Adani Ports and Special Economic Zone (APSEZ) could see stronger volume and profit growth in FY27, supported by a recovery in cargo volumes, capacity expansion and diversification into logistics and marine services.
APSEZ recorded muted domestic cargo growth in Q1FY27, with volumes rising just 2 per cent year-on-year. However, revenue from domestic operations increased 12 per cent, aided by a 9 per cent improvement in realisations and a favourable shift in the container and liquid cargo mix.
Cargo volumes have since shown signs of recovery. In August, APSEZ handled around 50 million tonnes, up 19.3 per cent year-on-year, driven by a 25 per cent increase in dry cargo and 15 per cent growth in container volumes.
The company also delivered strong operating performance in Q1FY27, with consolidated operating profit rising 19 per cent year-on-year to around ₹6,500 crore. JM Financial Research expects APSEZ could exceed its FY27 operating profit guidance of ₹25,000–26,000 crore.
APSEZ is targeting 1 billion tonnes of cargo volumes by FY31, compared with around 500 million tonnes in FY26. The company is also expanding its integrated logistics network, including marine services, rail rakes, multimodal logistics parks, warehouses and trucks.
International operations are expected to remain an important growth driver, following the consolidation of Australia’s North Queensland Export Terminal and the ramp-up of the Colombo terminal.