Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Q1 FY27 Earnings Presentation
48 slides from Adani Ports & Special Economic Zone's earnings presentation, Jul 29, 2026
Slide 1: Submission of Media Release and Investor Presentation cover letter
Ref No: APSEZL/SECT/2026-27/56 July 29, 2026 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 Inv
Slide 2: Annexure A: Media release on Q1 FY27 results
Annexure - A BSE: 532921 | NSE: ADANIPORTS | Bloomberg: ADSEZ:IN | Reuters: APSE.NS APSEZ delivers 19% EBITDA growth in Q1 FY27; International Ports EBITDA jumps 256% • Consolidated revenue at ₹10,821 Cr, up 19% YoY • International Ports delivered robust growth, with revenue increasing 80% YoY to ₹1
Slide 3: Segment-wise performance
BSE: 532921 | NSE: ADANIPORTS | Bloomberg: ADSEZ:IN | Reuters: APSE.NS Segment-wise performance Q1 FY27 demonstrates the strength of a business that has expanded well beyond traditional port operations. Our growing presence across Ports, Logistics, and international markets is creating multiple engi
Slide 4: Financial highlights
BSE: 532921 | NSE: ADANIPORTS | Bloomberg: ADSEZ:IN | Reuters: APSE.NS Financial highlights ● Debt management: Gross debt at ₹56,776 Cr. Cash balance at ₹12,428 Cr. Net debt / EBITDA at 1.9x (proforma net debt / EBITDA calculated using TTM NQXT EBITDA at 1.8x) ● Credit rating upgrade and rating affi
Slide 5: Results presentation – Q1 FY27
Annexure - B Adani Ports and Special Economic Zone Limited Results presentation – Q1 FY27 29th July 2026
Slide 6: Contents
Contents 1 APSEZ investment thesis 2 Q1 FY27 performance highlights 3 FY27 guidance 4 Financial snapshot 5 Group profile Please refer the following link for “APSEZ Investor Presentation _ Ambition 2031” Investor Downloads | Adani Ports and Logistics 2
Slide 7: APSEZ profile
1 APSEZ profile STRICTLY CONFIDENTIAL
Slide 8: Four pillars defining APSEZ's 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 9: 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 10: APSEZ operates ports across India's coastline and 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 11: 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 12: 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 13: Land bank near ports and industrial clusters
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 14: Q1 FY27 performance highlights
2 Q1 FY27 performance highlights STRICTLY CONFIDENTIAL
Slide 15: APSEZ consolidated performance Q1 FY27 vs Q1 FY26
APSEZ Consolidated performance | Q1 FY27 vs. Q1 FY26 (in ₹ Cr) Revenue EBITDA PBT PAT ₹10,821 Cr ₹6,541 Cr ₹4,307 Cr ₹3,650 Cr ▲ +19% YoY ▲ +19% YoY ▲ +12% YoY ▲ +10% YoY ₹9,126 Cr ₹5,495 Cr ₹3,848 Cr ₹3,311 Cr Q1 FY27 EBITDA margin – 60.4% vs. 60.2% Segment-wise performance1 Revenue EBITDA (Figures
Slide 16: Domestic & International ports performance
Domestic & International ports – Q1 FY27 vs. Q1 FY26 performance (in ₹ Cr) Q1 FY27 Q1 FY26 Domestic ports1 Revenue 6,964 12% YoY 6,200 ▪ Cargo volume handled during Q1 FY27 – 115.3 MMT (112.9 MMT in Q1 FY26) ▪ All-India cargo market share at 27.6% (27.8% in Q1 FY26) EBITDA Margin – 74.0% 5,152 ▪ All
Slide 17: Logistics performance
Logistics – Q1 FY27 vs. Q1 FY26 performance Revenue 0.3% YoY EBITDA 3% YoY Q1 FY27 – ₹1,173 Cr Q1 FY26 – ₹1,169 Cr Q1 FY27 – ₹219 Cr Q1 FY26 – ₹212 Cr 25 16 336 22 424 19 556 587 246 175 174 193 Trucking International Freight Network Other logistics EBITDA margin (%) Q1 FY27 Q1 FY26 Notes Logistics
Slide 18: Marine, Port development & SEZ performance
Marine, Port development & SEZ – Q1 FY27 vs. Q1 FY26 performance (in ₹ Cr) Q1 FY27 Q1 FY26 1 Marine Revenue 901 Revenue growth driven by vessel additions 67% YoY 541 Vessel count as of 30th June 2025 118 Add: Net vessels added 17 EBITDA Margin – 44.8% 404 36% YoY Vessel count as of 30th June 2026 13
Slide 19: Cluster-wise domestic ports revenue and EBITDA
Cluster-wise domestic ports revenue and EBITDA – Q1 FY27 vs. Q1 FY26 Cluster-wise ports revenue and EBITDA Revenue EBITDA EBITDA % ₹ Cr Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Mundra1 2,208 1,801 1,549 1,151 70% 64% West Coast (other than Mundra port – Dahej, Hazira & 756 700 492 479 65% 68%
Slide 20: JV financial performance
JV financial performance (in ₹ Cr) JV quarterly performance1 Q1 FY27 Q1 FY26 Particulars Revenue EBITDA PAT Revenue EBITDA PAT APSEZ Consolidated 10,821 6,541 3,650 9,126 5,495 3,311 JVs AICTPL (CT-3), JV with MSC 637 362 260 507 282 210 ACMTPL (CT-4), JV with CMA-CGM 347 205 131 252 152 86 Dhamra L
Slide 21: Investment grade, deleveraged balance sheet
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 22: S&P upgrade and credit ratings
S&P Global Ratings upgraded APSEZ’s long-term issuer credit rating and the issue rating on its senior unsecured notes to “BBB” from “BBB-“ with a “Stable” outlook. CARE ratings and ICRA Limited reaffirmed APSEZ’s “AAA” rating Global rating agencies Domestic rating agencies Baa3 / Stable AAA / Stable
Slide 23: 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 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: Q1 FY27 highlights: Strategic developments (1/2)
Q1 FY27 highlights Strategic developments (1/2) • APSEZ and Mediterranean Shipping Company (MSC) group’s terminal arm, Terminal Investment Limited (TiL) announced a definitive agreement under which TiL will invest for 49% interest in Adani Vizhinjam Port Private Limited (AVPPL).TiL will invest USD 1
Slide 27: Q1 FY27 highlights: Strategic developments (2/2)
Q1 FY27 highlights Strategic developments (2/2) • Adani Logistics launched new domestic dwarf containers and expanded services at its ICD, Virochannagar – boosting multimodal strength • Adani Logistics flagged off its first dedicated reefer train for HyFun Foods from ICD Virochannagar to Mundra – bo
Slide 28: Q1 FY27 highlights: Operational highlights
Q1 FY27 highlights Operational highlights (1/2) • Mundra port set a new national record by handling India's largest-ever single-vessel car export shipment, with 6,548 cars loaded on board. • Vizhinjam port successfully handled 7 vessels of LOA 399+m in a month (May’26), a record in Indian Maritime h
Slide 29: Q1 FY27 highlights: Financial highlights
Q1 FY27 highlights Financial highlights • Debt management: Gross debt at ₹56,776 Cr. Cash balance at ₹12,428 Cr. Net debt / EBITDA at 1.9x (proforma net debt / EBITDA calculated using TTM NQXT EBITDA at 1.8x) • Credit rating upgrade and rating affirmation: • S&P Global Ratings upgraded APSEZ's long-
Slide 30: Q1 FY27 highlights: ESG updates
Q1 FY27 highlights ESG updates • APSEZ becomes India's first company in the Transport sector to publish Taskforce on Nature-related Financial Disclosures (TNFD)-aligned disclosure, joining a select group of global port operators embedding nature-related considerations into mainstream business report
Slide 31: Q1 FY27 highlights: Awards and accolades
Q1 FY27 highlights Awards and accolades • Gangavaram port receives recognition from the Government of Andhra Pradesh for its impactful CSR efforts under the P4 model • APSEZ was certified as a “Great Place to Work”, six times in a row • APSEZ gets Port Developer Award at Marports Global 2026 • Mormu
Slide 32: Cargo volume Q1 FY27
Cargo volume Q1 FY27 APSEZ total volume (in MMT) Q1 FY27 Q1 FY26 YoY Domestic volume 115.3 112.9 2% International volume 22.8 7.7 196% APSEZ volume 138.1 120.6 14% Sticky cargo share in Q1 FY27 – 53%; in Q1 FY26 – 53% Container volume (in ‘000 TEUs) Q1 FY27 Q1 FY26 YoY Domestic container volume 3,15
Slide 33: Port volume – Q1 FY27 vs. Q1 FY26
Port volume – Q1 FY27 vs. Q1 FY26 Total Dry (MMT) Containers Liquid (MMT) Ports Of which → Coal Other Dry ‘000 TEUs MMT Q1 FY27 Q1 FY26 YoY Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Mundra1 51.2 48.0 7% 6.2 7.1 2.7 1.9 2,185.0 2,047.7 32.8 30.7 9.5 8.2 Dahej 2.6
Slide 34: Diversified cargo portfolio
Diversified cargo portfolio – Q1 FY27 45% 43% 42% 38% 38% 37% 30% 28% 26% 26% 24% 23% 17% 16% 15% 15% 15% 12% 9% 10% 8% 9% 8% 7% 8% 5% 5% 7% 6% 6% 3% 3% 2% 2% 2% 2% 0% 1% 2% 2% 2% 2% FY22 FY23 FY24 FY25 FY26 Q1 FY27 Coking coal Thermal coal Dry (Other than coal) Liquid (excl. Crude) Crude Gas Contai
Slide 35: Breakdown of cargo growth
Breakdown of cargo growth – Q1 FY27 Q1 FY27 cargo volume Q1 FY27 0.5 volume 0.9 138.1 MMT 0.4 (0.0) 4.3 0.5 (0.1) (0.2) 2.6 (0.2) 8.9 Increase Decrease Total 120.6 Container Coastal Coal Minerals Agri Crude (incl. Gas) RORO Q1 FY26 Coking Coal EXIM Coal Fertilizers Other Dry Other Liquid 31 Numbers
Slide 36: FY27 guidance
3 FY27 guidance STRICTLY CONFIDENTIAL
Slide 37: Q1 FY27 performance vs. FY27 guidance
Q1 FY27 performance vs. FY27 guidance FY27 guidance Q1 FY27 reported Revenue ₹43,000-45,000 Cr ₹10,821 Cr EBITDA ₹25,000-26,000 Cr ₹6,541 Cr Net debt to EBITDA Policy up to 2.5x 1.9x 33 EBITDA – Earnings Before Interest, Tax, Depreciation & Amortization
Slide 38: Financial snapshot
4 Financial snapshot STRICTLY CONFIDENTIAL
Slide 39: 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 40: 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 41: 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 42: Downloads
Downloads Click here for Q3 Click here for Q2 Click here for the Click here for Q4 & 9M FY26 & H1 FY26 investor deck & FY26 Earnings Earnings “Vizhinjam Earnings presentation presentation Investor presentation (3rd February (4th November Presentation” (30th April 2026) 2026) 2025) 38
Slide 43: Group profile
5 Group profile STRICTLY CONFIDENTIAL
Slide 44: 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 45: 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 46: Adani Portfolio: Repeatable, robust & proven model of investment
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 47: Thank You
Growth adar Goodness adan Ports and Logistics Thank You
Slide 48: 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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