How Adani Ports Is Integrating India’s Trade Network

When people think of ports, they usually picture cranes, containers, and ships at sea.

They see ports as basic infrastructure that moves goods in and out of the country.

But the story of Adani Ports is more layered than just ships docking and cargo unloading. It is about creating a single network that links ports, transport, and logistics.

Let’s start with size.

In Q2 FY26 alone, the company reported revenue of ₹9,167 crore, EBITDA of ₹5,550 crore, and profit of ₹3,120 crore.

Cargo handled during the quarter stood at 124 million metric tonnes, a 12 per cent increase, taking its all-India market share to 28.1 per cent.

These headline numbers point to scale.

With cargo volumes up 12% YoY and market share expanding, APSEZ is outpacing the broader cargo market.

It suggests the company is expanding its role in trade, not just handling more volume at ports.

That scale still rests on a strong domestic port network.

Adani Ports operates 15 ports and terminals across India, with a combined cargo-handling capacity of 633 million tonnes per annum.

Nearly 46 per cent of India’s container traffic moves through its ports.

Ports remain the core of the business and continue to anchor revenue.

But the company’s operations now extend well beyond the coastline.

Over time, Adani Ports has expanded into inland logistics.

Today, it operates 12 multimodal logistics parks, manages 3.1 million square feet of warehousing space, and connects with more than 25,000 trucks through its platforms.

Cargo movement does not stop at the port gate. It continues through infrastructure owned or controlled by the same group.

This shift is visible in the revenue mix.

Domestic ports revenue increased from ₹5,474 crore in Q2 FY25 to ₹6,351 crore in Q2 FY26.

International ports revenue rose from ₹798 crore to ₹1,077 crore.

Logistics revenue, however, nearly doubled, growing from ₹588 crore to ₹1,055 crore.

Marine services revenue jumped from ₹190 crore to ₹641 crore.

Ports still contribute the largest share, but the faster growth is coming from logistics and marine operations.

Logistics, in particular, is becoming a more meaningful part of the business.

In H1 FY26, logistics revenue stood at ₹2,224 crore, up 92 per cent year on year.

Return on capital employed improved to 9 per cent, compared with 6 per cent in FY25.

Container rail volumes reached 358,406 TEUs, growing 15 per cent, while GPWIS cargo volumes stood at 11 million tonnes.

This indicates that the segment is scaling while improving efficiency. The focus is not only on expanding assets but also on improving returns.

Marine operations add another layer to this structure.

The company operates a fleet of 127 vessels, with nine vessels added in Q2 FY26 alone.

Marine revenue in H1 FY26 rose 213 per cent to ₹1,182 crore.

These vessels operate across regions such as the Middle East, Africa, and South Asia, supporting both port and logistics operations.

Together, ports, logistics, and marine services allow Adani Ports to participate in more stages of cargo movement.

The company is no longer limited to handling cargo at ports. It is involved in moving cargo across land and sea.

The long-term targets reflect this direction.

By 2030, Adani Ports aims to handle 1 billion tonnes of cargo annually.

Logistics revenue is targeted to reach ₹14,000 crore by FY29, up from ₹2,881 crore in FY25.

Domestic port capacity is expected to increase to 850 million tonnes, while international ports are targeted to reach 150 million tonnes.

Adani Ports began as a port operator.

It is now building an integrated transport and logistics network.

The focus is shifting from owning ports to controlling how cargo moves across the trade chain.

Over time, that control could shape how commerce itself flows.

Sources:

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