Adani Ports expands global footprint with €2.56-billion EVOS deal; here's what investors should know

Shares of Adani Ports and Special Economic Zone Limited (APSEZ) rallied as much as 2.81% to the day's high of ₹1,937.70 apiece on the NSE on Friday, November 6.

The stock rallied as the company on Thursday said it will acquire a 100% stake in the Netherlands-based Evos B.V. (Evos), Europe's second-largest independent liquid storage operator, from Igneo Infrastructure Partners at an enterprise value of 2.56 billion euros.

India's largest port operator, in a statement, said the proposed transaction is an all-cash deal and values Evos at an equity value of 1.18 billion euros, implying an acquisition multiple of 11.7x CY25 EV/EBITDA.

For the calendar year 2025, Evos delivered revenue and EBITDA of 392 million euros and 219 million euros, respectively (56% EBITDA margin), APSEZ added.

APSEZ further said the transaction will be funded via debt and is subject to regulatory and other approvals and works council consultation.

APSEZ managing director Karan Adani said, "We are delighted to welcome Evos into our portfolio, giving us significant presence across key global liquid storage and energy hubs."

"We look forward to partnering with Europe, supporting its sustainable energy transition and creating enduring value while maintaining the financial prudence that underpins our growth," he added.

According to the statement, the transaction establishes a major European liquids platform for APSEZ, comprising eight port terminals in five countries.

Other key details

Evos has 6.3 million cubic metres of storage capacity and handled 37 MMT of throughput during 2025.

It adds a high-margin, cash-generative liquids business to APSEZ's portfolio with average commercial occupancy at 99 per cent and a substantial part of revenue under take-or-pay contracts and a CPI-linked contract base.

The statement said the transaction will strengthen APSEZ's business risk profile by increasing the scale, geographic diversity, and cash flow of the combined platform, and APSEZ's global footprint now expands to 28 ports and terminals across 10 countries.

Europe's second-largest independent liquid storage operator has storage capacity at eight strategically located port-based terminals across the Netherlands, Germany, Spain, Belgium and Malta.

Evos' terminals are positioned in Europe's most important energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg and the Mediterranean.

Evos operates a diversified liquids platform spanning both conventional and transition fuels. Its product mix includes gasoline, gasoil, marine fuels and jet fuel, alongside transition fuels such as sustainable aviation fuel (SAF), biofuels, methanol and bioethanol, positioning the business to participate in Europe's evolving energy mix. Evos is an investment-grade rated issuer.

Adani Ports Q2 FY27 earnings

The Adani Group firm reported an 18% rise in consolidated net profit at ₹3,682.44 crore for the quarter ended September 2026 (Q2 FY27), driven by higher revenues from operations.

The consolidated net profit of the company stood at ₹3,120.20 crore in the quarter ended September 30, 2025, the company said in a regulatory filing.

The company's total income in the July-September 2026-27 period increased to ₹11,609.77 crore, from ₹10,004.06 crore in the year-ago quarter.

India's largest private port operator, in a statement, said its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) increased 23% in the July-September quarter of 2026-27 to ₹6,807 crore, driven by growth across all businesses.

APSEZ said that, based on strong H1 performance, the company has raised its FY27 revenue guidance by ₹1,000 crore to ₹44,000-₹46,000 crore and EBITDA guidance up by ₹1,000 crore to ₹26,000-₹27,000 crore.

The company said it raised capex guidance by ₹3,000 crore to ₹15,000-₹17,000 crore as APSEZ advances towards its 2031 ambition goals.

APSEZ said its domestic ports revenue increased 13% with a robust EBITDA margin of 72.5%, while international ports revenue rose 71%.

Adani Ports share price trend

Adani Ports shares have maintained a strong upward trend across multiple timeframes. The stock has gained 4.33% over the past five trading sessions and 8.24% over the past month.

On a longer-term basis, the stock has advanced 10.42% over the past six months, 30.34% so far in calendar year 2026 (YTD), and 34.35% over the past 12 months.

About Adani Ports

Adani Ports and Special Economic Zone (APSEZ), part of the Adani Group, is India's largest private port operator. It operates 16 ports and terminals across India's east, west and south coasts, along with four international ports. Its operations span port handling, rail transport, warehousing and multi-modal logistics, with a cargo handling capacity of 671 million tonnes per annum.