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NQXT Australia acquisition delay
View Risks →Adaniports Ltd — Q2 FY26
APSEZ delivered a record Q2FY26 with revenue of ₹9,167 crore (+30% YoY), EBITDA of ₹5,550 crore (+27% YoY), and PAT of ₹3,120 crore (+29% YoY).
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APSEZ delivered a record Q2FY26 with revenue of ₹9,167 crore (+30% YoY), EBITDA of ₹5,550 crore (+27% YoY), and PAT of ₹3,120 crore (+29% YoY). Domestic ports achieved a record H1 EBITDA margin of 74.2% and market share of 28.1%, driven by operational efficiencies and favorable cargo mix. International ports revenue hit a lifetime high of ₹1,077 crore, with EBITDA margin improving 969 bps YoY. Logistics revenue surged 79% to ₹1,055 crore, and marine revenue grew 237%. Management maintained its FY26 EBITDA guidance of ₹21,000-22,000 crore and reiterated the 1 billion ton volume target by FY30, supported by a ₹75,000 crore five-year capex plan. Key risks include potential delays in the NQXT Australia acquisition and geopolitical impacts on trade flows.
APSEZ ने Q2FY26 में शानदार प्रदर्शन किया। कंपनी की कमाई ₹9,167 करोड़ रही, जो पिछले साल से 30% ज़्यादा है। मुनाफा (EBITDA) ₹5,550 करोड़ (+27%) और शुद्ध मुनाफा (PAT) ₹3,120 करोड़ (+29%) रहा। देश के बंदरगाहों का मुनाफा मार्जिन 74.2% और बाजार हिस्सेदारी 28.1% रही, जो बेहतर संचालन और सही कार्गो मिश्रण से हुई। अंतरराष्ट्रीय बंदरगाहों की कमाई ₹1,077 करोड़ के उच्च स्तर पर पहुंची। लॉजिस्टिक्स कमाई 79% बढ़कर ₹1,055 करोड़ और समुद्री कमाई 237% बढ़ी। कंपनी ने FY26 के लिए ₹21,000-22,000 करोड़ के मुनाफे का अनुमान दोहराया और FY30 तक 1 अरब टन कार्गो का लक्ष्य रखा है। इसके लिए ₹75,000 करोड़ का पांच साल का निवेश योजना है। जोखिमों में ऑस्ट्रेलिया में NQXT खरीद में देरी और व्यापार पर भू-राजनीतिक असर शामिल हैं।
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Domestic Ports Market Share
28.1%
+70bps YoY
Market share increased from 27.4% in Q2FY25, driven by container share rising to 45.9%.
Domestic Ports H1 EBITDA Margin
74.2%
+200bps YoY
Highest-ever H1 margin, reflecting cost optimization and revenue mix improvements.
Logistics Revenue Growth
₹1,055 crore
+79% YoY
Driven by asset-light trucking and international freight network services.
Marine Revenue Growth
₹641 crore
+237% YoY
Boosted by vessel acquisitions in Middle East and West Africa; vessel count rose to 127.
What Changed vs Last Quarter
NEW
FY26 EBITDA guidance of ₹21,000-22,000 crore
Management reiterated the full-year EBITDA guidance range despite strong H1 performance, indicating confidence in sustained momentum.
NEW
Five-year capex plan of ₹75,000 crore
Capex will be deployed across ports (₹45,000-50,000 crore), logistics, and marine, with focus on container capacity and evacuation infrastructure.
NEW
Domestic port margins sustainable at 75-77%
Management expects domestic port EBITDA margins to remain in the 75-77% range over the long term, driven by operating efficiencies.
UPDATED
International ports EBITDA margin target of ~45%
Long-term target for stabilized international port margins, with Colombo at ~50%, Haifa 30-40%, and Australia ~65%.
DROPPED
FY2026 EBITDA guidance of INR 22,000 crore maintained
Management reaffirmed the full-year EBITDA target despite Q1 volume headwinds, citing recovery in July and diversified revenue streams.
DROPPED
1 billion MT cargo target by 2030
Long-term volume target remains unchanged, with international ports expected to contribute 115 million MT.
DROPPED
Container capacity expansion across multiple ports
Investments in container berths at Mundra, Hazira, Gangavaram, Vizhinjam, and Colombo are underway to capture containerized trade growth.
NEW RISK
NQXT Australia acquisition delay
The acquisition is pending final approval from an Australian government department, with no clear timeline for closure.
NEW RISK
Geopolitical impact on trade flows
Geopolitical disruptions (e.g., Operation Swords of Iron) have affected container volumes at Mundra, though recovery is underway.
NEW RISK
Mundra coal volume decline
Imported coal volumes at Mundra are under pressure due to power plant configuration changes, impacting overall port throughput.
NEW RISK
Concession renewal uncertainty for Gujarat ports
Renewal of concessions for Mundra and other Gujarat ports is pending; management expects closure in 'short order' but no firm timeline.
RISK GONE
Sustained weakness in Mundra coal volumes
Mundra coal volumes dropped 18% YoY due to lower thermal power demand and plant shutdowns, with recovery uncertain.
RISK GONE
Geopolitical disruptions impacting transshipment cargo
Transshipment volumes at Mundra were affected by geopolitical issues and shipping route changes, with recovery still in progress.
RISK GONE
Weather-related volume spillover in August
July saw delayed ship arrivals due to weather, and management noted potential spillover impact in August.
RISK GONE
Dependence on imported coal recovery for volume guidance
Management expects coastal coal to offset imported coal declines, but imported coal recovery is uncertain and may affect volume targets.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q3 FY25, Q4 FY25
New logistics businesses (trucking, freight forwarding) are at gestation stage with blended 10% margins; ramp-up to target levels may take time.
Mentioned in Q1 FY25, Q4 FY25
Capex of INR 10,000-12,000 crore planned, primarily for container terminal expansion and logistics.
Mentioned in Q1 FY25, Q2 FY25
Management reiterated full-year cargo volume guidance of 460-480 million metric tons, confident in H2 recovery from agro/fertilizer season and new asset contributions.
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Guidance and risk preview
Management reiterated the full-year EBITDA guidance range despite strong H1 performance, indicating confidence in sustained momentum.
The acquisition is pending final approval from an Australian government department, with no clear timeline for closure.
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