APSEZ Completes NQXT Acquisition, Raises FY26 Cargo And EBITDA Guidance

On Tuesday, Adani Ports and Special Economic Zone Ltd (APSEZ) announced that it had completed the acquisition of Australia's North Queensland Export Terminal (NQXT), which has driven APSEZ to revise its FY26 cargo volume and earnings guidance upwards.

This transaction expands APSEZ's international reach within strategic trade corridors, aligning with the company's goal of moving 1 billion tonnes of cargo annually by 2030. In addition, NQXT generates stable cash flows through “take-or-pay” contracts, which provide earnings stability and greater certainty of future revenue streams for APSEZ. However, the question remains: what impact will these two factors have on APSEZ’s international growth strategy?

How Did The Acquisition Process Conclude?

The April transaction involved the allotment by APSEZ of 143,800,000 equity shares at a face value of INR 2 to Carmichael Rail and Port Singapore Holdings Pte Ltd as a preferential allotment. NQXT is located in Queensland, Australia, and is a terminal with a total annual capacity of 50 million tonnes of bulk commodity goods, which will serve the requirements of resource producers.

The NQXT acquisition supports the East-West corridor by providing an integrated network of Australian port assets, including those of APSEZ, as well as ports in Israel, Colombo, and Tanzania. In FY25, NQXT had a contracted capacity of 40 million tonnes and recorded A$228 million of EBITDA on a pro forma basis.

Strategic Portfolio Expansion

NQXT is an expansionary strategic portfolio addition within APSEZ, providing additional geographic advantage and sustainable attributes. The long-term contractual structure and predictable revenue help reduce risk and enhance the overall stability of APSEZ.

The asset accounted for around 6% of APSEZ’s revenue and 7% of its EBITDA during the year, reflecting its meaningful contribution to the company’s financial performance. Ashwani Gupta (CEO) said NQXT's capability for future growth and cash flow generation is a perfect complement to the company's expanded target.

Upgraded FY26 Financial Outlook

Guidance for pro forma EBITDA for FY26 is now ₹22,350-₹23,350 crore, an increase from earlier guidance of ₹21,000-₹22,000 crore, and cargo volumes are targeted to be 545-555 million metric tonnes (MMT) vs 505-515 MMT with contributions from NQXT and network synergies. This updated guidance reflects APSEZ's increased confidence in the ramp-up in volume for both domestic and international assets.

It also serves as a testament to the accretive nature of the transaction from day one. With NQXT now integrated into APSEZ and upgraded FY26 guidance, investors will focus on how quickly global synergies can be realised and how effectively APSEZ progresses toward its goal of handling 1 billion tonnes of cargo by 2030.

Sources:

Economic Times
CNBC18