Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Investor Presentation (November 2025)
29 slides from Adani Ports & Special Economic Zone's investor presentation, November 2025
Slide 1: Adani Ports and Special Economic Zone Limited Investor Presentation November 2025
Adani Ports and Special Economic Zone Limited Investor Presentation | November 2025
Slide 2: Contents
Contents 1 Group profile 2 APSEZ investment thesis 2
Slide 3: Group profile
1 Group profile STRICTLY CONFIDENTIAL
Slide 4: 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 (73.97%) (62.43%) (74.96%) (65.89%) (67.64%)3 AEL AGEL APL APSEZ Ports & Logi
Slide 5: 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 Tax paid EBITDA Finance cost paid 89,806 CAT (FFO) 66,527 (74%) EBITDA 24,870 AEL 12,784 APSEZ (51%) Adani’s Core Infra. 18,711 AGEL P
Slide 6: 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 7: APSEZ investment thesis
2 APSEZ investment thesis STRICTLY CONFIDENTIAL
Slide 8: APSEZ is an Integrated Transport Utility
APSEZ is an Integrated Transport Utility We deliver transport solutions across the supply chain International Freight Network Services 1 Marine services Ports Trains & Tracks MMLPs Warehouses Trucks Customer gate ~65-70% of value ~10% of value generated from Ocean generated from ~20-25% of value gen
Slide 9: We are India's largest private port operator, building select global presence
We are India’s largest private port operator, building select global presence 15 ports in India with a total capacity of 633 MMT 4 international ports in Israel (Haifa), Tanzania (Dar es Salaam), Sri Lanka (Colombo) and Australia (NQXT) Bulk terminals & ports Bulk terminals & ports West coast capaci
Slide 10: Significant market share gains driven by operational excellence
Significant market share gains driven by operational excellence Consistent ports market share growth led by rising container market share In the last decade, APSEZ domestic port volume growth was 3x industry growth 30% All-India cargo market share 27% 46% All-India cargo (MMT) APSEZ domestic cargo (
Slide 11: APSEZ's strategic partnerships ensure consistently high volume of sticky cargo
APSEZ’s strategic partnerships ensure consistently high volume of sticky cargo Strategic partnerships Adani International Container Adani Ennore Container Terminal Pvt Ltd (AICTPL) Terminal Pvt Ltd (AECTPL) APSEZ stake – 50% APSEZ stake – 51% Adani CMA Mundra Terminal Pvt Haifa Port Company (HPC) Lt
Slide 12: Demonstrated experience in turning around acquired ports
Demonstrated experience in turning around acquired ports Dhamra Kattupalli Krishnapatnam Karaikal EBITDA growth: ~3.5x EBITDA growth: ~5x EBITDA growth: ~1.4x EBITDA growth: ~2x Margin expansion: ~800bps Margin expansion: ~4,000bps Margin expansion: ~800bps Margin expansion: ~2,600bps FY14 FY25 FY18
Slide 13: "Think Inside the Box"
APSEZ’s fully integrated commercial model provides the ‘Highest Value Capture’ in the industry Delivery at customer gate Cargo originating port • Last-mile connectivity with focus on specific • Ensures volumes are directed to routes across industrial clusters Freight APSEZ ports • Return loads optim
Slide 14: Our land bank is unmatched in the industry and creates unique, embedded growth opportunity
Our land bank is unmatched in the industry and creates unique, embedded growth opportunity Special Economic Zone (SEZ) land Strategic investment in landbank near Mundra land bank: ~12,500 Ha bank industrial clusters • Rail: 64 km dedicated electrified Mundra- Adipur double track railway line which c
Slide 15: The Indian Logistics industry has grown steadily and is poised for further expansion
The Indian Logistics industry has grown steadily and is poised for further expansion Indian Logistics industry1 35.3 11% CAGR 11% CAGR 21.6 Logistics industry components 19.6 17.7 14% Others 2 15.9 3 11% Warehouse 14.3 12.8 13% Rail Road 62% // FY19 FY20 FY21 FY22 FY23 FY24 FY29F Figures in ₹ trilli
Slide 16: APSEZ is best positioned to tap into this growth opportunity with its expanding pan-India Logistics footprint
APSEZ is best positioned to tap into this growth opportunity with its expanding pan-India Logistics footprint Logistics presence across MMLPs, warehouses and agri-silos 12 MMLPs Present near key industrial segments Moga Plug-and-play infrastructure with built-to-suit options Kotkapura Kanech (POL ta
Slide 17: APSEZ is also targeting opportunities in the MEASA waters
APSEZ is also targeting opportunities in the MEASA waters Marine business timeline 2022 2023 2024 FY 2027 Acquired OSL Incorporated TAHID Acquired Astro 3x revenue Offshore growth 1 Marine strategy Diversified marine fleet Profitable operations, high Focused on MEASA region Tier-1 customers portfoli
Slide 18: Consistently strong revenue and EBITDA growth with market-leading margins
Consistently strong revenue and EBITDA growth with market-leading margins Revenue from operations (₹ Cr) EBITDA (₹ Cr) Net cash generated from operations (₹ Cr) 35,000 20,000 19,025 20,000 31,079 17,226 30,000 16,000 16,000 25,000 12,000 12,000 20,000 15,000 7,565 7,402 11,873 8,000 8,000 10,000 6,1
Slide 19: APSEZ has consistently delivered best-in-class RoCE
APSEZ has consistently delivered best-in-class RoCE 1 2 APSEZ (Consolidated) Domestic ports Marine 24% 16% 15% 21% 13% 19% 15% 14% 12% 15% 13% 12% FY23 FY24 FY25 H1 FY26 FY23 FY24 FY25 H1 FY26 FY23 FY24 FY25 H1 FY26 The following gestating businesses are expected to achieve threshold RoCE in 3-4 yea
Slide 20: Investment grade, deleveraged balance sheet with significant capital markets track record (1/2)
Investment grade, deleveraged balance sheet with significant capital markets track record (1/2) Gross debt, net debt & average maturity (in ₹ Cr) Net Debt to EBITDA 7.0 49,819 51,082 6.0 45,453 46,279 45,810 40,072 3.3 36,819 38,019 3.0 3.1 34,401 5.5 36,462 31,666 5.2 28,472 4.6 4.3 2.3 1.9 1.8 Mar
Slide 21: Investment grade, deleveraged balance sheet with significant capital markets track record (2/2)
Investment grade, deleveraged balance sheet with significant capital markets track record (2/2) Global rating agencies Baa3 / Negative BBB- / Positive BBB- / Stable Domestic rating agencies AAA / Stable AAA / Stable AAA / Stable AAA / Stable 21
Slide 22: Future-ready integrated technology platform across the value chain
Future-ready integrated technology platform across the value chain Advanced digital layer integrated across business processes and physical assets Automated container depot management Fleet / truck management Port operations management Real-time rake tracking PCS (TOS) system International Freight N
Slide 23: APSEZ's 5-yr capex plan focuses on capacity expansion and enhancing geographical footprint
APSEZ’s 5-yr capex plan focuses on capacity expansion and enhancing geographical footprint Total capex plan of Domestic ports Logistics Technology & decarbonization ₹65,000 – 75,000 Cr ₹45,000 – 50,000 Cr ₹15,000 – 20,000 Cr ₹5,000 Cr during FY25 - FY291 Capex themes • Capacity expansion + enhanced
Slide 24: APSEZ guidance: All-round growth in Ports, Logistics and Marine (1/3)
APSEZ guidance: All-round growth in Ports, Logistics and Marine (1/3) 1 APSEZ consolidated forecast Ports will drive significant absolute growth with strong cargo visibility and stable margins All-round growth driven by Ports, Logistics, Marine Cargo (MMT) Revenue (₹ Cr) Revenue (₹ Cr) 65,500 47,000
Slide 25: APSEZ guidance: All-round growth in Ports, Logistics and Marine (2/3)
APSEZ guidance: All-round growth in Ports, Logistics and Marine (2/3) APSEZ consolidated forecast Logistics growth will enhance differentiated “shore-to-door” value proposition All-round growth driven by Ports, Logistics, Marine Revenue (₹ Cr) Revenue (₹ Cr) 65,500 14,000 Combination of asset-heavy
Slide 26: APSEZ guidance: All-round growth in Ports, Logistics and Marine (3/3)
APSEZ guidance: All-round growth in Ports, Logistics and Marine (3/3) APSEZ consolidated forecast Growth in Marine business driven by vessel acquisition All-round growth driven by Ports, Logistics, Marine OSL OSL + Astro Offshore + TAHID Revenue (₹ Cr) Fleet size 65,500 150+ 115 31,079 72 11,873 FY2
Slide 27: Key investment highlights
Key investment highlights Differentiated Integrated • Ports, Logistics & Marine deliver port gate-to-customer gate solutions Transport Utility proposition • Digitized value chain delivers cost effective and efficient services • Largest private port operator with presence across Indian coastline #1 P
Slide 28: Thank You
Growth adar Goodness adan Ports and Logistics Thank You
Slide 29: 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 opinions contained in this release. Certain statements made in this release may be "forward-looking statements"
Adani Ports and Special Economic Zone — Investor Presentation (November 2025) on 6ix