Adani Ports

Vizhinjam is India's first deepwater transshipment port, in Kerala. The agreement brings an outside partner into the flagship asset. It validates the long-gestation port's commercial value.

APSEZ dominates India's port sector but has never owned commercial vessels. The shipping subsidiary fills the only gap in its end-to-end cargo chain.

Container volumes grew 17% YoY and liquid cargo surged 33% YoY, reflecting broad demand across trade categories. Rail logistics volumes fell 19% YoY to 48,170 TEUs, the 2nd consecutive monthly decline in that segment. Rail freight carries better per-unit margins than port handling. Sustained weakness there is the watch item for FY27 blended EBITDA.