Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Q4 FY26 Earnings Presentation
58 slides from Adani Ports & Special Economic Zone's earnings presentation, Apr 30, 2026
Slide 1: Adani Ports and Special Economic Zone Limited Results presentation – Q4 & FY26
Adani Ports and Special Economic Zone Limited Results presentation – Q4 & FY26 30th April 2026
Slide 2: Contents
Contents 1 APSEZ profile 2 Q4 & FY26 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 3: APSEZ profile
1 APSEZ profile STRICTLY CONFIDENTIAL
Slide 4: APSEZ's asset footprint offers 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 FY31 target Trains & Tracks Multi-Modal Logistics Parks Marine services Ports 132 → 200 rakes 12 → 16 MMLPs
Slide 5: APSEZ operates ports across India's coastline and key 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 6: APSEZ's 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 7: 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 8: Our land bank near ports and industrial clusters is a business enabler
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 9: 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 10: Q4 & FY26 performance highlights
2 Q4 & FY26 performance highlights STRICTLY CONFIDENTIAL
Slide 11: 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 Q4 FY26 FY26 Domestic ports Container terminals & ports Multipurpose terminals & ports MMLPs Warehouse 15 Ports & terminals 27.1% All-India cargo Agri Silos
Slide 12: Performance snapshot – Q4 & FY26
Performance snapshot – Q4 & FY26 (in ₹ Cr) Q4 FY26 vs. Q4 FY25 consolidated performance Revenue EBITDA PAT 10,738 6,020 3,308 26% 20% 9% 8,488 5,006 3,023 Q4 FY26 EBITDA margin – 56% vs. 59% FY26 vs. FY25 consolidated performance Revenue EBITDA PAT 38,736 22,851 12,782 25% 20% 16% 31,079 19,025 11,0
Slide 13: Domestic & International ports – Q4 FY26 vs. Q4 FY25 performance
Domestic & International ports – Q4 FY26 vs. Q4 FY25 performance (in ₹ Cr) Q4 FY26 Q4 FY25 Domestic ports Revenue 6,566 8% YoY 6,062 ▪ Cargo handled - 111.7 MMT vs.111.9 MMT ▪ Q4 FY26 All-India cargo market share - 26% (vs. 26.3% in Q4 FY25) EBITDA Margin – 71.6% 4,704 8% YoY ▪ Q4 FY26 All-India con
Slide 14: Domestic & International ports – FY26 vs. FY25 performance
Domestic & International ports – FY26 vs. FY25 performance (in ₹ Cr) FY26 FY25 Domestic ports Revenue 25,755 13% YoY 22,740 ▪ Cargo growth - 5% YoY (451 MMT vs. 431 MMT) ▪ Growth driven by containers - 9% YoY (12.3 MTEUs vs. 11.2 MTEUs) EBITDA Margin – 73.2% 18,849 ▪ FY26 All-India cargo market shar
Slide 15: Logistics – Q4 FY26 vs. Q4 FY25 performance
Logistics – Q4 FY26 vs. Q4 FY25 performance Revenue 10% YoY EBITDA 26% YoY Q4 FY26 – ₹1,133 Cr Q4 FY25 – ₹1,030 Cr Q4 FY26 – ₹228 Cr Q4 FY25 – ₹181 Cr 20 20 230 12 15 436 546 540 260 151 197 146 Trucking International Freight Network Other logistics EBITDA margin (%) Q4 FY26 Q4 FY25 Notes Logistics
Slide 16: Logistics – FY26 vs. FY25 performance
Logistics – FY26 vs. FY25 performance Revenue 55% YoY EBITDA 34% YoY FY26 – ₹4,478 Cr FY25 – ₹2,881 Cr FY26 – ₹863 Cr FY25 – ₹642 Cr 27 15 428 78 65 1,470 260 2,262 746 2,193 720 600 Trucking International Freight Network Other logistics EBITDA margin (%) FY26 FY25 Notes Logistics (Consolidated) 19.
Slide 17: Marine, Port development & SEZ – Q4 FY26 vs. Q4 FY25 performance
Marine, Port development & SEZ – Q4 FY26 vs. Q4 FY25 performance (in ₹ Cr) Q4 FY26 Q4 FY25 1 Marine Revenue 726 101% YoY Revenue growth driven by vessel additions 361 Vessel count as of 31st December 2025 129 Add: New vessels purchased 7 EBITDA Margin – 40.5% 294 13% YoY Margin – 71.9% 259 Vessel co
Slide 18: Marine, Port development & SEZ – FY26 vs. FY25 performance
Marine, Port development & SEZ – FY26 vs. FY25 performance (in ₹ Cr) FY26 FY25 1 Marine Revenue 2,681 Revenue growth driven by vessel additions 134% YoY 1,144 Vessel count as of 31st March 2025 115 Add: New vessels purchased 21 EBITDA Margin – 50.6% 1,357 125% YoY 604 Margin – 52.8% Vessel count as
Slide 19: Key ports revenue & EBITDA – Q4 FY26 vs. Q4 FY25
Key ports revenue & EBITDA – Q4 FY26 vs. Q4 FY25 Revenue EBITDA EBITDA % ₹ Cr Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 54% 67% Mundra1 2,770 2,128 1,509 1,432 (70% without SEZ) 1 (68% without SEZ) 1 Dhamra 587 535 288 309 49% 58% Hazira 535 474 305 320 57% 68% Krishnapatnam 675 656 385 439 57
Slide 20: Key ports revenue & EBITDA – FY26 vs. FY25
Key ports revenue & EBITDA – FY26 vs. FY25 Revenue EBITDA EBITDA % ₹ Cr FY26 FY25 FY26 FY25 FY26 FY25 65% 68% Mundra1 8,528 8,005 5,574 5,403 (70% without SEZ) 1 (65% without SEZ) 1 Dhamra 2,151 2,252 1,090 1,375 51% 61% Hazira 2,087 1,897 1,435 1,353 69% 71% Krishnapatnam 3,020 2,907 1,874 1,864 62
Slide 21: JV financial performance
JV financial performance (in ₹ Cr) JV quarterly performance1 Q4 FY26 Q4 FY25 Particulars Revenue EBITDA PAT Revenue EBITDA PAT APSEZ Consolidated 10,738 6,020 3,308 8,488 5,006 3,023 JVs AICTPL (CT-3), JV with MSC 583 337 258 536 305 240 ACMTPL (CT-4), JV with CMA-CGM 276 166 95 231 141 80 Dhamra LN
Slide 22: APSEZ has an 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 Includes NQXT 7.0 49,819 outstanding debt. 6.0 45,453 46,279 45,810 See Note (1) 42,910 3.3 40,072 3.1 5.5 36,462 36,819 5.4 3.
Slide 23: CareEdge Global rated APSEZ BBB+ with Stable outlook
CareEdge Global rated APSEZ “BBB+” with 'Stable outlook Global rating agencies Domestic rating agencies Baa3 / Stable AAA / Stable BBB- / Positive AAA / Stable BBB- / Stable AAA / Stable A- / Stable AAA / Stable BBB+ / Stable Fitch Ratings upgraded NQXT’s long-term issuer default rating to “BBB-” fr
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: Long-term debt maturity profile (as of 31st March 2026)
Long-term debt maturity profile (as of 31st March 2026) (in ₹ Cr) Actual Proforma Proforma figures using TTM EBITDA of NQXT 1 9,945 9,767 FFO (TTM Mar’26) ₹19,193 Cr ₹19,816 Cr 9,402 FFO (TTM Mar’26) + Cash (FY26) ₹31,386 Cr ₹32,010 Cr 6,416 5,123 5,059 4,268 1,000 1,000 1,000 1,000 1,000 250 44 FY
Slide 27: FY26 highlights
FY26 highlights Expansion across port capacities • Commissioned India’s first dedicated VLCC terminal at Mundra Port, that can directly berth some of the world’s largest crude carriers • Commissioned the Haldia Bulk Terminal at Syama Prasad Mookerjee Port, Kolkata, developed under a 30-year DBFOT co
Slide 28: FY26 highlights
FY26 highlights Expansion across port capacities • Commenced Phase 2 construction at Vizhinjam port, scheduled for completion by December 2028. Estimated investment of ₹16,000 Cr. The construction will expand Vizhinjam port’s capacity to 5.7m TEUs from the current 1.6m TEUs • Announced partnership w
Slide 29: FY26 highlights
FY26 highlights Multi-modal logistics expansion • APSEZ leased 66,250 sq. ft. warehousing space in Panvel (near Mumbai) to a leading retailer in a 28-year deal, valued at over ₹100 Cr • Groundbreaking of 70-acre, 1.3 Mn sq. ft. logistics park in Kochi with investment of ₹600 Cr • Received approval t
Slide 30: FY26 highlights
FY26 highlights Financial highlights • Debt management: Gross debt at ₹55,103 Cr. Cash balance at ₹12,193 Cr. Net debt / EBITDA at 1.9x (proforma net debt / EBITDA calculated using TTM NQXT EBITDA at 1.8x) • New credit rating and rating affirmation: o CareEdge Global’ assigned long-term foreign curr
Slide 31: FY26 highlights
FY26 highlights Record operational performance • APSEZ achieved a major milestone by handling 500.8 MMT (+11% YoY) cargo during the year • Vizhinjam port in Kerala has handled 1 million TEUs within just a year of starting operations. With the second phase commencing, its capacity is set to expand to
Slide 32: FY26 highlights
FY26 highlights Record operational performance • Dhamra Port set new productivity benchmarks at its mechanized bulk cargo handling terminal, BB4. The port achieved distinct milestones by discharging 19,747 tonne steel slabs in 24hrs, followed by discharge of 31,700 tonne limestone in 24hrs. The port
Slide 33: FY26 highlights
FY26 highlights Environmental leadership • APSEZ became India’s first integrated transport operator to adopt the TNFD framework, committing to address nature related dependencies, impacts, risks, and opportunities in line with TNFD recommendations. • 12 ports certified Zero Waste to Landfill, reinfo
Slide 34: FY26 highlights
FY26 highlights ESG ratings • Achieved the highest “Level 5” Management Quality rating from the Transition Pathway Initiative (TPI), ranked among the top four global industrial transportation companies and the only global port operator at this level. • ISS ESG reaffirmed “Prime” status with a “C+” r
Slide 35: FY26 highlights
FY26 highlights • APSEZ was honored at the Viksit Gujarat: Maritime, Logistics & Export Summit 2026 for its contribution to strengthening India's logistics backbone, accelerating port-led industrial development and advancing the nation's journey toward a Viksit Bharat 2047 • APSEZ won multiple honor
Slide 36: Cargo volume Q4 & FY26
Cargo volume Q4 & FY26 APSEZ total volume (in MMT) Q4 FY26 Q4 FY25 YoY FY26 FY25 YoY Domestic volume 111.7 111.9 0% 451.0 430.6 5% International volume 21.7 6.0 262% 49.8 19.6 154% APSEZ volume 133.4 117.9 13% 500.8 450.2 11% Sticky cargo share in Q4 FY26 – 54%; in FY26 – 53% Container volume (in ‘0
Slide 37: Diversified cargo portfolio – FY26
Diversified cargo portfolio – FY26 45% 42% 38% 38% 37% 30% 28% 26% 24% 23% 17% 15% 16% 15% 15% 9% 8% 9% 8% 7% 8% 7% 6% 6% 5% 3% 3% 2% 2% 2% 2% 2% 2% 1% FY22 FY23 FY24 FY25 FY26 Coking coal Thermal coal Dry (Other than coal) Liquid (excl. Crude) Crude Gas Container Starting Q3 FY26, dry (coal) is fur
Slide 38: Breakdown of cargo growth – Q4 & FY26
Breakdown of cargo growth – Q4 & FY26 Q4 FY26 cargo volume Q4 FY26 2.1 0.3 1.8 0.4 0.6 (0.0) volume 4.7 (1.1) (0.1) (0.8) 133.4 MMT 7.6 Increase 117.9 Decrease Total Container Coastal Coal Minerals Agri Crude (incl. Gas) RORO Q4 FY25 Coking Coal EXIM Coal Fertilizers Other Dry Other Liquid FY26 carg
Slide 39: Port volume – Q4 FY26 (1/3)
Port volume – Q4 FY26 (1/3) 1 Mundra1 2 Hazira Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 8.3 MMT 7.5 MMT 1.2 MMT 1.2 MMT 6.5 MMT 47.0 MMT -7% 10.7 MMT 50.7 MMT 7.6 MMT 3.7 MMT 17% 6.5 MMT 2.8 MMT 32.6 MMT 32.3 MMT 2.7 MMT 2.6 MMT 3 Dahej 4 Dhamra Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 0.9 MMT 1.9 MMT 11% 19% 2.8 MMT
Slide 40: Port volume – Q4 FY26 (2/3)
Port volume – Q4 FY26 (2/3) 5 Krishnapatnam 6 Kattupalli Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 0.8 MMT 0.5 MMT 0.1 MMT 0.2 MMT 0.2 MMT 0.4 MMT 13.0 MMT 0% 13.0 MMT 3.4 MMT -8% 3.7 MMT 2.9 MMT 3.1 MMT 12.2 MMT 12.4 MMT 7 Ennore 8 Karaikal Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 0.02 MMT 3.4 MMT 7% 3.2 MMT 3.0 MMT
Slide 41: Port volume – Q4 FY26 (3/3)
Port volume – Q4 FY26 (3/3) 9 Gangavaram 10 Gopalpur Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 0.5 MMT 0.3 MMT 8.8 MMT 10% 8.0 MMT 0.7 MMT -46% 1.3 MMT 8.3 MMT 7.8 MMT 0.7 MMT 1.3 MMT 11 Vizhinjam Q4 FY26 Q4 FY25 5.3 MMT 28% 4.1 MMT 5.3 MMT 4.1 MMT Container Liquid (with Crude) Dry cargo 41 Numbers rounded of
Slide 42: Port volume – FY26 (1/3)
Port volume – FY26 (1/3) 1 Mundra1 2 Hazira FY26 FY25 FY26 FY25 31.1 MMT 31.7 MMT 5.1 MMT 4.6 MMT 13.2 11.4 MMT 32.3 MMT 192.0 MMT -4% 42.1 MMT 200.7 MMT 29.8 MMT MMT 9% 27.4 MMT 126.9 128.6 MMT MMT 11.5 MMT 11.3 MMT 3 Dahej 4 Dhamra FY26 FY25 FY26 FY25 6.1 MMT 4.0 MMT 6% 10.6 MMT 3% 10.3 MMT 48.8 M
Slide 43: Port volume – FY26 (2/3)
Port volume – FY26 (2/3) 5 Krishnapatnam 6 Kattupalli FY26 FY25 FY26 FY25 2.6 MMT 0.6 MMT 0.3 MMT 0.9 MMT 0.6 MMT 2.9 MMT 1.1 MMT 59.2 MMT 8% 55.0 MMT 13.0 MMT -8% 14.1 MMT 56.3 MMT 52.0 MMT 11.5 MMT 12.4 MMT 7 Ennore 8 Karaikal FY26 FY25 FY26 FY25 0.02 MMT 0.02 MMT 13.5 MMT 3% 13.2 MMT 12.4 MMT 4%
Slide 44: Port volume – FY26 (3/3)
Port volume – FY26 (3/3) 9 Gangavaram 10 Gopalpur FY26 FY25 FY26 FY25 0.5 MMT 1.4 MMT 36.6 MMT 36% 26.8 MMT 4.2 MMT 62% 2.6 MMT 35.2 MMT 26.3 MMT 4.2 MMT 2.6 MMT 11 Vizhinjam* FY26 FY25 19.4 MMT 165% 7.3 MMT 19.4 MMT 7.3 MMT Container Liquid (with Crude) Dry cargo * Vizhinjam port began commercial o
Slide 45: APSEZ has delivered 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 ~2x industry growth Market share (%) 45.5% All-India port volume (MMT)
Slide 46: FY27 guidance
3 FY27 guidance STRICTLY CONFIDENTIAL
Slide 47: FY27 guidance
FY27 guidance Revenue ₹43,000-45,000 Cr 11%-16% growth guidance EBITDA ₹25,000-26,000 Cr 9%-14% growth guidance Capex ₹12,000-14,000 Cr Net debt to Consistent with guidance issued in Policy up to 2.5x EBITDA previous periods 47 EBITDA – Earnings Before Interest, Tax, Depreciation & Amortization | MM
Slide 48: Capex snapshot
Capex snapshot FY26 capex guidance: ₹11,000-12,000 Cr FY27 capex guidance: ₹12,000-14,000 Cr FY26 actual capex spend: ₹15,320 Cr • Vizhinjam Phase 2, Mundra VLCC jetty, Mundra container terminal • Ongoing expansion work at Vizhinjam, Mundra, CWIT Colombo, (CT5), CWIT Phase 2, modernization & expansi
Slide 49: Financial snapshot
4 Financial snapshot STRICTLY CONFIDENTIAL
Slide 50: Profit & Loss snapshot
Profit & Loss snapshot Particulars Unit FY22 FY23 FY24 FY25 FY26 FY26 Insights Revenue from Operations ₹ Cr 17,119 20,852 26,711 31,079 38,736 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 ₹38,736 Cr Employee Benefit Expenses ₹ Cr 779 1,1
Slide 51: 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 52: Downloads
Downloads 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 Q4 & FY26 ✓ Ports, marine and logistics verticals financial performance Q4 & FY26 Click here for the Click
Slide 53: Group profile
5 Group profile STRICTLY CONFIDENTIAL
Slide 54: 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 (74.67%) (62.43%) (74.96%) (68.02%) (67.64%)2 AEL AGEL APL APSEZ Ports & Logi
Slide 55: 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 92,943 CAT (FFO) 65,016 (70%) EBITDA 24,870 12,784 AEL (51%) 22,819 APSEZ (25%) Adani’s Core Infra.
Slide 56: 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 | Cemindia Projects Ltd. | PSP Projects Ltd. Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Constructi
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 Investor Relations opinions contained in this release. Certain statements made in this release may be "forward-l
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