Adani Ports 2.0: Beyond the port walls

For much of the last decade, Adani Ports and Special Economic Zone (APSEZ) has been a masterclass in brute-scale infrastructure. From just over 100 million metric tonnes (MMT) of cargo in FY14 to 450 MMT today, the company has built a sprawling empire of ports, terminals, and economic zones. That 14 per cent annualised growth in volumes has been matched by a 15 per cent annualised revenue growth, pushing market share to nearly 28 per cent, up from under 20 per cent.

This article was originally published on May 10, 2025.