Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Investor Presentation (August 2025)
41 slides from Adani Ports & Special Economic Zone's investor presentation, August 2025
Slide 1: Adani Ports and Special Economic Zone Limited
Adani Ports and Special Economic Zone Limited Investor Presentation | August 2025
Slide 2: Contents
Contents 1 Executive summary 2 Key investment highlights 3 ESG Annexure 2
Slide 3: Executive summary
1 Executive summary 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%) (61.91%) (74.96%) (65.89%) (67.53%) AEL AGEL1 APL APSEZ Ports & Logi
Slide 5: India | Colossal Growth Opportunity
India | Colossal Growth Opportunity Key Highlights: Fastest growing economy + large consumer base…. …needs critical infra in transport and logistics Fastest Growing Large Economy Large Consumer Base Under penetration of Air Travel High logistics cost G20 Real GDP CAGRs, 2013 to 2023 (%) Top 10 Count
Slide 6: Growing merchandise trade & favorable policy environment driving strong port volumes
Growing merchandise trade & favorable policy environment driving strong port volumes Merchandise trade powers GDP growth Government focus on promoting maritime trade & hinterland connectivity India merchandise trade & GDP growth • Increase in port capacity to 10,000 Million Tonne Per 1.20 4.50 Marit
Slide 7: Ports, Logistics, Marine offer unmatched “shore-to-door” capabilities
Ports, Logistics, Marine offer unmatched “shore-to-door” capabilities Pan-India footprint Key asset details Key financial Key metrics metrics Bulk terminals & ports Container terminals & ports Domestic ports Q1 FY26 FY25 633 Multipurpose terminals & ports Multi-Modal Logistics Parks (MMLPs) 15 Milli
Slide 8: Key investment highlights
2 Key investment highlights STRICTLY CONFIDENTIAL
Slide 9: APSEZ is an Integrated Transport Utility
APSEZ is an Integrated Transport Utility: We leverage Ports, Logistics and Marine assets to deliver tech-enabled solutions We deliver transport solutions across the supply chain International Freight Network Services Marine services Ports Trains & Tracks Multi-Modal Logistics Parks Warehouses1 Truck
Slide 10: Ports: India’s largest private port operator with select global presence
Ports: We are India’s largest private port operator with 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 Terminal) Bulk terminals & ports Container terminals & ports M
Slide 11: Significant ports market share gains: Volume growth outperforms industry by 3x
Significant ports market share gains: Volume growth outperforms industry by 3x 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 d
Slide 12: Well-connected land bank at ports support industry cluster development
Well-connected land bank at ports support industry cluster development; we have also invested in land bank for future Logistics use SEZ land bank Strategic investment in landbank Mundra land bank: ~12,500 Ha near industrial clusters • Rail: 64 km dedicated electrified Mundra- Adipur double track rai
Slide 13: Logistics: Diverse asset portfolio delivers pan-India “shore-to-door” solutions
Logistics: Diverse asset portfolio delivers pan-India “shore-to-door” solutions APSEZ specializes in retail, industrial, container, bulk, liquids, auto, and grain logistics Pan-India Logistics presence across MMLPs, warehouses and agri- silos 12 MMLPs Present near key industrial segments Plug-and-pl
Slide 14: Asset-light Trucking and International Freight Network services
Asset-light Trucking and International Freight Network services: Expanding presence in the value chain Why is APSEZ focusing on Trucking & International Freight Network services? • To expand presence in the value chain and bring cargo to ports • To enter the services segment with the ability to scal
Slide 15: Marine: Targeting opportunities in the MEASA waters
Marine: Targeting opportunities in the MEASA waters Marine business timeline 2022 2023 2024 FY 2027 Acquired Ocean Incorporated Acquired Astro 3x revenue Sparkle Ltd. (OSL) The Adani Harbour International Offshore DMCC (TAHID) growth* Marine strategy Diversified marine fleet Profitable operations, h
Slide 16: Excellent financials: Consistently strong revenue and EBITDA growth
Excellent financials: 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
Slide 17: Strong returns: Consistently delivered best in class ROCE
Strong returns: Consistently delivered best in class ROCE 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 port
Slide 18: Investment grade, deleveraged balance sheet (1/2)
Investment grade, deleveraged balance sheet: Significant capital markets track record (1/2) Gross debt, net debt & average maturity Net Debt to EBITDA Gross debt & Net debt in ₹ ‘000 Cr 7 53.1 49.8 45.5 46.3 45.8 3.3 6 3.1 40.1 3.0 34.4 5.5 36.6 36.8 36.2 5.2 31.7 4.6 2.3 28.5 4.3 1.9 1.8 Mar'21 Mar
Slide 19: Investment grade, deleveraged balance sheet (2/2)
Investment grade, deleveraged balance sheet: Significant capital markets track record (2/2) Global rating agencies Domestic rating agencies Baa3 / Negative AAA / Stable BBB- / Positive AAA / Stable AAA / Stable BBB- / Negative AAA / Stable 19
Slide 20: One billion tonne cargo throughput by 2030: Ports revenue to grow at 16% CAGR
We aim to achieve one billion tonne cargo throughput by 2030: Ports revenue to grow at 16% CAGR Forecast port volumes, revenue & EBITDA* Cargo (MMT) Port revenue (₹ Bn) 470 1000 • Forecast includes 850 MMT domestic 261 cargo & 150 MMT international cargo 500 • Domestic cargo growth will largely be 2
Slide 21: Logistics revenue to grow ~5x by FY29
Logistics revenue to grow ~5x by FY29 Forecast Logistics revenue & EBITDA Logistics revenue (₹ Bn) Logistics EBITDA (₹ Bn) EBITDA margin (%) 140 35 25% 22% 15% 29 6 6 1 FY19 FY25 FY29F FY19 FY25 FY29F FY19 FY25 FY29F • Growth will be driven by a combination of asset-heavy revenue and asset-light ser
Slide 22: Marine revenue set to triple in two years
Marine revenue set to triple in two years Forecast Marine fleet, revenue & EBITDA Fleet size Revenue (₹ Cr) EBITDA (₹ Cr) 150+ 3,300+ 1,700 115 ~3x ~3x 1,144 604 629 1.8x 360 1.7x 72 FY24 FY25 FY27F FY24 FY25 FY27F FY24 FY25 FY27F OSL OSL + Astro Offshore + TAHID • Growth will be led by ongoing addi
Slide 23: Significant capex outlay through to FY29
Significant capex outlay: ₹75 Bn investments planned through to FY29 Revenue (₹ Bn) EBITDA (₹ Bn) Net cash flow 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 • Capacity
Slide 24: ESG
3 ESG STRICTLY CONFIDENTIAL
Slide 25: Sustainability: At the core of our operations
Sustainability: At the core of our operations Guiding Principles ESG Ratings Science Based Target Industry Ranking Rating Agency Rating/Score CEO Water Mandate United Nations (UN) Global Compact Initiatives (SBTi) - based net (Global level) zero targets 68 97 Percentile International Finance Corpora
Slide 26: APSEZ: Key investment highlights
APSEZ: 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 coastli
Slide 27: Annexure
Annexure STRICTLY CONFIDENTIAL
Slide 28: Profit & Loss snapshot
Profit & Loss snapshot Particulars Unit FY22 FY23 FY24 FY25 Q1FY26 FY25 Insights Revenue from operations ₹ Cr 17,119 20,852 26,711 31,079 9,126 Total income ₹ Cr 17,119 20,852 26,711 31,079 9,126 Operating expenses ₹ Cr 4,865 5,655 7,116 8,070 2,526 ₹31,079 Cr Employee benefit expenses ₹ Cr 779 1,17
Slide 29: Balance sheet snapshot
Balance sheet snapshot Particulars Unit FY22 FY23 FY24 FY25 Assets FY25 Insights Gross fixed assets (Excl. CWIP) ₹ Cr 74,076 86,930 93,006 111,163 [-] Accumulated depreciation ₹ Cr 11,523 14,707 17,858 21,433 Net fixed assets (Excl. CWIP) ₹ Cr 62,553 72,224 75,148 89,730 ₹122,755 Cr CWIP ₹ Cr 4,023
Slide 30: FY26 guidance
FY26 guidance Revenue ₹36,000-38,000 Cr EBITDA ₹21,000-22,000 Cr Capex ₹11,000-12,000 Cr Net debt to EBITDA Policy up to 2.5x • Port cargo volume: 505-515 MMT • Trucking revenue will grow 3x-4x (FY25 – ₹428 Cr) • Marine revenue will grow 2x (FY25 – ₹1,144 Cr) Guidance excludes NQXT 30
Slide 31: FY26 capex guidance
FY26 capex guidance Total investment - ₹12,000 Cr Technology capex & Domestic ports International ports Marine Logistics decarbonization ₹6,000 Cr ₹2,000 Cr ₹620 Cr ₹2,000 Cr ₹1,380 Cr • Container terminals at • Colombo West • Fleet expansion • Inland Container Mundra & Vizhinjam International Termi
Slide 32: Long-term debt maturity profile
Long-term debt maturity profile (as of 31st March’25) (in ₹ Cr) FFO (FY25) FFO + Cash (FY25) 12,187 15,847 24,838 9,034 7,655 5,823 3,846 2,996 2,616 452 250 44 \\ FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY42 Current level of FFO exceeds the annual loan repayments; no refinance risk 32 FFO (Fun
Slide 33: Q1 FY26 vs. Q1 FY25 performance snapshot
Q1 FY26 vs. Q1 FY25 performance snapshot (in ₹ Cr) Revenue EBITDA* PAT** 9,126 5,495 3,311 21% 13% 7% 7,560 4,848 3,107 Q1 FY26 EBITDA margin – 60% vs. 64% Domestic port International port Marine revenue*** Logistics revenue revenue revenue 6,137 973 541 1,169 14% 22% 188% 105% 5,378 795 188 571 *Mi
Slide 34: Domestic port-wise ROCE
Domestic port-wise ROCE 38% 36% 33% 33% 31% 27% 22% 22% 21% 20% 20% 20% 19% 16% 15% 13% 12% 11% 11% 9% 7% 6% 4% Mundra Hazira Dahej Dhamra Katupalli Krishnapatnam Gangavaram Karaikal FY23 FY24 FY25 34
Slide 35: Deepening Integrated Transport Utility approach
Deepening Integrated Transport Utility approach – strong momentum across all businesses Growing market share, high profitability Greenfield expansion + Acquisition-led International Ports growth Domestic Ports Up from 26.5% in FY24 Commissioned Colombo terminal Phase 1 All-time high 150 Container ma
Slide 36: “Think Inside the Box”
Our 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 • Ensures volumes are directed specific routes across industrial clusters Freight to APSEZ ports • Return loads optimized
Slide 37: Strategic Command Centre monitors Logistics asset base remotely
We monitor & manage the Logistics 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 Languag
Slide 38: Skill building at APSEZ – Training centers in Mundra & Krishnapatnam
Skill building at APSEZ – Training centers in Mundra & Krishnapatnam • Training youth in industry-relevant skills tailored to APSEZ’s operational requirements, creating a first day, first hour productive workforce for ports & logistics • Programs are closely aligned with real job roles, ensuring can
Slide 39: APSEZ: Select assets
APSEZ: Select assets Mundra port Dhamra port Vizhinjam port Capacity: 264 MMT, capacity expansion underway Capacity: 50 MMT, capacity expansion underway Phase 1 capacity: 18 MMT, phase 2 being planned FY25 throughput: 200.7 MMT FY25 throughput: 46.1 MMT Commenced operations in December 2024 Patli MM
Slide 40: Thank You
Growth adar Goodness adan Ports and Logistics Thank You
Slide 41: 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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