; commenced construction of two new berths to increase capacity to92MMT

Karaikal port enhanced permissible draft to14 .5 meters ,positioning it among southern India's deepest draft ports ; berthed MV Sakizaya Victory in September2025

Marine fleet development

En bloc purchase of4Platform Supply Vessels(PSVs )and1workboat ,expanding geographical presence to West Africa waters

Sustainability leadership

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Awards & accolades

• Mundra port won Best Private Sector Port and Best Container Terminal of the year at India Maritime Awards

• Mundra port won Best Private Sector Port and Best Container Terminal of the year at India Maritime Awards

• Mundra port won Best Private Sector Port and Best Container Terminal of the year at India Maritime Awards

• Mundra port won Best Private Sector Port and Best Container Terminal of the year at India Maritime Awards

• Mundra port won Best Private Sector Port and Best Container Terminal of the year at India Maritime Awards

• Mundra port won Best Private Sector Port and Best Container Terminal of the year at India Maritime Awards

• Mundra port won Best Private Sector Port and Best Container Terminal of the year at India Maritime Awards

• Mundra port won Best Private Sector Port and Best Container Terminal of the year at India Maritime Awards