Key Financial Performance (Consolidated)

Q2 FY27 Performance:

  • Revenue: ₹11,340 Cr (up 24% YoY from ₹9,167 Cr in Q2 FY26)
  • EBITDA: ₹6,807 Cr (up 23% YoY from ₹5,550 Cr in Q2 FY26)
  • PAT: ₹3,682 Cr (up 18% YoY from ₹3,120 Cr in Q2 FY26)
  • EBITDA Margin: 60.0% (vs 60.5% in Q2 FY26)

H1 FY27 Performance:

  • Revenue: ₹22,161 Cr (up 21% YoY from ₹18,294 Cr in H1 FY26)
  • EBITDA: ₹13,347 Cr (up 21% YoY from ₹11,046 Cr in H1 FY26)
  • PAT: ₹7,332 Cr (up 14% YoY from ₹6,431 Cr in H1 FY26)
  • EBITDA Margin: 60.2% (vs 60.4% in H1 FY26)

Segment-wise Performance (Q2 FY27)

Domestic Ports:

  • Revenue: ₹7,177 Cr (up 13% YoY)
  • EBITDA: ₹5,201 Cr (up 11% YoY)
  • EBITDA Margin: 72.5%
  • Cargo Volume: 118 MMT (up 4% YoY)
  • Market Share: 27.3% of India's cargo, 44.4% of containers
  • Capacity: 671 MMT

International Ports:

  • Revenue: ₹1,839 Cr (up 71% YoY)
  • EBITDA: ₹878 Cr (up 236% YoY)
  • EBITDA Margin: 47.7% (record high)
  • Volume: 24 MMT (up 147% YoY from 10 MMT)

Logistics:

  • Revenue: ₹1,273 Cr (up 21% YoY)
  • EBITDA: ₹237 Cr (up 8% YoY)
  • TEU Volumes: 167,453 TEUs (up 15% from Q1 FY27)

Marine:

  • Revenue: ₹1,007 Cr (up 57% YoY)
  • EBITDA: ₹447 Cr (up 32% YoY)
  • Fleet Size: 138 vessels (vs 127 in Q2 FY26)

SEZ:

  • Revenue: ₹44 Cr (up 2% YoY)
  • EBITDA: ₹44 Cr (up 2% YoY)

Guidance Upgrade

Based on strong H1 performance, APSEZ raised its FY27 guidance:

  • Revenue: Increased by ₹1,000 Cr to ₹44,000-46,000 Cr (14%-19% YoY growth)
  • EBITDA: Increased by ₹1,000 Cr to ₹26,000-27,000 Cr (14%-18% YoY growth)
  • Capex: Increased by ₹3,000 Cr to ₹15,000-17,000 Cr
  • Net Debt/EBITDA: Maintained at up to 2.5x

Balance Sheet and Capital Allocation

  • H1 FY27 Capex: ₹10,521 Cr
  • Gross Debt: ₹57,717 Cr
  • Cash Balance: ₹12,502 Cr
  • Net Debt/EBITDA: 1.8x (proforma)
  • Free Cash Flow: ₹2,806 Cr despite elevated capex
  • Average Debt Maturity: 4.9 years (vs 5.2 years as of September 30, 2025)

Credit Rating Updates

  • S&P Global Ratings: Upgraded to "BBB" from "BBB-" with Stable outlook
  • JCR: Assigned "A-/Stable" rating in January 2026
  • CARE Ratings: Reaffirmed "AAA" rating
  • ICRA Limited: Reaffirmed "AAA" rating

Operational Highlights

  • Secured 30-year concession for Paradip Port's CQ-I and CQ-II dry bulk berths, adding 18 MMT capacity
  • Commenced EXIM operations at Vizhinjam port
  • Colombo West International Terminal handled 2 million TEUs in 18 months, inaugurated Phase II expansion doubling capacity to 3.2 million TEUs
  • Tanzania achieved highest quarterly volume at 265,518 TEUs
  • Record 50 MMT cargo handled in August 2026
  • Mundra notified as "Mega Port" under Indian Ports Act, 2025

Cargo Volume Details

Q2 FY27:

  • Total Cargo: 142 MMT (up 15% YoY)
  • Domestic: 118 MMT (up 4% YoY)
  • International: 24 MMT (up 147% YoY)
  • Container Volume: 4,220 TEUs (up 13% YoY)

H1 FY27:

  • Total Cargo: 280 MMT (up 15% YoY)
  • Domestic: 233 MMT (up 3% YoY)
  • International: 47 MMT (up 169% YoY)
  • Container Volume: 8,229 TEUs (up 15% YoY)

Joint Venture Performance

Key JV financials (Q2 FY27):

  • AICTPL (JV with MSC): Revenue ₹589 Cr, EBITDA ₹333 Cr, PAT ₹198 Cr
  • ACMTPL (JV with CMA-CGM): Revenue ₹323 Cr, EBITDA ₹189 Cr, PAT ₹116 Cr
  • Dhamra LNG (JV with TOTAL): Revenue ₹232 Cr, EBITDA ₹154 Cr, PAT (₹25) Cr

ESG Highlights

  • Dhamra became India's first private large-scale multi-cargo port powered entirely by renewable electricity
  • Deployed 50 electric trucks at ICD Tumb, Vapi
  • S&P Global CSA score: 68/100 (95th percentile globally)
  • NSE Sustainability score improved to 70 from 66
  • CARE ESG rating upgraded to CareEdge ESG 1+ with score 84.3/100
  • Published inaugural TNFD-aligned report

Management Commentary

Ashwani Gupta, Whole-time Director & CEO, stated: "APSEZ's ability to execute at scale with financial prudence enables us to pursue ambitious growth while leveraging balance-sheet strength and compounding cash flows. Against this backdrop, Q2FY27 was another stellar quarter. Domestic Ports continue to anchor our earnings, while International Ports, Logistics and Marine are emerging as powerful growth engines."

Additional Information

The results presentation highlights APSEZ's transformation into India's largest integrated transport operator with multiple growth engines across domestic and international ports, logistics, and marine services. The company is advancing toward its Ambition 2031 goals of ₹91,500 Cr revenue and ₹52,000 Cr EBITDA.