Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Investor Presentation
44 slides from Adani Ports & Special Economic Zone's investor presentation
Slide 1: Investor Presentation - Ambition 2031
Adani Ports and Special Economic Zone Limited Investor Presentation - Ambition 2031
Slide 2: Agenda
Agenda APSEZ equity story Profitable growth 1 5 Scaling infrastructure, compounding value Resulting in consistent YoY RoCE improvement Scale + Integration Sustainability 2 6 3 (1) Ports, (2) Logistics, and (3) Marine APSEZ asset footprint: At the core of our operations Capability + Capacity 4 Manage
Slide 3: APSEZ equity story
APSEZ equity story 1 Scaling infrastructure, compounding value 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: Scale + Integration
Scale + Integration 2 APSEZ asset footprint: (1) Ports, (2) Logistics, (3) Marine STRICTLY CONFIDENTIAL
Slide 6: 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 7: 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 8: 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 9: 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 10: 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 11: Capability + Capacity
Capability + Capacity 3 Organizational transformation, partnerships, balance sheet strength STRICTLY CONFIDENTIAL
Slide 12: Technology as a strategic differentiator and competitive moat
APSEZ’s approach to leverage technology as a strategic differentiator & competitive moat… Advanced digital layer integrates all business processes and physical assets International Freight Network Services Marine services Ports Trains & Tracks MMLPs Warehouses Trucks Customer gate Automated containe
Slide 13: Technology has delivered significant tangible outcomes
… has delivered significant tangible outcomes AI-driven central monitoring and 100% automated Port Management Systems Logistics Strategic Command Center AI-driven central monitoring andinformation hub information hub • AI-based NAVIS unlocked c.10% port capacity • AI-enabled platform delivered 17% m
Slide 14: Capability: 3 Layers + Partnership
Capability: 3 Layers + Partnership • APSEZ team will focus on strategic and planning activities Core objectives • Operational activities being handled by expert partners APSEZ structure going forward APSEZ corporate 2-3 layers of hierarchy office Strategic & planning activities APSEZ site 2-3 layers
Slide 15: Capability: Tailored skill building programme driven by business needs
Capability: Tailored skill building programme driven by business needs • Training youth in industry-relevant skills linked to real job opportunities. • Closely aligned with APSEZ’s operational needs, preparing candidates for roles in ports, logistics, and industrial services. • By building a skilled
Slide 16: Strategic partnerships with leading global players
Strategic partnerships with leading global players Strategic partnerships Shipping lines Cargo owners International partners Adani International Container Terminal Haifa Port Company (HPC) Pvt Ltd (AICTPL) APSEZ stake – 70% Dhamra LNG Terminal Pvt Ltd APSEZ stake – 50% APSEZ stake – 50% Colombo West
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 55,103 56,776 7.0 49,819 Includes NQXT 45,453 46,279 45,810 outstanding debt. 42,910 44,348 40,072 3.0 3.1 See Note (1) 5.5 36,462 36,
Slide 18: Long-term debt maturity profile
Long-term debt maturity profile (as of 30th June 2026) (in ₹ Cr) Actual Proforma Proforma figures using TTM EBITDA of NQXT 11,652 1 FFO (TTM Jun’26) ₹20,221 Cr ₹20,637 Cr 9,936 FFO (TTM Jun’26) + Cash ₹32,649 Cr ₹33,065 Cr 9,405 5,957 5,237 5,178 4,260 1,000 1,000 1,000 1,000 1,000 45 257 FY 27 FY 2
Slide 19: India growth momentum
India growth momentum 4 Translates into multi-year cargo volume growth for APSEZ STRICTLY CONFIDENTIAL
Slide 20: India's macro story will continue to drive all-India cargo volumes
India’s macro story will continue to drive all-India cargo volumes • India is poised to be a $5tn economy by 2028 & world’s 3rd largest economy by 2031 • 95% of India’s trade by volume & 70% by value is via sea route Four important levers contribute substantially to India’s growth and manifest in hi
Slide 21: Profitable growth
Profitable growth 5 Resulting in consistent YoY RoCE improvement STRICTLY CONFIDENTIAL
Slide 22: APSEZ FY31 guidance: All-round growth in Ports, Logistics and Marine
APSEZ FY31 guidance: All-round growth in Ports, Logistics and Marine APSEZ consolidated forecast Revenue (₹ Cr) EBITDA (₹ Cr) Net cash flow from operations (₹ Cr) 91,500 52,000 46,800 38,736 22,851 20,358 12,550 8,063 7,556 FY21 FY26 FY31F FY21 FY26 FY31F FY21 FY26 FY31F Segment-wise growth forecast
Slide 23: Domestic ports capacity to 1bn tonne by 2030
APSEZ’s will increase domestic ports capacity to 1bn tonne by 2030, cargo volume to reach 850 MMT • 60%+ of incremental domestic port capacity will focus on container cargo (EXIM + transshipment containers) • Container is APSEZ’s fastest growing cargo category (16% CAGR in container volumes during F
Slide 24: 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 25: 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 Aggregate of these operating company financials | RoCE – Return on Cap
Slide 26: Disciplined capital allocation will drive ~1% RoCE expansion every year
Disciplined capital allocation will drive ~1% RoCE expansion every year Systematic approach to capital allocation… …resulting in consistent YoY RoCE improvement 1 Annual operating cash flow 25% 20% 60-70% organic capex 20% 16% Investment across Ports, Logistics, Marine 15% 15% 13% 12% Strategic M&A
Slide 27: Sustainability
Sustainability 6 At the core of our operations STRICTLY CONFIDENTIAL
Slide 28: Decarbonization track record supports Net Zero 2040 & Biodiversity Net Positive by 2050
Decarbonization and sequestration track record supports Net Zero 2040 & Biodiversity Net Positive by 2050 Environmental performance & commitments Net Zero transition pathway – Net positive impact on key elements biodiversity pathways Net Zero Net Positive Impact on 100% Renewable • Transitioning to
Slide 29: Social responsibility in action
Social responsibility in action - Employees, customers, suppliers, communities & wellbeing LTIFR reduction by Stakeholder engagement Strengthening community 24% with over doubled relationships cargo operations • Customer meets with 500+ partners to deepen relationship and align offerings • 8 lakh li
Slide 30: Strong commitment to best-in-class corporate governance standards
Strong commitment to best-in-class corporate governance standards 100% Chaired Board of Directors IDs by IDs Independent Directors (IDs) Statutory Committees 50% + Audit Comprised of only Independent Directors Nomination & Remuneration Stakeholder Relationship 100% of Statutory Committees Corporate
Slide 31: Sustainability drives revenue growth and cost efficiency
Sustainability drives revenue growth and cost efficiency Sustainability is a value lever - unlocking incremental revenue, reducing operating costs, and strengthening long-term returns Green port revenues Decarbonization opex savings • Port equipment electrification • LNG infrastructure (Mundra, Dham
Slide 32: Management accountability scorecard
Management accountability scorecard 7 What we said. What we delivered STRICTLY CONFIDENTIAL
Slide 33: Consistent delivery track record over the past several years
Consistent delivery track record over the past several years Comparison of guidance vs reported results (FY23-26) KPI Unit FY23 guidance FY23 reported FY24 guidance FY24 reported FY25 guidance FY25 reported FY26 guidance FY26 reported Cargo MMT 350 - 360 339.2 370 – 390 419.9 460 – 480 450 505 – 515
Slide 34: Investment summary
Investment summary 8 Why own APSEZ? STRICTLY CONFIDENTIAL
Slide 35: 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 36: Annexure
9 Annexure STRICTLY CONFIDENTIAL
Slide 37: Profit & Loss snapshot
Profit & Loss snapshot Particulars Unit FY22 FY23 FY24 FY25 FY26 Q1 FY27 Q1 FY27 Insights Revenue from Operations ₹ Cr 17,119 20,852 26,711 31,079 38,736 10,821 Total Income Operating Expenses ₹ Cr ₹ Cr 17,119 4,865 20,852 5,655 26,711 7,116 31,079 8,070 38,736 11,234 10,821 3,018 ₹10,821 Cr Employe
Slide 38: Balance sheet snapshot
Balance sheet snapshot Particulars Unit FY22 FY23 FY24 FY25 FY26 FY26 Insights Assets Gross Fixed Assets (Excl. CWIP) ₹ Cr 74,076 86,930 93,006 1,11,163 1,58,850 [-] Accumulated Depreciation ₹ Cr (11,523) (14,707) (17,858) (21,433) 27,181 Net Fixed Assets (Excl. CWIP) CWIP ₹ Cr ₹ Cr 62,553 4,023 72,
Slide 39: Group profile
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
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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