Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Q1 FY27 Earnings Presentation
44 slides from Adani Ports & Special Economic Zone's earnings presentation, Jul 29, 2026
Slide 1: Adani Ports and Special Economic Zone Limited Results presentation – Q1 FY27 (USD)
Adani Ports and Special Economic Zone Limited Results presentation – Q1 FY27 (USD) 29th July 2026
Slide 2: Contents
Contents 1 APSEZ investment thesis 2 Q1 FY27 performance highlights 3 FY27 guidance 4 Financial snapshot 5 Group profile Please refer the following link for “APSEZ Investor Presentation _ Ambition 2031” Investor Downloads | Adani Ports and Logistics 2
Slide 3: APSEZ profile
1 APSEZ profile STRICTLY CONFIDENTIAL
Slide 4: APSEZ – India's largest integrated transport platform; four pillars of investment case
APSEZ – Indian’s largest & amongst the world’s fastest growing integrated transport platform Four pillars defining APSEZ’s investment case 1. Scale + Integration 2. Capability + Capacity 3. India growth momentum 4. Profitable growth • 15 multi-commodity ports • Tech-led revenue uplift and • Direct b
Slide 5: APSEZ's asset footprint offers integrated shore-to-door capabilities
APSEZ’s asset footprint offers integrated “shore-to-door” capabilities APSEZ leverages a multi-modal asset network that delivers comprehensive last-mile transport solutions to customers FY26A Q1 FY27A FY31 target Trains Multi-Modal Logistics Parks Marine services Ports 132 → 200 rakes 12 → 16 MMLPs
Slide 6: APSEZ operates ports across India's coastline and key global trade routes
APSEZ operates Ports across India’s coastline, overseas ports are located along key global trade routes India presence across West, East & South coasts; Total Capacity - 653 MMT Strategically located ports along the East–West trade route 355 MMT West coast port capacity 158 MMT South coast port capa
Slide 7: APSEZ's logistics network covers 95% of India's hinterland
APSEZ’s Logistics network covers 95% of India’s hinterland Pan-India network connects Ports to consumption centers across India via fleet of fixed and rolling assets Logistics asset footprint Our facilities are close to the Western & Eastern DFCs and the proposed 12 MMLPs East Coast DFC Located near
Slide 8: Marine business: Three platforms, one integrated strategy
Marine business: Three platforms, one integrated strategy Platform #1 Platform #2 Platform #3 Ocean Sparkle Limited Astro Offshore TAHID • Port towage operations in the GCC region • India’s #1 marine services company with 70%+ • Integrated offshore services in MEASA region market share since 2009 •
Slide 9: Our land bank near ports and industrial clusters is a business enabler
Our land bank near ports and industrial clusters is a business enabler SEZ land bank Strategic investment in landbank near industrial clusters APSEZ ports benefit from cargo MMLPs present in proximity of industrial generated by export / import-focused clusters will promote economic activity industri
Slide 10: Q1 FY27 performance highlights
2 Q1 FY27 performance highlights STRICTLY CONFIDENTIAL
Slide 11: APSEZ Consolidated performance | Q1 FY27 vs. Q1 FY26
APSEZ Consolidated performance | Q1 FY27 vs. Q1 FY26 (in $ Mn) Revenue EBITDA PBT PAT $1,144 Mn $691 Mn $455 Mn $386 Mn ▲ +7% YoY ▲ +8% YoY ▲ +1% YoY 0% YoY $1,066 Mn $642 Mn $450 Mn $387 Mn Q1 FY27 EBITDA margin – 60.4% vs. 60.2% Segment-wise performance1 Revenue EBITDA (Figures in $ Mn) Q1 FY27 Q1
Slide 12: Domestic & International ports – Q1 FY27 vs. Q1 FY26 performance
Domestic & International ports – Q1 FY27 vs. Q1 FY26 performance (in $ Mn) Q1 FY27 Q1 FY26 Domestic ports1 Revenue 736 2% YoY (USD) 724 12% YoY (INR) ▪ Cargo volume handled during Q1 FY27 – 115.3 MMT (112.9 MMT in Q1 FY26) ▪ All-India cargo market share at 27.6% (27.8% in Q1 FY26) EBITDA Margin – 74
Slide 13: Logistics – Q1 FY27 vs. Q1 FY26 performance
Logistics – Q1 FY27 vs. Q1 FY26 performance (in $ Mn) Revenue 9% YoY EBITDA 8% YoY Q1 FY27 – $124 Mn Q1 FY26 – $137 Mn Q1 FY27 – $23 Mn Q1 FY26 – $25 Mn 3 2 39 3 45 2 59 69 29 18 20 20 Trucking International Freight Network Other logistics EBITDA margin (%) Q1 FY27 Q1 FY26 Notes Logistics (Consolida
Slide 14: Marine, Port development & SEZ – Q1 FY27 vs. Q1 FY26 performance
Marine, Port development & SEZ – Q1 FY27 vs. Q1 FY26 performance (in $ Mn) Q1 FY27 Q1 FY26 1 Marine Revenue 95 Revenue growth driven by vessel additions 51% YoY (USD) 63 67% YoY (INR) Vessel count as of 30th June 2025 118 Add: Net vessels added 17 EBITDA Margin – 44.8% 43 23% YoY (USD) 36% YoY (INR)
Slide 15: Cluster-wise domestic ports revenue and EBITDA – Q1 FY27 vs. Q1 FY26
Cluster-wise domestic ports revenue and EBITDA – Q1 FY27 vs. Q1 FY26 Cluster-wise ports revenue and EBITDA Revenue EBITDA EBITDA % $ Mn Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Mundra1 233 210 164 135 70% 64% West Coast (other than Mundra port – Dahej, Hazira & 80 82 52 56 65% 68% Dighi ports
Slide 16: JV financial performance
JV financial performance (in $ Mn) JV quarterly performance1 Q1 FY27 Q1 FY26 Particulars Revenue EBITDA PAT Revenue EBITDA PAT APSEZ Consolidated 1,144 691 386 1,066 642 387 JVs AICTPL (CT-3), JV with MSC 67 38 27 51 27 14 ACMTPL (CT-4), JV with CMA-CGM 37 22 14 28 16 7 Dhamra LNG, JV with TOTAL 20
Slide 17: Investment grade, deleveraged balance sheet with capital markets track record
APSEZ has an investment grade, deleveraged balance sheet with significant capital markets track record Gross debt 1, Net debt 1 & Average maturity Net debt to EBITDA (in $ Mn) 7.0 6,062 Includes NQXT 5,894 6,002 5,988 5,550 outstanding debt. 5,362 3.1 See Note (1) 4,876 3.0 4,590 4,688 5.5 4,373 4,3
Slide 18: S&P Global Ratings upgraded APSEZ's long-term issuer credit rating to BBB
S&P Global Ratings upgraded APSEZ’s long-term issuer credit rating and the issue rating on its senior unsecured notes to “BBB” from “BBB-” with a “Stable” outlook CARE ratings and ICRA Limited reaffirmed APSEZ’s “AAA” rating Global rating agencies Domestic rating agencies Baa3 / Stable AAA / Stable
Slide 19: Long-term debt maturity profile (as of 30th June 2026)
Long-term debt maturity profile (as of 30th June 2026) (in $ Mn) Actual Proforma Proforma figures 1,232 using TTM EBITDA of NQXT 1 FFO (TTM Jun’26) $2,138 Mn $2,182 Mn 1,050 994 FFO (TTM Jun’26) + Cash $3,451 Mn $3,495 Mn 630 554 547 450 106 106 106 106 106 27 5 FY 27 FY 28 FY 29 FY 30 FY 31 FY 32 F
Slide 20: Segment-wise RoCE
Segment-wise RoCE 2 APSEZ (Consolidated)1 Domestic ports Marine 16% 23% 15% 21% 13% 19% 14% 12% 15% 13% 13% 12% FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Logistics International ports1 10% 8% 6% 6% 6% 6% 5% FY23 FY24 FY25 FY26 FY24 FY25 FY26 1. FY26 RoCE excludes NQXT since consoli
Slide 21: Domestic port RoCE
Domestic port RoCE 41% 40% 38% 36% 34% 33% 33% 31% 27% 22% 22% 21% 21% 20% 20% 20% 19% 18% 18% 16% 15% 13% 12% 11% 11% 10% 9% 8% 7% 6% 4% Mundra Hazira Dahej Dhamra Kattupalli Krishnapatnam Gangavaram Karaikal FY23 FY24 FY25 FY26 21 Aggregate of these operating company financials | RoCE – Return on
Slide 22: Q1 FY27 highlights: Strategic developments (1/2)
Q1 FY27 highlights Strategic developments (1/2) • APSEZ and Mediterranean Shipping Company (MSC) group’s terminal arm, Terminal Investment Limited (TiL) announced a definitive agreement under which TiL will invest for 49% interest in Adani Vizhinjam Port Private Limited (AVPPL).TiL will invest USD 1
Slide 23: Q1 FY27 highlights: Strategic developments (2/2)
Q1 FY27 highlights Strategic developments (2/2) • Adani Logistics launched new domestic dwarf containers and expanded services at its ICD, Virochannagar – boosting multimodal strength • Adani Logistics flagged off its first dedicated reefer train for HyFun Foods from ICD Virochannagar to Mundra – bo
Slide 24: Q1 FY27 highlights: Operational highlights (1/2)
Q1 FY27 highlights Operational highlights (1/2) • Mundra port set a new national record by handling India's largest-ever single-vessel car export shipment, with 6,548 cars loaded on board. • Vizhinjam port successfully handled 7 vessels of LOA 399+m in a month (May’26), a record in Indian Maritime h
Slide 25: Q1 FY27 highlights: Financial highlights
Q1 FY27 highlights Financial highlights • Debt management: Gross debt at $6,002 Mn. Cash balance at $1,314 Mn. Net debt / EBITDA at 1.9x (proforma net debt / EBITDA calculated using TTM NQXT EBITDA at 1.8x) • Credit rating upgrade and rating affirmation: • S&P Global Ratings upgraded APSEZ's long-te
Slide 26: Q1 FY27 highlights: ESG updates
Q1 FY27 highlights ESG updates • APSEZ becomes India's first company in the Transport sector to publish Taskforce on Nature-related Financial Disclosures (TNFD)-aligned disclosure, joining a select group of global port operators embedding nature-related considerations into mainstream business report
Slide 27: Q1 FY27 highlights: Awards and accolades
Q1 FY27 highlights Awards and accolades • Gangavaram port receives recognition from the Government of Andhra Pradesh for its impactful CSR efforts under the P4 model • APSEZ was certified as a “Great Place to Work”, six times in a row • APSEZ gets Port Developer Award at Marports Global 2026 • Mormu
Slide 28: Cargo volume Q1 FY27
Cargo volume Q1 FY27 APSEZ total volume (in MMT) Q1 FY27 Q1 FY26 YoY Domestic volume 115.3 112.9 2% International volume 22.8 7.7 196% APSEZ volume 138.1 120.6 14% Sticky cargo share in Q1 FY27 – 53%; in Q1 FY26 – 53% Container volume (in ‘000 TEUs) Q1 FY27 Q1 FY26 YoY Domestic container volume 3,15
Slide 29: Port volume – Q1 FY27 vs. Q1 FY26
Port volume – Q1 FY27 vs. Q1 FY26 Total Dry (MMT) Containers Liquid (MMT) Ports Of which → Coal Other Dry ‘000 TEUs MMT Q1 FY27 Q1 FY26 YoY Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Mundra1 51.2 48.0 7% 6.2 7.1 2.7 1.9 2,185.0 2,047.7 32.8 30.7 9.5 8.2 Dahej 2.6
Slide 30: Diversified cargo portfolio – Q1 FY27
Diversified cargo portfolio – Q1 FY27 45% 43% 42% 38% 38% 37% 30% 28% 26% 26% 24% 23% 17% 16% 15% 15% 15% 12% 9% 10% 8% 9% 8% 7% 8% 5% 5% 7% 6% 6% 3% 3% 2% 2% 2% 2% 0% 1% 2% 2% 2% 2% FY22 FY23 FY24 FY25 FY26 Q1 FY27 Coking coal Thermal coal Dry (Other than coal) Liquid (excl. Crude) Crude Gas Contai
Slide 31: Breakdown of cargo growth – Q1 FY27
Breakdown of cargo growth – Q1 FY27 Q1 FY27 cargo volume Q1 FY27 0.5 volume 0.9 138.1 MMT 0.4 (0.0) 4.3 0.5 (0.1) (0.2) 2.6 (0.2) 8.9 Increase Decrease Total 120.6 Container Coastal Coal Minerals Agri Crude (incl. Gas) RORO Q1 FY26 Coking Coal EXIM Coal Fertilizers Other Dry Other Liquid 31 Numbers
Slide 32: FY27 guidance
3 FY27 guidance STRICTLY CONFIDENTIAL
Slide 33: Q1 FY27 performance vs. FY27 guidance
Q1 FY27 performance vs. FY27 guidance FY27 guidance Q1 FY27 reported Revenue $4,600-4,800 Mn $1,144 Mn EBITDA $2,675-2,780 Mn $691 Mn Net debt to EBITDA Policy up to 2.5x 1.9x EBITDA – Earnings Before Interest, Tax, Depreciation & Amortization 33 For FY27 guidance, INR values converted to USD using
Slide 34: Financial snapshot
4 Financial snapshot STRICTLY CONFIDENTIAL
Slide 35: Profit & Loss snapshot
Profit & Loss snapshot Particulars Unit FY22 FY23 FY24 FY25 FY26 Q1 FY27 Q1 FY27 Insights Revenue from Operations $ Mn 2,298 2,596 3,226 3,675 4,384 1,144 Total Income Operating Expenses $ Mn $ Mn 2,298 653 2,596 704 3,226 860 3,675 954 4,384 1,271 1,144 319 $1,144 Mn Employee Benefit Expenses $ Mn
Slide 36: Balance sheet snapshot
Balance sheet snapshot Particulars Unit FY22 FY23 FY24 FY25 FY26 FY26 Insights Assets Gross Fixed Assets (Excl. CWIP) $ Mn 9,759 10,578 11,154 13,012 16,992 [-] Accumulated Depreciation $ Mn 1,518 1,790 2,142 2,509 2,908 Net Fixed Assets (Excl. CWIP) $ Mn 8,241 8,788 9,012 10,503 14,085 $18,348 Mn C
Slide 37: APSEZ differentiators
APSEZ differentiators Six distinct structural advantages that compound over time Scale + geographic & cargo diversity Flagship assets • Handle over one-fourth of India’s cargo volume • Largest commercial port in India, flagship ports with deep-draft and ability to handle large vessels • 100+ commodi
Slide 38: Downloads
Downloads Click here for Q3 Click here for Q2 Click here for the Click here for Q4 & 9M FY26 & H1 FY26 investor deck & FY26 Earnings Earnings “Vizhinjam Earnings presentation presentation Investor presentation (3rd February (4th November Presentation” (30th April 2026) 2026) 2025) 38
Slide 39: Group profile
5 Group profile STRICTLY CONFIDENTIAL
Slide 40: Adani Portfolio: A World Class Infrastructure & Utility Portfolio
Adani Portfolio: A World Class Infrastructure & Utility Portfolio Flagship Infrastructure & Utility Core Portfolio Primary Industry Other Incubator Materials, Metal Energy & Utility Transport & Logistics Specialty & Mining (74.84%) (62.43%) (74.96%) (66.03%) (67.29%)3 AEL1 AGEL APL APSEZ Ports & Log
Slide 41: Adani Portfolio: Best-in class growth with national footprint
Adani Portfolio: Best-in class growth with national footprint All figures in INR cr Predictable, high and rising free cash flow National footprint with deep coverage EBITDA Tax paid 94,834 Finance cost paid CAT (FFO) 67,995 (72%) EBITDA 24,870 AEL 12,784 APSEZ (51%) 22,259 Adani’s Core Infra. AGEL (
Slide 42: Adani Portfolio: Repeatable, robust & proven transformative model of investment
Adani Portfolio: Repeatable, robust & proven transformative model of investment DEVELOPMENT1 OPERATIONS CONSUMERS 2 New C.E.O. Adani Infra (India) Limited | Cemindia Projects Ltd. | PSP Projects Ltd. Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Constructi
Slide 43: Thank You
Growth adar Goodness adan Ports and Logistics Thank You
Slide 44: Disclaimer
Disclaimer No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or Investor Relations opinions contained in this release. Certain statements made in this release may be "forward-l
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