Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Investor Day (May 2025)
54 slides from Adani Ports & Special Economic Zone's investor day presentation, May 30, 2025
Slide 1: APSEZ Logistics Investor Day – Tumb ICD
APSEZ Logistics Investor Day – Tumb ICD 30th May 2025
Slide 2: Agenda
Agenda A Group profile B APSEZ – Evolving into a world-class Integrated Transport Utility C APSEZ Logistics business D Logistics strategy: Asset-level deep-dive E Agri-silo business 2
Slide 3: A Group profile
A 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 Emerging B2C Materials, Metal Direct to Incubator Energy & Utility Transport & Logistics & Mining consumer (100%) (100%) (73.97%) (100%) (50.00%) (100%) (100%) ANIL Ada
Slide 5: Adani Portfolio: Decades long track record of industry best growth with national footprint
Adani Portfolio: Decades long track record of industry best growth with national footprint Secular growth with world leading efficiency National footprint with deep coverage Growth 3x 6 Growth 3x 6 EBITDA 72% 1,2,3 EBITDA 92% 1,3,4 AEL APSEZ Growth 4x 6 Growth 3x 6 AGEL Adani’s Core Infra. Platform
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 (AIIL) | ITD Cementation Ltd. | PSP Projects Ltd. Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Const
Slide 7: B APSEZ: World-class Integrated Transport Utility
B APSEZ: World-class Integrated Transport Utility STRICTLY CONFIDENTIAL
Slide 8: APSEZ is an Integrated Transport Utility
APSEZ is an Integrated Transport Utility - we leverage a portfolio of marine, ports and logistics assets to deliver tech-enabled transport solutions Portfolio of assets that deliver end-to-end transport solutions Marine services Ports Trains & Tracks MMLPs Warehouses* Trucks Customer gate Digitizing
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 West Coast East Coast Capacity Capacity ~361 MMT ~272 MMT Dahej 16 MMT Kandla (Tuna & Berth 13)# 20 APSEZ rejuvenates India’s Haifa Port MMT historic trade routes Mundra Ports in proximity 264 MMT to DFCs ^Haldia 4 MMT Col
Slide 10: Pan-India Logistics presence
Pan-India Logistics presence APSEZ specializes in retail, industrial, container, bulk, liquids, auto, and grain logistics. APSEZ has integrated technology to deliver advanced infrastructure and seamless supply chain solutions Pan-India logistics presence across MMLPs, warehouses and agri-silos 12 MM
Slide 11: India's largest marine operator, building global presence
India’s largest marine operator, building global presence 1. Diversified marine 2. Focused on the 3. Broad customer base 4. Profitable operations, fleet portfolio MEASA region and long-term contracts high capital efficiency APSEZ has focused on acquisitions to build out its third-party marine fleet
Slide 12: Land bank in our port backyard supports industry cluster development
Land bank in our port backyard supports industry cluster development – we have also invested in land bank for future logistics use Dhamra: ~2,000+ Ha • Rail: 62.5 km longest electrified NGR Line in Investment in land banks for potential Logistics use the country • Road: Dhamra Port is connected to t
Slide 13: Our five-year roadmap reflects doubling of cashflow generation
Our five-year roadmap reflects doubling of cashflow generation Revenue (₹ Bn) EBITDA (₹ Bn) Net cashflow from operations (₹ Bn) 655 365 345 311 190 172 109 71 60 FY19 FY25 FY29F FY19 FY25 FY29F FY19 FY25 FY29F CAPEX guidance* FY25 – FY29 CAPEX themes Domestic ports ₹450 – 500 Bn • Enhance operationa
Slide 14: High margins, superior cash generation, AAA-rated debt will fund future growth
High margins, superior cash generation, AAA-rated debt will fund future growth Global Rating Agencies Domestic Rating Agencies Net Debt to EBITDA 3.0 3.1 2.5 APSEZ 2.3 guidance 1.9 2.2 FY22 FY23 FY24 FY25 FY29 • Robust Capital Management Philosophy • Most profitable port operator globally, high EBIT
Slide 15: Consistent improvement in Return on Capital Employed
Consistent improvement in Return on Capital Employed APSEZ (Consolidated) Domestic ports* Marine** 21% 15% 19% 13% 14% 12% 15% 12% 13% FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 The following gestating businesses are expected to achieve threshold ROCE in 3-4 years Logistics International ports 6%
Slide 16: Sustainability is at the core of our operations
Sustainability is at the core of our operations • Net zero by 2040 • Aim to become Carbon neutral in 2025. Adding 1,000 MW of renewable capacity (200MW solar, 52MW wind, 25MW already operational) • Deployed battery-operated ITVs in ports, exploring clean footprint options across tugs, trucks • India
Slide 17: C APSEZ Logistics Business
C APSEZ Logistics Business STRICTLY CONFIDENTIAL
Slide 18: The Indian Logistics industry has seen steady growth
The Indian Logistics industry has seen steady growth Indian Logistics industry (FY19 – FY24)* Figures in ₹ trillion 21.6 19.6 14% Others** 11% CAGR 17.7 11% Warehouse*** 15.9 14.3 13% Rail 12.8 62% Road FY19 FY20 FY21 FY22 FY23 FY24 *Source: Economic survey, 1Lattice estimates. Includes road, rail,
Slide 19: The industry comprises of range of services delivered by a pool of fragmented players
The industry comprises of range of services delivered by a pool of fragmented players Container CRTs CFS MMLPs Agri silos Minerals Shed warehouse PFTs Grade B WAREHOUSE Coal RAIL Petroleum products & derivatives Grade C Grade A Agri ICDs Crude Industrial warehouses Agri godowns Classified commoditie
Slide 20: APSEZ focuses on selective lines of business aligned with its integrated transport utility proposition
APSEZ focuses on selective lines of business aligned with its integrated transport utility proposition… Container CRTs Agri silos CFS MMLPs Shed warehouse Minerals PFTs Grade B WAREHOUSE Coal RAIL Petroleum products & derivatives Grade C Grade A Agri ICDs Crude Industrial warehouses Agri godowns Cla
Slide 21: …bringing about significant industry transformation
…bringing about significant industry transformation India fares poorly on Logistics efficiency Logistics cost as % of GDP is significantly high* (38th rank in Logistics Performance Index, 2023)** Russia 90 88 USA 8% 85 65 75 Brazil China 9% 55 56 India 51 54 Europe 10% 44 35 38 28 26 China BRICS 11%
Slide 22: APSEZ's operating model reduces inefficiencies across the Logistics value chain
APSEZ’s operating model reduces inefficiencies across the Logistics value chain Logistics value chain inefficiency APSEZ’s unique proposition • Demonstrated abilities in road-to-rail conversion Unbalanced modal mix (refer ‘success stories’ for details) • Largest trucking operator and private CTO in
Slide 23: Advanced digitization layer integrates stakeholders, business processes and physical assets
Advanced digitization layer integrates stakeholders, business processes and physical assets – also enables centralized monitoring & management Trucking Management Solution (TMS) AI-powered Terminal New service platforms launched by APSEZ Operating System (TOS) International Freight MIDDLEWARE Networ
Slide 24: We are present across the Logistics value chain – APSEZ is a Top-5 India player
We are present across the Logistics value chain – APSEZ is a Top-5 India player and is significantly increasing asset base We are the largest integrated player in India with presence across the Logistics value chain Rakes Terminals/MMLPs Trucks Warehouse space Agri-silo Pipeline & Tracks APSEZ rank
Slide 25: While we already have a pan-India presence…
While we already have a pan-India presence… APSEZ specializes in retail, industrial, container, bulk, liquids, auto, and grain logistics across India APSEZ pan-India logistics footprint… …comprises of a diversified physical asset base 12 MMLPs Present near key industrial segments Plug-and-play infra
Slide 26: … our land bank located next to ports and industrial clusters will further accelerate growth…
… our land bank located next to ports and industrial clusters will further accelerate growth… SEZ land bank Strategic investment in land bank near industrial clusters Kanech (POL Tank Farm) Kila Raipur Loni Mundra: Kishangarh 12,500+ Ha Virochannagar Dhamra: Patli 2,000+ Ha Mundra Valvada Tumb Nagpu
Slide 27: We have integrated technology across all business processes…
We have integrated technology across all business processes… Key technology intervention areas Impact • Digitized operations – freight booking, invoicing, real time tracking • Route & fleet optimization ✓ Higher supply chain visibility • Driver behavior optimization ✓ Enhanced process efficiency, 10
Slide 28: …and can monitor the entire asset base remotely via Strategic Command Centre
…and can monitor the entire asset base remotely via Strategic Command Centre APSEZ Strategic Command Center – Key highlights • Artificial Intelligence (AI)-driven central monitoring and information hub for Logistics assets • In-house AI-generated voice-enabled bot – Tara AI (uses Large Language Mode
Slide 29: Excerpts from our diversified, pan-India logistics assets
Excerpts from our diversified, pan-India logistics assets MMLPs & warehouses Rakes & trucks Warehouse & ICD, Patli Coil warehouse, Patli ICD, Patli ICD, Kilaraipur Rail yard, Patli GPWIS rakes Yard & warehouse, Mundra FTWZ, Mundra Warehouse, Nagpur Warehouse, Kattupalli port Auto rake, Patli Tipper
Slide 30: Push & pull-based revenue strategy
Push & pull-based revenue strategy STRICTLY CONFIDENTIAL
Slide 31: "Think Inside the Box"
Push-based - Migrate standalone customers to leverage APSEZ across the Logistics value chain Delivery at customer gate Cargo originating port • Last-mile connectivity with focus on specific routes across industrial • Ensures volumes are directed clusters Freight to APSEZ ports • Return loads optimiz
Slide 32: Pull-based - Leverage proximity to key industrial hubs & port network to drive cargo volume
Pull-based - Leverage proximity to key industrial hubs & port network to drive cargo volume across individual assets… Each of the individual assets can be meaningfully scaled International freight Rakes MMLPs Trucks network services • Terminal handling • Door-to-door, door-to- • International freigh
Slide 33: … resulting in significant revenue and EBITDA CAGR
… resulting in significant revenue and EBITDA CAGR Revenue (₹ Cr) EBITDA (₹ Cr) 14,000 3,500 CAGR 48% CAGR 53% CAGR 25% CAGR 23% 2,881 642 1,744 2,079 487 540 958 1,208 226 320 FY21 FY22 FY23 FY24 FY25 FY29F FY21 FY22 FY23 FY24 FY25 FY29F Accelerated revenue growth vis-à-vis FY21-25… …resulting in s
Slide 34: Moving towards double-digit ROCE
Moving towards double-digit ROCE FY25-29 logistics capex plan (₹15,000 – 20,000 Cr) will result in significant asset accretion FY25 FY29 Rakes 132 300 MMLPs 12 20 Warehouse 3.1+ Mn sq. ft. 20 Mn sq. ft. Agri silo capacity 1.2 MMT 10 MMT Trucks 937 5,000+ Moving to 10% threshold ROCE 10% Now Future C
Slide 35: Success story #1 – Transformative Logistics solution delivers cost savings
Success story #1 – Transformative Logistics solution delivers cost savings & enhanced performance standards for renewable energy company Large renewable energy company • Remote location • Complex, multi- • Limited offtake by Problem statement location international • High truck dwell time • Fragile
Slide 36: Success story #2 – Successful large-scale road-to-rail transition
Success story #2 – Successful large-scale road-to-rail transition leads to higher efficiency, lower costs & carbon footprint Timber – rice product The total market volume stands at approximately Gandhidham is a significant hub for 1.75 Lakh Metric Tons Trade scenario imported timber sourced from Kan
Slide 37: Success story #3 – Customized assets, multi-modal Logistics solution for automobile manufacturer
Success story #3 – Customized assets, multi-modal Logistics solution delivers volume & efficiency for automobile manufacturer Specialized logistics solution for a large automobile manufacturer • Integrated, customized logistics solution • Cost-effective solution Customer’s requirements • Ability to
Slide 38: Customer Speak – Smart logistics driven by cargo visibility, triangulation, and seamless scalability
Customer Speak – Smart logistics driven by cargo visibility, triangulation, and seamless scalability Large manufacturer of solar PV modules • Customer had a single facility near Tumb • Reliable logistics partner with tailored Customer’s requirements • Faced logistics issues as operations scaled and
Slide 39: D Logistics strategy: Asset-level deep-dive
D Logistics strategy: Asset-level deep-dive STRICTLY CONFIDENTIAL
Slide 40: Strategic locations and growing MMLP footprint drive container volumes
Strategic locations and growing MMLP footprint drive container volumes Current MMLP footprint concentrated around WDFC... Steady increase in MMLP presence… 20 12 12 9 6 Kanech Kilaraipur Loni Patli FY22 FY23 FY24 FY25 FY29(F) Kishangarh …has led to strong growth in container volumes Mundra Virochann
Slide 41: Pull + push-based MMLP strategy benefits from strategic locations and flexible, customized services
Pull + push-based MMLP strategy benefits from strategic locations and flexible, customized services Pull-based + Push-based strategy • Pull-based - Leverage proximity to key micro Strategic locations • Reasonable distance from nearest port(s) to optimize markets to drive cargo volume cost of rail co
Slide 42: Pan-India footprint of APSEZ container & bulk rakes leading to steady increase in market share
Pan-India footprint of APSEZ container & bulk rakes leading to steady increase in market share Container rakes Pan-India presence of container rakes… …leading to growing market share* 13% 68 111 routes Container rakes owned & operated 44 EXIM & 67 domestic routes served 12% 11% 6,43,479 TEUs 34 loca
Slide 43: Trucking – Hybrid operating model set to benefit from Group cargo and best-in-class efficiency metrics
Trucking – Hybrid operating model set to benefit from Group cargo and best-in- class efficiency metrics Hybrid operating model Leverage Group + 3rd party business • Own + 3rd party fleet • Potential within Adani Group – 250 MMT • Consistent volume along strategic routes • Potential for 100 MMT cargo
Slide 44: APSEZ adopts a tech-driven, highly differentiated trucking operations
APSEZ adopts a tech-driven, highly differentiated trucking operations Efficiency & ecosystem-driven Impact • Own fleet on high demand routes Hybrid Fleet Model • 95%+ same day delivery • Curated marketplace covering fleet partners for dynamic scaling • Adani-owned assets cover 25% more Industry-Lead
Slide 45: Building out extensive pan-India warehousing network – "Warehouse+ approach"
Building out extensive pan-India warehousing network – “Warehouse+ approach” to accelerate customer onboarding Current warehousing footprint - 3.2 Mn sq. ft. (35% in MMLP’s, 65% outside MMLPs). Projected to grow to 20 Mn sq. ft. by FY29 Land in major industrial clusters “Warehouse+ approach” • 1,000
Slide 46: E Agri-silo business
Traditional storage APSEZ agri-silo storage E Agri-silo business STRICTLY CONFIDENTIAL
Slide 47: Government of India is transitioning to bulk storage & movement of food grains
Government of India is transitioning to bulk storage & movement of food grains During 2023-24 crop year, India produced – 332 MMT of foodgrain* (majority being wheat & paddy) Indian Government is the Wheat Pulses largest procurer of foodgrain production Paddy Oil seeds FCI NAFED 70-75 MMT of wheat a
Slide 48: Snapshot of APSEZ's agri silo footprint across India
Snapshot of APSEZ’s agri silo footprint across India – largely focused on proximity to wheat growing locations Operational capacity Under construction State (MMT) capacity (MMT) Punjab 0.23 1.09 Kathua Punjab - 26 silos Haryana 0.25 0.30 Haryana - 12 silos Madhya Pradesh 0.30 0.23 Uttar Pradesh - 15
Slide 49: Agri silos significantly reduce overheads and wheat loss during the transport & handling process
Agri silos significantly reduce overheads and wheat loss during the transport & handling process Conventional wheat handling - High overheads & significant wheat loss Conventional handling • Highly labour intensive • Multiple handling Mandi Storage at Storage at Dispatch to • Fragmented supply Farm
Slide 50: Agri-silo process flow is superior to the traditional wheat storage model
Agri-silo process flow is superior to the traditional wheat storage model Agri-silo process flow Robotic sampling Entry gate for Wheat weighed at In-house quality Tipplers transfer arm draws sample farmers weighbridge assurance lab wheat in front of farmers Shipping silos Transfer to pre- followed b
Slide 51: Attractive business model and differentiated approach drives strong revenue and EBITDA growth
Attractive business model and differentiated approach drives strong revenue and EBITDA growth Attractive business model Revenue EBITDA • Central contracts with Food Corporation of India (FCI) FY19 ₹124 Cr ₹93 Cr • No procurement & carrying risk • Take-or-pay contracts – assured revenue on annual FY2
Slide 52: Annexure - Snapshot of select APSEZ MMLPs
Annexure - Snapshot of select APSEZ MMLPs Tumb Patli Kishangarh Virochannagar • Services to JNPT port, Taloja • EXIM services from Mundra, • Services from Mundra, • First terminal in India to (Navi Mumbai), Kanalus Pipavav ports; domestic Cossipore, Jirania, launch Zero Touch Customer (Gujarat) serv
Slide 53: Thank You
Growth adar Goodness adan Ports and Logistics Thank You
Slide 54: Disclaimer
Disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those relating to general business plans and strategy of Adani Ports and Special Economic Zone Limited (“APSEZL”),the future outlook and grow
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