Business
Adani Ports completes acquisition of Australia’s NQXT in all-share deal
All required approvals from shareholders, stock exchanges, the Reserve Bank of India and Australia’s Foreign Investment Review Board have been received, company officials said.
As per the company, NQXT is expected to deliver FY26 EBITDA of Rs 1,350 crore, which translates to more than 6% of its FY26 guidance of Rs 21,000-Rs 22,000 crore.
NQXT is a high-growth, cash generating asset, driven primarily by take-or-pay contracts with customers. During FY25, NQXT had a contracted capacity of 40 million tonnes and delivered A$ 228mn EBITDA (on proforma basis, NQXT represents 6% and 7% of APSEZ’s FY25 revenue and EBITDA respectively).
Since the announcement in April, APSEZ’s stock has given a 19% return, outperforming the broader market index Nifty50 which has gained only 8.8% in the same period.
APSEZ has been selectively expanding its overseas footprint. “NQXT is an excellent asset with distinct geographical advantages, excellent growth prospects, and an enviable sustainability track record. NQXT will further strengthen APSEZ’s strategic positioning along the East-West trade corridor, along with our other ports in Israel, Colombo and Tanzania,” said Ashwani Gupta, CEO, APSEZ.
According to the company presentation, NQXT has a 65% EBITDA margin and would add Australian Dollar denominated cashflows for APSEZ from a AAA rated country, Australia. Situated in the resource-rich region of Australia and catering to the fast-growing Asian market, gives NQXT a strategic advantage. Leveraging on this, APSEZ plans to more than double NQXT’s capacity over time from 50 million tonnes per annum in FY25, of which 40 million tonnes are covered by take-or-pay contracts. “The acquisition presents a sizable and scalable addition to APSEZ’s long-term growth journey. The asset is also well-protected and diversified with access to low-cost, high-grade mines and long-term take-or-pay contracts, with diversified end-exposure across key Asian geographies,” Kotak Equities had said at the time of announcement in April.
The high cash-generating terminal will also add to the overall APSEZ’s cash kitty of the company.
“Regulatory resets and contract renewals provide near-term growth triggers for NQXT. Cargo Volume can grow 1.5x in the near term,” said a Morgan Stanley report post the announcement of the deal in April 2025.
Globally, ports are increasingly among the most sought-after assets, with large players seeking greater access to high-growth and resource-rich regions. Companies such as DP World, Mediterranean Shipping Company, BlackRock, Singapore-based PSA, COSCO, the Maharlika Investment Corporation of the Philippines, and UK-based investor Amancio Ortega have been actively consolidating their port portfolios. Several transactions have taken place in 2025, including the widely discussed acquisition of Panama terminals from Hong Kong-based Hutchison by BlackRock.
