Adani Ports and Special Economic Zone (APSEZ) has provided an update on its substantial capital management exercise, announcing the early results of its offshore bond buyback program. As of the early tender deadline on February 24, 2026, the company received valid tenders totaling $196.94 million. This figure represents approximately 40% of the maximum $495.1 million acceptance limit set for the repurchase. The participation rate varied significantly between the two targeted note series. The 3.10% Senior Notes due 2031 saw a stronger response with $95.36 million tendered, reaching 63.6% of its sub-limit. In contrast, the 4.0% Senior Notes due 2027 saw $101.58 million tendered, or 29.4% of its specific limit. The company is scheduled to proceed with early settlement on February 27, 2026. While early participation was lower than the total ceiling, the broader offer remains open until the final expiration date of March 11, 2026. APSEZ maintains the flexibility to adjust final acceptance amounts based on market conditions and its ongoing strategy to optimize its debt maturity profile. Complementing this international debt reduction, the company successfully raised 1,000 crore INR through the private placement of non-convertible debentures (NCDs) on February 23, 2026. These 5-year rated and secured notes will be listed on the BSE Wholesale Debt Market, providing long-term domestic funding to support the firm’s liquidity and expansion goals. Market performance for APSEZ remains resilient despite broader volatility. As of February 25, 2026, the stock closed at approximately 1,529 INR. The company’s market capitalization stands at roughly 3.52 trillion INR. Financial indicators remain robust, with a Return on Equity (ROE) of 18.8% and a trailing 12-month revenue growth of approximately 30%. Operationally, the firm continues to expand its global footprint, recently signing a strategic agreement with NMDC and Brazil’s Vale to develop iron ore facilities. APSEZ has also raised its FY26 EBITDA guidance to 22,800 crore INR, reflecting a positive outlook on cargo volume growth across its portfolio of 15 ports. Investors are monitoring the March 11 deadline closely, as the final buyback volume will signal the company's progress in reducing foreign currency debt and lowering future interest obligations. This multi-pronged financial strategy highlights a shift toward domestic capital markets while proactively managing high-value offshore liabilities.