Revenue ₹9,167 cr, EBITDA ₹5,550 cr, Net Profit ₹3,120 cr — because when you run 28% of India’s trade, gravity works in your favour.

1. Opening Hook

Another quarter, another “record-breaking” slide deck from Adani Ports. At this point, the word record needs its own depreciation schedule. While geopolitics was busy rerouting global trade and analysts were debating coal’s existential crisis, APSEZ quietly printed numbers that made peers look like inland container depots.

Management claims this isn’t luck, commodity cycles, or accounting gymnastics — it’s “strategy execution.” Of course it is. Logistics suddenly profitable, international ports behaving, marine exploding 3x — all totally planned, apparently.

But scratch beneath the surface and you’ll find Mundra wobbling, coal behaving badly, and a billion-ton ambition that depends heavily on India behaving itself till 2030. Still, when EBITDA margins touch mid-70s, investors stop asking philosophical questions.

Read on — the real entertainment starts once analysts begin poking holes in the billion-ton dream.

2. At a Glance

• Revenue up 30% – Apparently trade slowdown didn’t get the memo.
• EBITDA up 27% – Costs stayed disciplined while volumes showed off.
• Net profit up 29% – Accounting behaving unusually well this quarter.
• ROCE at 16% – Capital finally earning its keep across businesses.
• Free cash flow ₹3,000+ cr – Cash generation, not PowerPoint generation.
• Net debt/EBITDA 1.8x – Deleveraging without drama (rare sighting).
• Stock didn’t panic – Markets heard “record quarter” and stopped listening.

3. Management’s Key Commentary

“Yet again, APSEZ has delivered a record quarter.”
(Because consistency is boring, records are better 😏)

“Our strategy for Logistics, Marine and International Ports is now visible in numbers.”
(Translation: please stop calling these loss-making experiments)

“Domestic ports achieved 28% market share, the highest ever.”
(Every fourth tonne in India politely says ‘Adani’)

“Colombo has delivered three consecutive months of 100,000+ TEUs.”
(Transshipment finally acting like transshipment 🚢)

“Logistics revenue grew 79% with ROCE improving to 9%.”
(Asset-light is finally lighter on excuses)

“Marine revenue grew 237% with vessel count at 127.”
(Apparently boats grow faster than trees)

“We remain committed to ₹75,000 crore capex with financial discipline.”
(Capex party continues, but with a spreadsheet chaperone)

4. Numbers Decoded

Metric                     Q2FY26          YoY Change
-----------------------------------------------------
Revenue                    ₹9,167 cr       +30%
EBITDA                     ₹5,550 cr       +27%
EBITDA Margin              ~61%             Flat-to-up
Net Profit                 ₹3,120 cr       +29%
Domestic Ports EBITDA      74.2%            Record high
Logistics Revenue          ₹1,055 cr       +79%
Marine Revenue             ₹641 cr         +237%
Net Debt / EBITDA          1.8x             Improved

• Domestic margins are printing PSU-era profitability, but without PSU lethargy.
• Logistics is still small, but no longer embarrassing.
• Marine looks exciting, but remember: boats age faster than optimism.

5. Analyst Questions (Decoded)

• “Domestic volumes look muted?”
  Management: India grew 4.3%, we grew 6.9%. Please