Adani Ports and Special Economic Zone (APSEZ) is evaluating 20 maritime assets across global markets for potential acquisitions, with a particular focus on developed economies, as it seeks to expand its international footprint without compromising on investment returns.
However, the company has ruled out pursuing UK-based port operator Associated British Ports (AB Ports), stating that the asset did not meet its return-on-capital expectations.
“We did evaluate AB Ports, but it did not fit in our playground of return on capital,” APSEZ Chief Executive Officer Ashwani Gupta said during the company’s earnings call on Wednesday. He emphasised that the company would not undertake acquisitions merely to expand its portfolio, but would pursue only those opportunities capable of delivering returns comparable to or better than its existing business.
Global Acquisition Strategy Focused on Returns
APSEZ currently has 20 maritime assets under evaluation across various markets. Gupta said feasibility assessments were at different stages depending on the country, with the company’s presence in Oman also forming part of its evaluation process. No investment decisions have been taken on the assets under consideration.
The company’s international acquisition strategy prioritises cargo potential, asset quality and expected returns. Container terminals remain its primary focus, reflecting APSEZ’s established strength in the segment. It is also exploring opportunities in liquid terminals, given the growing role of ports in supporting the global energy transition.
“Our strength is containers, so the first thing we look at is where opportunity is driven by containers,” Gupta said, adding that liquid terminals could emerge as important gateways for the energy transition.
APSEZ currently handles more than 140 types of liquid cargo and evaluates potential investments from a commodity perspective before assessing the suitability and return profile of individual assets.
The decision to drop AB Ports underlines the company’s disciplined approach to international expansion, with shareholder returns remaining a key consideration in its acquisition strategy.
India Investments Drive Higher Capital Expenditure
Alongside its overseas expansion plans, APSEZ is accelerating investments across its Indian port network, raising its FY27 capital expenditure guidance to ₹15,000–17,000 crore from the earlier ₹12,000–14,000 crore.
The revised guidance represents an increase of ₹3,000 crore at both ends of the range. The company had already incurred capital expenditure of ₹10,521 crore during the first half of FY27.
Gupta said the higher capex guidance was driven entirely by accelerated investments in India and did not include additional international capital expenditure, even for organic expansion.
Mundra, Dhamra, Hazira and Vizhinjam are among the key locations where projects are being fast-tracked.
Highlighting the capacity constraints at Mundra, Gupta said average utilisation was close to 92 per cent during the first two quarters of FY27, with some terminals operating above 100 per cent. The company is also preparing to commence operations at the CT-5 terminal at Mundra within the next few weeks.
The accelerated investments are aimed at addressing rising cargo volumes and capacity requirements, supported by the long-term growth prospects of the Indian economy.
FY27 Revenue and EBITA Guidance Raised
APSEZ has also upgraded its financial outlook for FY27, raising its revenue guidance to ₹44,000–46,000 crore and earnings before interest, taxes and amortisation (EBITA) guidance to ₹26,000–27,000 crore.
Both projections have been increased by ₹1,000 crore, reflecting the company’s improved business outlook.
The revised guidance, coupled with higher domestic capital expenditure and a pipeline of 20 potential international acquisition targets, highlights APSEZ’s twin strategy of strengthening its position in India’s growing maritime infrastructure sector while selectively expanding its global presence.
For APSEZ, the message is clear: international expansion will remain opportunity-driven, but investment returns will determine where the company commits its capital.