Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Investor Presentation (May 2025)
43 slides from Adani Ports & Special Economic Zone's investor presentation, May 2025
Slide 1: Adani Ports and Special Economic Zone Ltd. Investor Presentation, May 2025
Adani Ports and Special Economic Zone Ltd. Investor Presentation, May 2025
Slide 2: Table of contents
Table of contents A Group profile B Company profile C Investment summary D Catalysts driving market leadership position E FY26 guidance F 5-year guidance 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 Company profile
B Company profile STRICTLY CONFIDENTIAL
Slide 8: A transport utility with string of ports and integrated logistics network
A transport utility with string of ports and integrated logistics network Movable assets Marine vessels – 115 Dredgers - 28 Trains – 132 Trucks – 936 Moga Dahej Kanech Kotkapura Kandla Kilaraipur Kaithal Panipat 1 to 15 in two (Tuna & Berth 13)# Tauru Dhamora decades Patli & Samastipur & Kannauj Kis
Slide 9: 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 10: 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 11: 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 the Investment in land banks for potential logistics use country (electrified from Bhadrak / Ranital t
Slide 12: Logistics: Pan-India presence
Logistics: Pan-India 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 Carg
Slide 13: C Investment summary
C Investment summary STRICTLY CONFIDENTIAL
Slide 14: Growing market share
Growing market share (1) All-India and APSEZ Cargo Volumes 30% APSEZ market share (%) 27% 25% 20% 10% 15% 10% 5% 0% FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Market share growth driven by operational excellence, cargo dive
Slide 15: Long-term growth way ahead of the industry
Long-term growth way ahead of the industry All-India cargo throughput All-India and APSEZ domestic cargo volume All-India cargo (MMT) 1800 2000 1593 1600 1500 1307 1052 1400 1000 1200 500 1000 0 FY15 FY20 FY25 800 600 APSEZ domestic cargo (MMT) 400 500 431 400 200 300 223 0 200 FY11 FY17 FY05 FY10 F
Slide 16: Strong cashflow generation
Strong cashflow generation Revenue from operations (₹ Cr) EBITDA (₹ Cr) Net cash generated from operations (₹ Cr) 35,000 20,000 19,025 20,000 31,079 18,000 18,000 17,226 30,000 16,000 16,000 25,000 14,000 14,000 12,000 12,000 20,000 10,000 10,000 15,000 7,565 7,402 11,873 8,000 8,000 10,000 6,000 6,
Slide 17: Healthy EBITDA margin across both ports and logistics business
Healthy EBITDA margin across both ports and logistics business Domestic ports EBITDA (₹ Cr) Logistics EBITDA (₹ Cr) 16,503 642 6,593 234 3,510 FY15 FY20 FY25 FY20 FY25 Domestic EBITDA margin (%) Logistics EBITDA margin % 73% 24% 22% 69% 69% FY15 FY20 FY25 FY20 FY25 • Ports EBITDA has grown at 17% CA
Slide 18: Business line-wise ROCE
Business line-wise 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 ports 6% 6% 6% 6% 5% FY23 FY24 FY25 FY
Slide 19: Domestic port ROCE
Domestic port 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 19
Slide 20: C2 Debt profile
C2 Debt profile STRICTLY CONFIDENTIAL
Slide 21: Debt maturity profile
Debt maturity profile Long-term debt maturity profile as on 31st March’25 (₹ Cr) FFO + Cash ₹24,838 Cr 12,187 9,034 FFO ₹15,847 Cr 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 21
Slide 22: Debt ratios
Debt ratios (in ₹ Cr) Gross debt, net debt & average maturity Net Debt to EBITDA 45,453 49,819 6.0 7.0 46,279 45,810 40,072 3.3 36,462 3.0 3.1 34,401 5.5 36,819 2.9 31,666 28,472 4.6 4.3 2.3 1.9 Mar'21 Mar'22 Mar'23 Mar'24 Mar'25 Net Debt Gross Debt Average Maturity (years) FY20 FY21 FY22 FY23 FY24
Slide 23: Comprehensive credit rating coverage
Comprehensive credit rating coverage Global rating agencies Domestic rating agencies AAA / Stable Baa3 / Negative AAA / Stable BBB- / Negative AAA / Stable BBB- / Negative AAA / Stable 23
Slide 24: C3 ESG & governance
C3 ESG & governance STRICTLY CONFIDENTIAL
Slide 25: Sustainability is at the core of our operations
Sustainability is at the core of our operations Guiding Principles ESG Ratings Industry Ranking CEO Water United Nations SBTi-based net Rating Agency Rating/Score (Global level) Mandate Global Compact zero targets 68 97 Percentile India Business & IFC E&S UN Sustainable Biodiversity Performance Deve
Slide 26: D Catalysts driving market leadership position
D Catalysts driving market leadership position STRICTLY CONFIDENTIAL
Slide 27: Growth opportunity in logistics is immense
Growth opportunity in logistics is immense Fastest growing economy with large consumer base We have a pan-India logistics presence Fastest Growing Large Economy Large Consumer Base G20 Real GDP CAGRs, 2015 to 2022 (%) Top 10 Countries by Population, 2022 (b) Future outlook for India is India is #1 7
Slide 28: Strategic partnerships & sticky cargo
Strategic partnerships & sticky cargo Strategic partnerships Sticky cargo share Year Company Partner & stake Adani International MSC 2011 Container (50%) Terminal Pvt Ltd Adani CMA Mundra 431 CMA-CGM 2014 Terminal 54% 56% 408 56% (50%) Pvt Ltd 49% 337 Dhamra LNG Terminal TotalEnergies 312 2019 Pvt L
Slide 29: Quality assets
Quality assets Top 10 ports of India include Mundra & Krishnapatnam Marine & Logistics assets – FY25 FY15 FY20 FY25 Marine Leading 3rd party marine services 115 vessels provider Sikka Mundra Mundra India’s largest capital dredging Dredgers 28 Mundra Sikka Paradip capacity Kandla Kandla Kandla Train
Slide 30: APSEZ is targeting marine opportunities in the Middle East, Africa & South Asia
APSEZ is targeting marine opportunities in the Middle East, Africa & South Asia (MEASA) waters 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 bu
Slide 31: 'Future-ready' with integrated tech platforms
‘Future-ready’ with integrated tech platforms Automated container Fleet management Port ops management Real-time rake tracking Digital customer portal depot mgmt. (TOS) system Middleware integrating all our systems Port Community System (PCS) Command & Control / ITUP (Central platform to plan & moni
Slide 32: E FY26 guidance
E FY26 guidance STRICTLY CONFIDENTIAL
Slide 33: 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 33
Slide 34: FY26 capex guidance
FY26 capex guidance Total investment - ₹12,000 Cr International Technology capex Domestic ports Marine Logistics ports & decarbonization ₹6,000 Cr ₹2,000 Cr ₹620 Cr ₹2,000 Cr ₹1,380 Cr • Container terminals at • CWIT, Sri Lanka • Fleet expansion • ICDs / Logistic Parks • Skill development Mundra & V
Slide 35: F 5-year guidance
F 5-year guidance STRICTLY CONFIDENTIAL
Slide 36: Targeting 1,000 MMT cargo volumes in 2030
Targeting 1,000 MMT cargo volumes in 2030 Cargo (MMT) Port revenue (₹ Bn) 470 1000 • Current domestic port capacity at ~633 MMT, capacity expansion at 261 500 existing ports being guided by cargo demand 240 93 • APSEZ’s domestic port volume growth >2x the country’s cargo 2020 2025 2030F FY19 FY25 FY
Slide 37: Existing ports will continue to drive domestic cargo volumes
Existing ports will continue to drive domestic cargo volumes Illustrative examples of domestic ports that will drive cargo volumes Mundra (FY25 – 200.7 MMT) Hazira (FY25 – 27 MMT) Dhamra (FY25 – 46 MMT) Krishnapatnam (FY25 - 55 MMT) 30 50 75 264 250 264 194 204 Drivers Drivers Drivers Drivers • Dive
Slide 38: Fast-paced growth for logistics business to continue
Fast-paced growth for logistics business to continue 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 • APSEZ has pan-India logistics presence across MMLPs, warehouses and agri-silos • Accelerated growth in
Slide 39: 3x growth in marine revenue by FY27
3x growth in marine revenue by FY27 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 FY27P FY24 FY25 FY27P FY24 FY25 FY27P OSL OSL + Astro + TAHID APSEZ owns a diversified fleet of third-party marine vessels 76 Tugs 17 AHTS 11 Flat-top ba
Slide 40: 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 41: What makes APSEZ unique?
What makes APSEZ unique? Scale • India's largest private port operator • Largest network of waterfront to customer gate - 90% hinterland connectivity End-to-end solutions • Driven by a diverse asset base - Vast waterfront assets + extensive hinterland fleet • Strategic partnerships that drive growth
Slide 42: Thank You
Growth adar Goodness adan Ports and Logistics Thank You
Slide 43: 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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