Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Q2 FY26 Earnings Presentation
58 slides from Adani Ports & Special Economic Zone's earnings presentation, Nov 4, 2025
Slide 1: Submission of Media Release and Investor Presentation cover letter
Ref No: APSEZL/SECT/2025-26/95 November 4, 2025 BSE Limited National Stock Exchange of India Limited Floor 25, P J Towers, Exchange Plaza, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 532921 Scrip Code: ADANIPORTS Sub: Submission of Media Release and
Slide 2: Annexure A - Media Release: Q2 FY26 results
Annexure - A Media Release: Ahmedabad, 4 November 2025 BSE: 532921 | NSE: ADANIPORTS | Bloomberg: ADSEZ:IN | Reuters: APSE.NS APSEZ Q2 FY26 Net Profit ₹3,120 Cr, +29% YoY; Revenue ₹9,167 Cr, +30% YoY • APSEZ Q2 FY26 EBITDA at ₹5,550 Cr, up 27% YoY; H1 FY26 EBITDA at ₹11,046 Cr (+20% YoY) • Domestic
Slide 3: Q2 & H1 FY26 operational performance
Q2 FY26 & H1 FY26 operational performance Particulars Q2 FY26 Q2 FY25 YoY H1 FY26 H1 FY25 YoY Cargo (MMT) 124 111 12% 244 220 11% All-India market share 28.1% 27.4% +70bps 28% 27.3% +70bps All-India container 45.9% 44.4% +150bps 45.5% 45.1% +40bps market share Rail volume (TEUs) 178,927 154,630 16%
Slide 4: International expansion and marine fleet highlights
● International expansion: Board approved acquisition of NQXT Port, Australia - a natural deep- water, multi-user export terminal with 50 MTPA capacity (subject to regulatory approvals) ● Marine fleet expansion: Acquired 9 new marine vessels during Q2 FY26, taking total fleet to 127 vessels; Inaugur
Slide 5: Strategic Developments
Strategic Developments 1. Multi-modal logistics expansion ● Groundbreaking of 70-acre, 1.3 Mn sq. ft. logistics park in Kochi with investment of ₹600 Cr; strategically located park will generate 1,500+ jobs and cater to e-commerce, FMCG/FMCD, pharmaceuticals, retail sectors ● Received approval to co
Slide 6: ESG excellence
ESG excellence 1. Environmental leadership ● Scored 66/100 in S&P Global Corporate Sustainability Assessment (CSA) 2025, placing APSEZ in Top 95th percentile1 globally within Transportation & Transportation Infrastructure sector. APSEZ maintained the highest score in “Environment” dimension for thir
Slide 7: About APSEZ
About APSEZ APSEZ, part of the globally diversified Adani Group, a leading Integrated Transport Utility--across cargo origination (International Freight Network) through port handling, rail transport, multi-modal logistics parks, warehousing, and final delivery via road transport to customer gates.
Slide 8: Result presentation – Q2 & H1 FY26
Annexure - B Adani Ports and Special Economic Zone Limited Result presentation – Q2 & H1 FY26 4th November 2025
Slide 9: Contents
Contents 1 Group profile 2 APSEZ profile 3 Q2 & H1 FY26 performance highlights 4 Historical snapshot & FY26 guidance 2
Slide 10: Group profile
1 Group profile STRICTLY CONFIDENTIAL
Slide 11: 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 12: 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 13: 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 14: APSEZ profile
2 APSEZ profile STRICTLY CONFIDENTIAL
Slide 15: 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 1 2 Marine services Ports Trains & Tracks MMLPs Warehouses Trucks Customer gate ~65
Slide 16: Ports: India's largest private port operator
Ports: We are India’s largest private port operator with select global presence 15 ports in India with a total capacity of 633 MMT1 4 international ports in Israel (Haifa), Tanzania (Dar es Salaam), Sri Lanka (Colombo) and Australia (NQXT 4) Bulk terminals & ports Bulk terminals & ports West coast c
Slide 17: Logistics: Diverse asset portfolio delivers 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 MMLPs2 Present near key industrial segments Moga 1 Plug
Slide 18: Marine: Targeting opportunities in the MEASA waters
Marine: Targeting opportunities in the MEASA waters Marine business timeline 2022 2023 2024 FY 2027 Acquired OSL1 Incorporated TAHID 2 Acquired Astro 3x revenue Offshore growth 3 Marine strategy Diversified marine fleet Profitable operations, high Focused on MEASA4 region Tier-1 customers portfolio
Slide 19: Well-connected land bank at ports
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 20: Q2 & H1 FY26 performance highlights
3 Q2 & H1 FY26 performance highlights STRICTLY CONFIDENTIAL
Slide 21: Ports, Logistics, Marine offer unmatched shore-to-door capabilities
Ports, Logistics, Marine offer unmatched “shore-to-door” capabilities Pan-India footprint Key metrics Key asset details Bulk terminals & ports Container terminals & ports Q2 FY26 H1 FY26 Domestic ports Multipurpose terminals & ports 1 MMLPs Warehouse Agri Silos ₹9,167 Cr ₹18,294 Cr 15 633 28% Moga P
Slide 22: Domestic & International ports – Q2 FY26 vs Q2 FY25
Domestic & International ports – Q2 FY26 vs. Q2 FY25 performance (in ₹ Cr) Q2 FY26 Q2 FY25 1 Domestic ports Revenue 6,351 16% YoY 5,474 ▪ Cargo growth - +8% (114 MMT2 vs.105 MMT) 3 ▪ Increase in market share EBITDA Margin – 73.8% 4,689 17% YoY Margin – 72.9% 3,993 International ports Revenue 1,077 3
Slide 23: Domestic & International ports – H1 FY26 vs H1 FY25
Domestic & International ports – H1 FY26 vs. H1 FY25 performance (in ₹ Cr) H1 FY26 H1 FY25 1 Domestic ports Revenue 12,488 15% YoY 10,853 ▪ Cargo growth - +7% (227 MMT2 vs. 212 MMT) ▪ Increase in market share - 28% vs. 27.3% . Container market 3 share increased to 45.5% from 45.1% EBITDA Margin – 74
Slide 24: Logistics – Q2 FY26 vs Q2 FY25 performance
Logistics – Q2 FY26 vs. Q2 FY25 performance (in ₹ Cr) 1 Revenue 79% YoY EBITDA 41% YoY Q2 FY26 – ₹1,055 Cr Q2 FY25 – ₹588 Cr Q2 FY26 – ₹220 Cr Q2 FY25 – ₹156 Cr 51 1810 (4) 324 593 138 537 192 160 Trucking International Freight Network Other logistics EBITDA margin (%) Q2 FY26 Q2 FY25 Notes Logistic
Slide 25: Logistics – H1 FY26 vs H1 FY25 performance
Logistics – H1 FY26 vs. H1 FY25 performance (in ₹ Cr) 1 Revenue 92% YoY EBITDA 44% YoY H1 FY26 – ₹2,224 Cr H1 FY25 – ₹1,159 Cr H1 FY26 – ₹432 Cr H1 FY25 – ₹300 Cr 92 34 (3) 660 32 1,180 384 366 1,067 303 Trucking International Freight Network Other logistics EBITDA margin (%) H1 FY26 H1 FY25 Notes L
Slide 26: Marine, Port development & SEZ – Q2 FY26
Marine, Port development & SEZ – Q2 FY26 vs. Q2 FY25 performance (in ₹ Cr) Q2 FY26 Q2 FY25 1 Marine Revenue 641 Revenue growth driven by vessel additions 237% YoY 190 Vessel count as of 30th June 2025 118 Add: New vessels purchased 9 2 EBITDA 338 Margin – 52.7% 285% YoY 88 Vessel count as of 30th Se
Slide 27: Marine, Port development & SEZ – H1 FY26
Marine, Port development & SEZ – H1 FY26 vs. H1 FY25 performance (in ₹ Cr) H1 FY26 H1 FY25 1 Marine Revenue 1,182 Revenue growth driven by vessel additions 213% YoY 378 Vessel count as of 31st March 2025 115 Add: New vessels purchased 12 2 EBITDA 635 Margin – 53.7% 290% YoY 163 Vessel count as of 30
Slide 28: Key ports revenue & EBITDA – Q2 FY26 vs Q2 FY25
Key ports revenue & EBITDA – Q2 FY26 vs. Q2 FY25 4 Revenue EBITDA EBITDA % ₹ Cr Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Mundra 2,058 1,803 1,515 1,266 74% 70% Dhamra 483 582 242 367 50% 63% Hazira 526 482 393 356 75% 74% Krishnapatnam 777 767 499 513 64% 67% Kattupalli 99 111 55 75 56% 68% K
Slide 29: Key ports revenue & EBITDA – H1 FY26 vs H1 FY25
Key ports revenue & EBITDA – H1 FY26 vs. H1 FY25 4 Revenue EBITDA EBITDA % ₹ Cr H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 Mundra 3,897 3,693 2,745 2,326 70% 63% Dhamra 995 1,165 498 709 50% 61% Hazira 1,009 919 760 678 75% 74% Krishnapatnam 1,574 1,583 1,016 1,092 65% 69% Kattupalli 193 219 11
Slide 30: JV financial performance
JV financial performance (in ₹ Cr) JV quarterly performance1 Q2 FY26 Q2 FY25 6 7 Particulars Revenue EBITDA PAT Revenue EBITDA PAT APSEZ Consolidated 9,167 5,550 3,120 7,067 4,369 2,413 JVs AICTPL (CT-3), JV with MSC 2 566 328 176 441 230 121 ACMTPL (CT-4), JV with CMA-CGM 3 255 151 76 235 142 73 4
Slide 31: Investment grade, deleveraged balance sheet with capital markets track record
APSEZ has an investment grade, deleveraged balance sheet with significant capital markets track record 1 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.
Slide 32: Fitch Ratings revised rating outlook to Stable
Fitch Ratings revised rating outlook to ‘Stable’ from ‘Negative’ Global rating agencies Domestic rating agencies Baa3 / Negative AAA / Stable BBB- / Positive AAA / Stable AAA / Stable BBB- / Stable AAA / Stable 25
Slide 33: Segment-wise RoCE
Segment-wise RoCE As on 30th September 2025 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 RoCE3 in 3-4 years Logi
Slide 34: Domestic port RoCE
Domestic port RoCE As on 30th September 2025 40% 39% 39% 38% 36% 33% 33% 31% 27% 24% 22% 22% 21% 20% 20% 20% 20% 19% 18% 16% 15% 13% 12% 11% 11% 10% 9% 7% 7% 6% 4% Mundra Hazira Dahej Dhamra Katupalli Krishnapatnam Gangavaram Karaikal FY23 FY24 FY25 H1 FY26 27
Slide 35: Long-term debt maturity profile
Long-term debt maturity profile (as of 30th September’25) (in ₹ Cr) FFO1 (TTM Sep’25) FFO (TTM Sep’25) + Cash (H1 FY26) 17,400 30,463 9,920 9,353 8,600 5,989 3,996 3,439 2,716 1,794 1,000 1,000 1,000 1,000 1,000 250 44 - - H2 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40
Slide 36: H1 FY26 highlights
H1 FY26 highlights ● Global leadership: Global integrated multi-modal value chain enabler with 633 MTPA1 capacity, targeting 1 billion tonne throughput by 2 2030. Mundra port ranked 25th amongst the top global ports in the World Bank’s Container Port Performance Index 2024 (up from 27th position las
Slide 37: H1 FY26 highlights – strategic
H1 FY26 highlights Multi-modal logistics expansion • Groundbreaking of 70-acre, 1.3 Mn sq. ft. logistics park in Kochi with investment of ₹600 Cr; strategically located park will generate 1,500+ jobs and cater to e-commerce, FMCG1/FMCD2, pharmaceuticals, retail sectors 3 • Received approval to comme
Slide 38: H1 FY26 highlights – financial
H1 FY26 highlights ● Strong operating cash flow: H1 FY26 Operating Cash Flow of ₹9,503 Cr, representing 86% of EBITDA ● Capex momentum: H1 FY26 capex at ₹6,462 Cr 1 ● Debt management: H1 FY26 Net debt/EBITDA ratio at 1.8x; Cash balance ₹13,063 Cr; Gross debt ₹51,082 Cr Financial highlights ● Credit
Slide 39: H1 FY26 highlights – ESG
H1 FY26 highlights Environmental leadership 1 2 ● Scored 66/100 in S&P Global CSA 2025 placing APSEZ in Top 95th percentile globally within Transportation & Transportation Infrastructure sector. APSEZ maintained the highest score in “Environment” dimension for third consecutive year ESG excellence ●
Slide 40: H1 FY26 highlights – awards and accolades
H1 FY26 highlights ● Mundra port won Best Private Sector Port and Best Container Terminal of the year at India Maritime Awards ● At the India Maritime Week 2025, APSEZ won the “Port Sustainability Pioneer Award” under the Maritime Achievers category. This recognition reaffirms our commitment to driv
Slide 41: Cargo volume Q2 & H1 FY26
Cargo volume Q2 & H1 FY26 1 APSEZ Total volume (in MMT ) Q2 FY26 Q2 FY25 YoY H1 FY26 H1 FY25 YoY Domestic Volume 113.9 105.4 +8% 226.7 212.2 +7% International Volume 9.7 5.4 +80% 17.5 7.6 +130% APSEZ volume 123.6 110.8 +12% 244.2 219.8 +11% Sticky cargo share in Q2 FY26 – 52% Container volume (in MT
Slide 42: Diversified cargo portfolio – Q2 FY26
Diversified cargo portfolio – Q2 FY26 45% 43% 42% 41% 41% 38% 38% 37% 38% 36% 33% 33% 33% 32% 32% 30% 13% 17% 13% 13% 16% 15% 16% 15% 9% 8% 11% 11% 7% 6% 6% 5% 2% 3% 3% 3% 3% 2% 2% 2% 1% 0% 1% 2% 2% 2% FY19 FY20 FY21 FY22 FY23 FY24 FY25 Q2 FY26 Dry (Coal) Dry (Other than coal) Liquid (excl. Crude) C
Slide 43: Diversified cargo portfolio - H1 FY26
Diversified cargo portfolio - H1 FY26 44% 43% 42% 41% 41% 38% 38% 37% 38% 36% 33% 33% 33% 32% 32% 32% 13% 13% 17% 13% 16% 15% 15% 14% 9% 11% 11% 8% 7% 6% 6% 5% 2% 3% 3% 3% 3% 2% 2% 2% 1% 0% 1% 2% 2% 2% FY19 FY20 FY21 FY22 FY23 FY24 FY25 H1 FY26 Dry (Coal) Dry (Other than coal) Liquid (excl. Crude) C
Slide 44: Breakdown of cargo growth – Q2 & H1 FY26
Breakdown of cargo growth – Q2 & H1 FY26 Q2 FY26 cargo volume Increase Decrease Total Q2 FY26 0.5 volume - 123.6 1.0 2.0 0.2 0.3 0.0 1 2.0 MMT 2.0 (0.9) 9.8 (4.2) 110.8 Container Coastal Coal Minerals Agri Crude (incl. Gas) RORO Q2 FY25 Coking Coal EXIM Coal Fertilizers Other Dry Other Liquid H1 FY2
Slide 45: Domestic port volume – Q2 FY26 (1/3)
Domestic port volume – Q2 FY26 (1/3) 1 Mundra 2 Hazira Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 7.2 8.5 1.4 1.1 MMT MMT MMT MMT 3.2 2.8 MMT MMT 9.9 1 MMT 2 49.4 MMT -1% 10.2 50.0 MMT 7.6 MMT 10% 6.9 MMT MMT* 31.2 32.3 MMT MMT 2.9 2.9 MMT MMT 3 Dahej 4 Dhamra Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 1.6 1.2 MMT MMT 2.
Slide 46: Domestic port volume – Q2 FY26 (2/3)
Domestic port volume – Q2 FY26 (2/3) 5 Krishnapatnam 6 Kattupalli Q2 FY26 Q2 FY25 Q2 FY26 0.2 Q2 FY25 0.04 0.1 0.2 0.7 MMT MMT MMT MMT 0.9 MMT MMT 0.3 MMT 15 MMT1 7% 14.1 MMT 3.5 MMT -7% 3.7 MMT 14.2 13.3 3.0 3.4 MMT MMT MMT MMT 7 Ennore 8 Karaikal Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 3.5 MMT 3.3 MMT 2.8
Slide 47: Domestic port volume – Q2 FY26 (3/3)
Domestic port volume – Q2 FY26 (3/3) 9 Gangavaram 10 Gopalpur 2 Q2 FY26 Q2 FY25 Q2 FY26 0.2 MMT 10.0 MMT 1 47% 6.8 MMT 1.2 MMT 9.8 6.8 1.2 MMT MMT MMT 11 Vizhinjam 3 Q2 FY26 Q2 FY25 4.7 MMT 0.8 MMT 4.7 0.8 MMT MMT Numbers rounded off to the nearest integer 1. MMT – Million Metric Tonne 2. Comparativ
Slide 48: Domestic port volume – H1 FY26 (1/3)
Domestic port volume – H1 FY26 (1/3) 1 Mundra 2 Hazira H1 FY26 H1 FY25 H1 FY26 H1 FY25 15.4 16.6 2.7 2.3 MMT MMT MMT MMT 6.1 5.6 MMT MMT 1 18.9 2 97.4 MMT -4% 21.6 101.1 MMT 14.5 MMT 6% 13.7 MMT MMT MMT* 62.9 63.1 MMT MMT 5.6 5.8 MMT MMT 3 Dahej 4 Dhamra H1 FY26 H1 FY25 H1 FY26 H1 FY25 2.9 2.3 MMT M
Slide 49: Domestic port volume – H1 FY26 (2/3)
Domestic port volume – H1 FY26 (2/3) 5 Krishnapatnam 6 Kattupalli H1 FY26 H1 FY25 H1 FY26 0.5 H1 FY25 0.33 0.3 0.3 1.4 MMT MMT MMT MMT 1.4 MMT MMT 0.5 MMT 31.5 MMT 1 7% 29.4 MMT 6.6 MMT -9% 7.3 MMT 30.1 27.7 5.8 6.6 MMT MMT MMT MMT 7 Ennore 8 Karaikal H1 FY26 H1 FY25 H1 FY26 H1 FY25 6.6 MMT 6.8 MMT
Slide 50: Domestic port volume – H1 FY26 (3/3)
Domestic port volume – H1 FY26 (3/3) 9 Gangavaram 10 Gopalpur 2 H1 FY26 H1 FY25 H1 FY26 0.5 MMT 18.2 MMT 1 59% 11.5 MMT 2.5 MMT 17.7 11.5 2.5 MMT MMT MMT 11 Vizhinjam 3 H1 FY26 H1 FY25 9.4 MMT 0.8 MMT 9.4 0.8 MMT MMT Numbers rounded off to the nearest integer 1. MMT – Million Metric Tonne 2. Compara
Slide 51: Historical snapshot & FY26 guidance
4 Historical snapshot & FY26 guidance STRICTLY CONFIDENTIAL
Slide 52: Consistent growth in the past; guides for significant growth
APSEZ has delivered consistent growth in the past; guides for significant growth going forward Consistent ports market share growth is led by rising container market share In the last decade, APSEZ domestic port volume growth was 3x industry growth 30% 27% 46% All-India cargo (MMT ) 1 APSEZ domestic
Slide 53: FY26 guidance
FY26 guidance Revenue ₹36,000-38,000 Cr EBITDA 1 ₹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 2 • Trucking revenue will grow 3x-4x (FY25 – ₹428 Cr) • Marine revenue will grow 2x (FY25 – ₹1,144 Cr) 3 4 Guidance excludes NQXT 1. EBITDA
Slide 54: H1 FY26 performance vs. guidance
H1 FY26 performance vs. guidance FY26 guidance H1 FY26 performance Revenue ₹36,000-38,000 Cr ₹18,294 Cr EBITDA 1 ₹21,000-22,000 Cr ₹11,046 Cr Capex ₹11,000-12,000 Cr ₹6,462 Cr Net debt to EBITDA Policy up to 2.5x 1.8x 2 • Port cargo volume – 244 MMT in H1 FY26 vs. guidance of 505-515 MMT • Trucking
Slide 55: 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, sel
Slide 56: Annexure
Annexure Please open this file in PDF reader and click on the following icon to open the linked Excel file Above file includes the following information: ✓ Port wise cargo volume break up for Q2 & H1 FY26 ✓ Ports, marine and logistics verticals financial performance Q2 & H1 FY26 Click here for Click
Slide 57: Thank You
Growth adar Goodness adan Ports and Logistics Thank You
Slide 58: 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 — Q2 FY26 Earnings Presentation on 6ix