Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Q1 FY26 Earnings Presentation
49 slides from Adani Ports & Special Economic Zone's earnings presentation, Aug 5, 2025
Slide 1: Submission of Media Release and Investor Presentation cover letter
Ref No: APSEZL/SECT/2025-26/64 August 5, 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 In
Slide 2: Media Release: quarterly revenue grows 21% YoY
Annexure A Media Release APSEZ’s quarterly revenue grows 21% YoY driven by 2x jump in Logistics and 2.9x increase in Marine Editor’s synopsis Ports • Cargo volume - 121 MMT from 109 MMT (+11% YoY), domestic market share - 27.8% from 27.2% (+60bps YoY) • Commenced operations at (i) Fully automated co
Slide 3: Strategic highlights
Strategic highlights • Commenced operations at the Colombo West International Terminal (CWIT), a fully automated, natural deep-water port. CWIT is a public-private partnership under a 35-year BOT agreement. Upon full completion, CWIT will handle c. 3.2m TEUs annually • Dhamra port opened a new expor
Slide 4: Financial highlights
Financial highlights • Domestic ports revenue increased by 14% YoY to ₹6,137 Cr. Domestic ports EBITDA margin stood at 74.6% (vs. 72.5% in Q1 FY25) • International ports revenue increased 22% YoY to ₹973 Cr. EBITDA margin stood at 21% vs. 13% in Q1 FY25 • Logistics revenue grew 2x YoY to ₹1,169 Cr.
Slide 5: Awards & accolades
Awards & accolades • Won two awards at the 7th India Logistics Strategy summit organized by the Institute of Supply Chain and Management (ISCM Forum). Mundra port named as the “Best Port Service Provider” and Adani Logistics Ltd. won the “Logistics Champion” • Won multiple awards at the 24th Global
Slide 6: Results presentation – Q1 FY26
1 Annexure B Adani Ports and Special Economic Zone Ltd. Results presentation – Q1 FY26 5th August 2025
Slide 7: Table of contents
Table of contents A Group profile B APSEZ profile C Q1 FY26 performance highlights D Historical snapshot & FY26 guidance E Other updates F Annexure 2
Slide 8: Group profile
A Group profile STRICTLY CONFIDENTIAL
Slide 9: 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 10: 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 11: 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 | ITD Cementation India Ltd. | PSP Projects Ltd. Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Constr
Slide 12: APSEZ profile
B APSEZ profile STRICTLY CONFIDENTIAL
Slide 13: APSEZ is an Integrated Transport Utility
APSEZ is an Integrated Transport Utility that leverages 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 MMLPs Warehouses1 Trucks Customer gate ~65-
Slide 14: Ports - India's largest private port operator
Ports - We are India’s largest private port operator with select global presence APSEZ operates 15 ports in India with a total APSEZ operates 4 international ports in Israel (Haifa), capacity of 633 MMT Tanzania (Dar es Salaam), Sri Lanka (Colombo) and Australia Bulk terminals & ports Container term
Slide 15: 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 MMLPs Present near key industrial segments Plug-and-pl
Slide 16: Marine – Diversified fleet operating in the MEASA region
Marine – Diversified fleet operating in the MEASA region for Tier-1 customers Marine business timeline 2022 2023 2024 FY 2027 Acquired Ocean Incorporated Acquired Astro 3x Revenue Sparkle Ltd. TAHID** Offshore Growth*** Marine strategy Diversified marine fleet Profitable operations, high Focused on
Slide 17: Well-connected land bank at ports supports 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 18: Q1 FY26 performance highlights
C Q1 FY26 performance highlights STRICTLY CONFIDENTIAL
Slide 19: 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 20: Domestic & International ports performance
Domestic & International ports - Q1 FY26 vs. Q1 FY25 performance (in ₹ Cr) Q1 FY26 Q1 FY25 Domestic ports* Revenue 6,137 5,378 14% YoY ▪ 6% growth in cargo volume (113 MMT vs. 107 MMT) ▪ All-India market share increased to 27.8% from 27.2% 4,580 ▪ Container market share at 45.2% vs.45.9% EBITDA Marg
Slide 21: Marine, SEZ, Ports & Logistics infrastructure development performance
Marine, SEZ, Ports & Logistics infrastructure development Q1 FY26 vs. Q1 FY25 performance (in ₹ Cr) Q1 FY26 Q1 FY25 Marine* Revenue 541 Significant ramp up in vessel count 188 188% YoY Opening vessel count 76 Add: Vessels added via Astro Offshore 26 acquisition 297 Add: New vessels purchased 16 EBIT
Slide 22: Logistics Q1 FY26 vs. Q1 FY25 performance
Logistics Q1 FY26 vs. Q1 FY25 performance (in ₹ Cr) Revenue 105% YoY EBITDA 47% YoY Q1 FY26 – ₹1,169 Cr Q1 FY25 – ₹571 Cr Q1 FY26 – ₹212 Cr Q1 FY25 – ₹144 Cr 42 16 1 336 22 587 246 529 174 143 Trucking International Freight Network Other logistics EBITDA margin (%) Q1 FY26 Q1 FY25 Notes A. Trucking
Slide 23: Consolidated financial performance – SEBI format
Consolidated financial performance – SEBI format 18
Slide 24: Key ports revenue & EBITDA
Key ports revenue & EBITDA Revenue EBITDA EBITDA Margin ₹ Cr Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Key domestic ports Mundra 1,839 1,890 1,229 1,060 67% 56% Dhamra 512 583 256 343 50% 59% Hazira 483 437 368 322 76% 74% Krishnapatnam 798 816 517 579 65% 71% Kattupalli 95 108 61 71 64% 66% K
Slide 25: JV financial performance
JV financial performance (in ₹ Cr) Overall JV quarterly performance* Q1 FY26 Q1 FY25 Particulars Revenue EBITDA PAT Revenue EBITDA PAT APSEZ Consolidated 9,126 5,495 3,311 7,560 4,848 3,107 JVs AICTPL (CT-3), JV with MSC 507 282 210 486 268 221 ACMTPL (CT-4), JV with CMA-CGM 252 152 86 233 132 66 IA
Slide 26: Investment grade, deleveraged balance sheet
APSEZ has an investment grade, deleveraged balance sheet with significant capital markets track record (in ₹ Cr) Gross debt, net debt & average maturity Net Debt to EBITDA 7.0 53,089 49,819 6.0 45,453 46,279 45,810 40,072 3.3 34,401 5.5 36,462 36,819 36,168 3.0 3.1 31,666 5.2 28,472 4.6 4.3 2.3 1.9
Slide 27: S&P Global revised ratings outlook to Positive
S&P Global revised ratings outlook to “Positive” from “Negative” Global rating agencies Domestic rating agencies Baa3 / Negative AAA / Stable BBB- / Positive AAA / Stable AAA / Stable BBB- / Negative AAA / Stable 22
Slide 28: Q1 FY26 highlights: Strategic highlights
Q1 FY26 highlights • Commenced operations at the Colombo West International Terminal (CWIT), a fully automated, natural deep-water port. CWIT is a public-private partnership under a 35-year BOT agreement. Upon full completion, CWIT will handle c. 3.2m TEUs annually • Dhamra port opened a new export
Slide 29: Q1 FY26 highlights: Operational highlights
Q1 FY26 highlights • Haifa port operated unhindered throughout and reported 25% YoY growth in container volume and 38% YoY growth in other cargo volume during the quarter, leading to overall volume growth of 29% YoY. This led to the highest Operational quarterly revenue and operating EBITDA for Haif
Slide 30: Q1 FY26 highlights: Sustainability highlights
Q1 FY26 highlights • Recognized as ”Leader” in CDP Supplier Engagement Assessment 2024, reflecting strong supply chain practices Sustainability • Maintained “Prime” status in the Institutional Shareholder Services (ISS) ESG rating highlights • Included as a constituent in the Nifty 100 ESG Sector Le
Slide 31: Business line-wise ROCE
Business line-wise ROCE As of 31st March 2025 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
Slide 32: Domestic ports ROCE
Domestic ports ROCE As of 31st March 2025 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 27
Slide 33: Cargo volume
Cargo volume APSEZ Total volume (in MMT) Q1 FY26 Q1 FY25 YoY Domestic Volume 112.9 106.8 +6% International Volume 7.7 2.2 +245% APSEZ volume 120.6 109.0 +11% Sticky cargo share in Q1 FY26 – 53% Container volume (in MTEUs) Q1 FY26 Q1 FY25 YoY Domestic Container Volume 2.93 2.71 8% International Conta
Slide 34: Diversified cargo portfolio
Diversified cargo portfolio 43% 42% 42% 41% 41% 38% 38% 37% 38% 36% 35% 33% 33% 33% 32% 32% 17% 16% 15% 15% 13% 13% 13% 13% 11% 11% 9% 8% 7% 6% 6% 6% 2% 3% 3% 3% 3% 2% 2% 2% 0% 2% 1% 2% 2% 1% FY19 FY20 FY21 FY22 FY23 FY24 FY25 Q1 FY26 Dry (Coal) Dry (Othen than coal) Liquid (excl. Crude) Crude Gas C
Slide 35: Breakdown of cargo growth
Breakdown of cargo growth Increase Decrease Total Q1 FY26 volume 1.2 - 120.6 MMT 0.3 0.1 0.0 2.8 1.4 0.8 (0.5) (0.2) (2.6) 8.1 109.0 Container Coastal Coal Minerals Agri Crude (incl. Gas) RORO Q1 FY25 Coking Coal EXIM Coal Fertilizers Other Dry Other Liquid 30 Note: Numbers rounded off to the neares
Slide 36: Port volume – Q1 FY26 (1/3)
Port volume – Q1 FY26 (1/3) 1 Mundra 2 Hazira Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 8.2 8.0 1.3 1.1 MMT MMT MMT MMT 2.9 2.9 MMT MMT 9.0 48.0 MMT -6% 11.4 51.1 MMT 6.9 MMT 1% 6.8 MMT MMT MMT 30.7 31.7 MMT MMT 2.8 2.7 MMT MMT 3 Dahej 4 Dhamra Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 1.4 1.1 MMT MMT 2% 2.4 MMT -14% 2
Slide 37: Port volume – Q1 FY26 (2/3)
Port volume – Q1 FY26 (2/3) 5 Krishnapatnam 6 Kattupalli Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 0.2 0.2 0.1 0.6 0.7 0.3 MMT MMT 0.3 MMT MMT MMT MMT MMT 16.5 MMT 7% 15.4 MMT 3.2 MMT -11% 3.6 MMT 15.9 14.4 2.8 3.2 MMT MMT MMT MMT 7 Ennore 8 Karaikal Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 3.1 MMT 3.4 MMT 4.0 MMT 21%
Slide 38: Port volume – Q1 FY26 (3/3)
Port volume – Q1 FY26 (3/3) 9 Gangavaram 10 Gopalpur* Q1 FY26 Q1 FY25 Q1 FY26 0.2 MMT 8.1 MMT 76% 4.6 MMT 1.3 MMT 7.9 4.6 1.3 MMT MMT MMT 11 Vizhinjam** Q1 FY26 4.7 MMT 4.7 MMT *Comparative Q1 FY25 volumes are not reported. Gopalpur acquisition was announced in March 2024 and completed Container Liq
Slide 39: Historical snapshot & FY26 guidance
D Historical snapshot & FY26 guidance STRICTLY CONFIDENTIAL
Slide 40: 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) APSEZ domestic ca
Slide 41: Management reaffirms FY26 guidance
Management reaffirms 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)* * Marine revenue i
Slide 42: Other updates
E Other updates STRICTLY CONFIDENTIAL
Slide 43: Sustainability is at the core of our operations
Sustainability is at the core of our operations “Leadership” band rating in climate change and ✓ Net zero by 2040 water security ✓ Aim to become Carbon neutral in 2025. Adding 1,000 MW of renewable capacity Ranked within Top-10 in (200MW solar, 52MW wind, 25MW already Transport & Transport Received
Slide 44: Skill building at APSEZ – Training centers
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 45: Key investment highlights
Key investment highlights 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 growt
Slide 46: Annexure
F Annexure STRICTLY CONFIDENTIAL
Slide 47: 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 Q1 FY26 ✓ Ports, marine and logistics verticals financial performance Q1 FY26 Click here for APSEZ Logistics
Slide 48: Thank You
Growth adar Goodness adan Ports and Logistics Thank You
Slide 49: 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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