Adani Ports and Special Economic Zone (APSEZ), the biggest private port operator in India, plans to issue non-convertible debentures (NCDs) to raise ₹6,000 crore.

At its meeting on Thursday, May 22, the company’s board of directors approved the issuing of NCDs in principle.

The money raised by the proposed NCDs will be utilized to support general business objectives, refinance current debt, and finance capital expenditures for the company.

A private placement may be used to raise the money in one or more tranches. The National Stock Exchange (NSE) and/or the Bombay Stock Exchange (BSE) will list the NCDs.

The company had ₹36,819 crore in net debt as of March 31, 2025. The ratio of net debt to earnings before interest, taxes, depreciation, and amortisation (Ebitda) was 1.9x, down from 2.3x in the fiscal year 2023–2024 (FY24).

By 2030, APSEZ hopes to handle 1 billion tons of cargo annually (mtpa), supported by a proposed ₹50,000 crore in capital expenditures between FY25 and FY30. The company’s ability to handle freight was 633 mtpa as of FY25.

450.2 million metric tons (mmt) of cargo were handled by APSEZ in FY25, representing a 7% YoY increase. Capex forecast of ₹11,000–12,000 crore and cargo volume guidance of 505–515 mmt have been provided for FY26.

Additionally, the company’s sales increased 14.1% YoY to ₹30,475.33 crore in FY25, while its profit (attributable to parent equity investors) increased 36.8% to ₹11,092.31 crore. Ebitda was ₹19,025 crore during the same time frame. Higher volumes of container traffic were the main driver of the development.

The company has projected sales for FY26 to be between ₹36,000 and 38,000 crore, and EBITDA to be between ₹21,000 and ₹22,000 crore.