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Revenue
₹9,167 Cr
verified against source
Revenue YoY
30%
reported change
EBITDA
₹5,550 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated the full-year EBITDA guidance range despite strong H1 performance, indicating confidence in sustained momentum.
- Capex will be deployed across ports (₹45,000-50,000 crore), logistics, and marine, with focus on container capacity and evacuation infrastructure.
- Long-term target for stabilized international port margins, with Colombo at ~50%, Haifa 30-40%, and Australia ~65%.
- Management expects domestic port EBITDA margins to remain in the 75-77% range over the long term, driven by operating efficiencies.
Risks flagged
- The acquisition is pending final approval from an Australian government department, with no clear timeline for closure.
- Geopolitical disruptions (e.g., Operation Swords of Iron) have affected container volumes at Mundra, though recovery is underway.
- Imported coal volumes at Mundra are under pressure due to power plant configuration changes, impacting overall port throughput.
- Renewal of concessions for Mundra and other Gujarat ports is pending; management expects closure in 'short order' but no firm timeline.
Key quotes
- Our focus is to increase the revenue and optimize the cost as much as possible. And this is the reflection on the EBITDA percentage which you are seeing month on month.
- We are building a truly global integrated transport platform. The momentum we have demonstrated in the first half gives me confidence we are executing our strategy effectively and creating long-term value.
- We expect the EBITDA margin when all these operations are stabilized to go from 26% to somewhere between, I mean, around 45%.
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