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Adani Ports and Special Economic Zone (APSEZ) has wrapped up FY25 on a high, and it's not just about more cargo.
The company reported a 48 per cent jump in Q4 profit to Rs 3,014 crore, with revenue rising 23 per cent year-on-year. That takes its full-year profit to Rs 11,061 crore, the highest it's ever clocked.
It's not just the numbers that impress. What's interesting is where the growth is coming from—a logistics business that's scaling fast, marine services with fat margins and ports like Mundra hitting all-time highs in cargo volumes.
Adani Ports Q4 numbers
| Metric | Q4 FY25 | YoY change |
|---|---|---|
| Revenue | Rs 8,488 crore | ↑ 23 per cent |
| Net profit | Rs 3,014 crore | ↑ 48 per cent |
| EBITDA | Rs 5,006 crore | ↑ 24 per cent |
| Cargo volume | 117.9 MMT | ↑ 8 per cent |
| EBITDA margin | 59 per cent | Flat |
For the full year, revenue crossed Rs 31,000 crore, EBITDA grew 20 per cent, and PAT surged 37 per cent.
Not just ports anymore
Mundra—the company's flagship port—handled over 200 MMT in FY25, a first for any Indian port. But that's just part of the story.
-
The
logistics segment
doubled revenue to Rs 1,030 crore in Q4.
-
Marine services
grew 125 per cent year-on-year, with EBITDA up 167 per cent.
- APSEZ is also expanding globally—operations started in Colombo's West Terminal, and it's moving forward with the acquisition of Australia's North Queensland Export Terminal
In other words, Adani Ports is no longer just a cargo throughput story—it's becoming a diversified infrastructure play.
The dividend and FY26 guidance
The company announced a Rs 7 per share dividend, with a record date of June 13 and payment after June 26. It's a steady payout, reflecting solid cash generation.
For FY26, APSEZ is guiding for:
-
Revenue
between Rs 36,000-38,000 crore
- EBITDA between Rs 21,000-22,000 crore
That's another year of 15-20 per cent growth baked in—assuming cargo volumes stay robust and newer businesses continue to scale.
Value Research Online Ratings
Value Research Stock Rating gives Adani Ports and Special Economic Zone an overall rating of 4 stars out of 5. The company's specific scores are as follows:
-
Quality Score: 8/10
-
Growth Score: 7/10
-
Valuation Score: 5/10
- Momentum Score: 4/10
- Curious how APSEZ stacks up against other marine port service players? Use our Stock Screener .
- Or check its Stock Card for a one-glance snapshot.
Final take
Adani Ports had a blockbuster FY25, driven by both scale and smart diversification. Cargo volumes are rising, but the bigger win is the company's success in building high-margin, complementary businesses around its core.
It's no longer just about port traffic—it's about owning the trade infrastructure around it.
For investors, the question now is: how much of this is already priced in? The stock has run up sharply in recent months. If FY26 plays out as projected, there's still more room. But expectations are now riding high, and any slowdown in cargo or global trade could throw a spanner in the works.
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Disclaimer: This content is for information only and should not be considered investment advice or a recommendation.
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