Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Q2 FY27 Earnings Presentation
58 slides from Adani Ports & Special Economic Zone's earnings presentation, Oct 28, 2026
Slide 1: Submission of Media Release and Investor Presentation cover letter
Ref No: APSEZL/SECT/2026-27/85 October 28, 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
Slide 2: One platform, four growth engines
Annexure - A BSE: 532921 | NSE: ADANIPORTS | Bloomberg: ADSEZ:IN | Reuters: APSE.NS One platform, four growth engines APSEZ delivers 24% revenue and 23% EBITDA growth in Q2 FY27, raises FY27 revenue and EBITDA guidance band by ₹1,000 Cr each 2QFY27 at a glance • Consolidated revenue up 24% YoY to ₹1
Slide 3: FY27 revenue, EBITDA and capex guidance upgraded
BSE: 532921 | NSE: ADANIPORTS | Bloomberg: ADSEZ:IN | Reuters: APSE.NS FY27 revenue, EBITDA and capex guidance upgraded Strong H1 performance has led APSEZ to raise its FY27 revenue and EBITDA guidance by ₹1,000 Cr each to ₹44,000–₹46,000 Cr and ₹26,000–₹27,000 Cr, respectively. APSEZ is simultaneou
Slide 4: Domestic ports: The earnings anchor
BSE: 532921 | NSE: ADANIPORTS | Bloomberg: ADSEZ:IN | Reuters: APSE.NS Domestic ports: The earnings anchor Domestic Ports continued to provide scale, stability and strong cash generation. Revenue increased 13% YoY, supported by cargo growth and higher realizations. EBITDA margin remained best-in-cla
Slide 5: Credit rating upgrade and rating affirmation
BSE: 532921 | NSE: ADANIPORTS | Bloomberg: ADSEZ:IN | Reuters: APSE.NS ● Credit rating upgrade and rating affirmation: 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, placing APSEZ on p
Slide 6: Results presentation – Q2 & H1 FY27
Annxure - B Adani Ports and Special Economic Zone Limited Results presentation – Q2 & H1 FY27 28th October 2026
Slide 7: Contents
Contents 1 APSEZ investment thesis 2 Q2 & H1 FY27 performance highlights 3 FY27 guidance upgrade 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 8: APSEZ investment thesis
1 APSEZ investment thesis STRICTLY CONFIDENTIAL
Slide 9: India's largest integrated transport platform: four pillars
APSEZ – India’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 • 16 multi-commodity ports • Tech-led revenue uplift and • Direct be
Slide 10: Integrated shore-to-door asset footprint
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 H1 FY27A FY31 target Trains Multi-Modal Logistics Parks Marine services Ports 132 → 200 rakes 12 → 16 MMLPs
Slide 11: APSEZ operates Ports across India's coastline
APSEZ operates Ports across India’s coastline India presence across West, East & South coasts; Total capacity – 671 MMT 355 MMT 16 Ports & Terminals West coast port capacity Pan-India presence → Across India’s 11,000+ km 158 MMT coastline and key trade corridors South coast port capacity 158 MMT 450
Slide 12: Four overseas Ports along key global trade routes
Four overseas Ports located along key global trade routes Strategically located ports along the East-West shipping route Haifa, Israel (26 MMT): Mediterranean gateway to Europe and the Middle East East-West trade corridor Colombo, Sri Lanka (48 MMT): Transshipment hub on the main East–West container
Slide 13: Global Marine services platform
Global Marine services platform 1 APSEZ has an extensive fleet of 138 vessels deployed across key maritime markets Diversified marine vessel portfolio European region Tugboats Qatar Saudi UAE Arabia Senegal India Philippines Anchor Handling Tug Supply (AHTS) Sri Lanka Liberia Nigeria Mozambique Mult
Slide 14: APSEZ Logistics: An Asset Right Model
APSEZ Logistics: An “Asset Right” Model Strategically positioned to deliver seamless, end-to-end logistics solutions Rakes MMLPs/Warehouse Trucks Customer Building a nationwide logistics franchise through asset ownership and asset-light execution ASSET-HEAVY ASSET-LIGHT Network covers 95% of India’s
Slide 15: Logistics network covers 95% of India's hinterland
APSEZ’s Logistics network covers 95% of India’s hinterland Our facilities are close to the Western & Eastern DFCs and the proposed East Coast DFC Kanech Kilaraipur Loni Tauru Patli Palwal Kishangarh Patna Virochannagar Mundra 1 Kandla (Tuna, Berth 13 ) Dahej Indore Haldia Hazira Tumb & Valvada Dhamr
Slide 16: 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 17: Q2 & H1 FY27 performance highlights
2 Q2 & H1 FY27 performance highlights STRICTLY CONFIDENTIAL
Slide 18: Consolidated performance Q2 FY27 vs Q2 FY26
APSEZ Consolidated performance | Q2 FY27 vs. Q2 FY26 (in ₹ Cr) Revenue EBITDA PBT1 PAT1 ₹11,340 Cr ₹6,807 Cr ₹4,466 Cr ₹3,682 Cr ▲ +24% YoY ▲ +23% YoY ▲ +21% YoY ▲ +18% YoY ₹9,167 Cr ₹5,550 Cr ₹3,690 Cr ₹3,120 Cr Q2 FY27 EBITDA margin – 60% vs. 60.5% 1.Including exceptional item pertaining to volunt
Slide 19: Consolidated performance H1 FY27 vs H1 FY26
APSEZ Consolidated performance | H1 FY27 vs. H1 FY26 (in ₹ Cr) Revenue EBITDA PBT1 PAT1 ₹22,161 Cr ₹13,347 Cr ₹8,773 Cr ₹7,332 Cr ▲ +21% YoY ▲ +21% YoY ▲ +16% YoY ▲ +14% YoY ₹18,294 Cr ₹11,046 Cr ₹7,538 Cr ₹6,431 Cr H1 FY27 EBITDA margin – 60.2% vs. 60.4% 1.Q2 FY27 includes exceptional item pertaini
Slide 20: Domestic & International ports Q2 FY27
Domestic & International ports – Q2 FY27 vs. Q2 FY26 performance (in ₹ Cr) Q2 FY27 Q2 FY26 Domestic ports1 Revenue 7,177 13% YoY ▪ Cargo volume handled during Q2 FY27 – 118 MMT (114 MMT in Q2 FY26) 6,351 ▪ All-India cargo market share at 27.3% (28.1% in Q2 FY26) ▪ All-India container cargo market sh
Slide 21: Domestic & International ports H1 FY27
Domestic & International ports – H1 FY27 vs. H1 FY26 performance (in ₹ Cr) H1 FY27 H1 FY26 Domestic ports1 Revenue 14,140 13% YoY ▪ Cargo volume handled during H1 FY27 – 233 MMT (227 MMT in H1 FY26) 12,552 ▪ All-India cargo market share at 27.4% (28% in H1 FY26) ▪ All-India container cargo market sh
Slide 22: Logistics Q2 FY27 vs Q2 FY26
Logistics – Q2 FY27 vs. Q2 FY26 performance Revenue 21% YoY EBITDA 8% YoY Q2 FY27 – ₹1,273 Cr Q2 FY26 – ₹1,055 Cr Q2 FY27 – ₹237 Cr Q2 FY26 – ₹220 Cr 35 18 10 416 324 568 30 593 138 172 289 192 Trucking International Freight Network Other logistics EBITDA margin (%) Q2 FY27 Q2 FY26 Notes Logistics (
Slide 23: Logistics H1 FY27 vs H1 FY26
Logistics – H1 FY27 vs. H1 FY26 performance Revenue 10% YoY EBITDA 6% YoY H1 FY27 – ₹2,446 Cr H1 FY26 – ₹2,224 Cr H1 FY27 – ₹457 Cr H1 FY26 – ₹432 Cr 60 34 32 840 660 50 1,124 1,180 384 347 482 366 Trucking International Freight Network Other logistics EBITDA margin (%) H1 FY27 H1 FY26 Notes Logisti
Slide 24: Marine, Port development & SEZ Q2 FY27
Marine, Port development & SEZ – Q2 FY27 vs. Q2 FY26 performance (in ₹ Cr) Q2 FY27 Q2 FY26 1 Marine Revenue 1,007 Revenue growth driven by vessel additions 57% YoY 641 Vessel count as of 30th September 2025 127 Add: Net vessels added 11 EBITDA 447 Margin – 44.4% 32% YoY 338 Margin – 52.7% Vessel cou
Slide 25: Marine, Port development & SEZ H1 FY27
Marine, Port development & SEZ – H1 FY27 vs. H1 FY26 performance (in ₹ Cr) H1 FY27 H1 FY26 1 Marine Revenue 1,908 Revenue growth driven by vessel additions 61% YoY 1,182 Vessel count as of 30th September 2025 127 Add: Net vessels added 11 EBITDA 852 Margin – 44.6% 34% YoY 635 Margin – 53.7% Vessel c
Slide 26: Cluster-wise domestic ports revenue and EBITDA Q2
Cluster-wise domestic ports revenue and EBITDA – Q2 FY27 vs. Q2 FY26 Cluster-wise ports revenue and EBITDA Revenue EBITDA EBITDA % ₹ Cr Q2 FY27 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 Q2 FY26 Mundra1 2,240 2,018 1,612 1,466 72% 73% West Coast (other than Mundra port – Dahej, Hazira & 790 766 491 506 62% 66%
Slide 27: Cluster-wise domestic ports revenue and EBITDA H1
Cluster-wise domestic ports revenue and EBITDA – H1 FY27 vs. H1 FY26 Cluster-wise ports revenue and EBITDA Revenue EBITDA EBITDA % ₹ Cr H1 FY27 H1 FY26 H1 FY27 H1 FY26 H1 FY27 H1 FY26 Mundra1 4,448 3,819 3,160 2,617 71% 69% West Coast (other than Mundra port – Dahej, Hazira & 1,546 1,466 983 985 64%
Slide 28: JV financial performance
JV financial performance (in ₹ Cr) JV quarterly performance1 Q2 FY27 Q2 FY26 Particulars Revenue EBITDA PAT Revenue EBITDA PAT APSEZ Consolidated 11,340 6,807 3,682 9,167 5,550 3,120 JVs AICTPL (CT-3), JV with MSC 589 333 198 566 328 176 ACMTPL (CT-4), JV with CMA-CGM 323 189 116 255 151 76 Dhamra L
Slide 29: Investment grade, deleveraged balance sheet
APSEZ has an investment grade, deleveraged balance sheet with significant capital markets track record Gross debt, Net debt & Average maturity Net debt to EBITDA 7.0 57,717 Includes NQXT 55,103 49,819 outstanding debt. 45,453 46,279 45,810 45,215 See Note (1) 5.5 42,910 5.4 3.0 3.1 40,072 4.9 36,462
Slide 30: S&P upgrade of APSEZ credit rating
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 31: Long-term debt maturity profile
Long-term debt maturity profile (as of 30th September 2026) (in ₹ Cr) Actual Proforma Proforma figures using TTM EBITDA of NQXT 1 11,533 FFO (TTM Sep’26) ₹20,926 Cr ₹21,134 Cr 11,298 9,958 FFO (TTM Sep’26) + Cash ₹33,428 Cr ₹33,636 Cr 5,147 5,075 5,181 4,312 1,000 1,000 1,000 1,000 1,000 45 257 FY 2
Slide 32: Segment-wise RoCE
Segment-wise RoCE 2 APSEZ (Consolidated) 1 Domestic ports Marine 16% 16% 15% 24% 13% 13% 13% 23% 12% 21% 10% 19% FY24 FY25 FY26 H1FY27 FY24 FY25 FY26 H1FY27 FY24 FY25 FY26 H1FY27 Logistics International ports1 10% 14% 8% 6% 9% 5% 6% 6% FY24 FY25 FY26 H1FY27 FY24 FY25 FY26 H1FY27 1. Ex. NQXT, Austral
Slide 33: Domestic port RoCE
Domestic port RoCE 45% 45% 41% 40% 38% 36% 34% 33% 32% 31% 27% 22% 22% 21% 21% 20% 20% 19% 19% 18% 18% 16% 15% 14% 13% 11% 10% 9% 8% 8% 7% 4% Mundra Hazira Dahej Dhamra Kattupalli Krishnapatnam Gangavaram Karaikal FY24 FY25 FY26 H1FY27 Aggregate of these operating company financials | RoCE – Return
Slide 34: Q2 FY27 highlights: Strategic developments
Q2 FY27 highlights Strategic developments • APSEZ has secured 30-year concession for Paradip Port’s CQ-I and CQ-II dry bulk berths, adding 18 MMT of mechanized capacity and expanding its domestic port portfolio to 671 MMT. The acquisition strengthens APSEZ’s East Coast network and enhances access to
Slide 35: Q2 FY27 highlights: Operational
Q2 FY27 highlights Operational Highlights • APSEZ handled a record 50 MMT cargo in August 2026, reflecting strong performance across its domestic and international port network and delivering 19% YoY growth. • Mundra has been notified as a “Mega Port” under the Indian Ports Act, 2025, one of just fo
Slide 36: Q2 FY27 highlights: Financial
Q2 FY27 highlights Financial highlights • Strong capex momentum: H1FY27 capex at ₹10,521 Cr. Driven by strong H1 performance, APSEZ has upgraded its capex guidance to ₹15,000 Cr - ₹17,000 Cr (₹12,000 Cr - ₹14,000 Cr previously) • Disciplined capital allocation ensured efficient leverage management:
Slide 37: Q2 FY27 highlights: ESG
Q2 FY27 highlights ESG Highlights • Dhamra became India’s first private large-scale multi-cargo port powered entirely by renewable electricity, meeting over 9 million units of monthly demand through a mix of captive renewable power (~25–30%), third-party renewable procurement (~10–15%) and green uti
Slide 38: Q2 FY27 highlights: Awards and accolades
Q2 FY27 highlights Awards and accolades Hazira Port Limited has been recognized Gangavaram Port Limited has been Mundra Port has been honored with the At the Chapter Convention on Quality as the Winner of the 3rd GreenTech honored with the 25th Environment Best Port of the Year award for Concepts (C
Slide 39: Highlights from Q1 FY27
Highlights from Q1 FY27 • TiL Invests USD 1.4 bn for 49% Stake in Vizhinjam: Enhances volume visibility and accelerates ramp-up. • Astro Offshore Enters European Subsea Market: Expands deepwater engineering and offshore capabilities in Europe. • 10-Year Argentina LNG Contract: Marks APSEZ's entry in
Slide 40: Highlights from Q1 FY27
Highlights from Q1 FY27 • Dhamra port set double national record in dry bulk cargo discharge with 132,000 MT in 24 hours and 165,000 MT in just 38 hours. • Dahej port successfully handled MV SEMA M, a capesize vessel, marking the first-ever handling of Slag - a new commodity at the port • Ennore por
Slide 41: Cargo volume Q2 & H1 FY27
Cargo volume Q2 & H1 FY27 APSEZ total volume (in MMT) Q2 FY27 Q2 FY26 YoY H1 FY27 H1 FY26 YoY Domestic volume 118 114 4% 233 227 3% International volume 24 10 147% 47 17 169% APSEZ volume 142 124 15% 280 244 15% Sticky domestic cargo share in Q2 FY27 – 52% Container volume (in ‘000 TEUs) Q2 FY27 Q2
Slide 42: Port volume Q2 FY27 vs Q2 FY26
Port volume – Q2 FY27 vs. Q2 FY26 Total Dry (MMT) Containers Liquid Ports Of which → Coal Other Dry ‘000 TEUs MMT MMT Q2 FY27 Q2 FY26 YoY Q2 FY27 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 Q2 FY26 Mundra1 53 49 8% 7.4 6.7 3.6 3.2 2,290 2,146 34.4 32.3 8.1 7.2 Dahej 2 3 -11% 2.0
Slide 43: Port volume H1 FY27 vs H1 FY26
Port volume – H1 FY27 vs. H1 FY26 Total Dry (MMT) Containers Liquid Ports Of which → Coal Other Dry ‘000 TEUs MMT MMT H1 FY27 H1 FY26 YoY H1 FY27 H1 FY26 H1 FY27 H1 FY26 H1 FY27 H1 FY26 H1 FY27 H1 FY26 H1 FY27 H1 FY26 Mundra1 105 97 8% 13.6 13.8 6.4 5.1 4,475 4,213 67.1 63.1 17.5 15.4 Dahej 5 5 -1%
Slide 44: Diversified cargo portfolio Q2 & H1 FY27
Diversified cargo portfolio – Q2 & H1 FY27 45% 44% 44% 42% 38% 37% 30% 28% 26% 24% 23% 23% 15% 16% 15% 15% 15% 14% 9% 9% 9% 8% 8% 7% 7% 6% 6% 5% 5% 4% 3% 2% 2% 2% 3% 2% 1% 2% 2% 2% 2% 2% FY23 FY24 FY25 FY26 Q2 FY27 H1 FY27 Coking coal Thermal coal Dry (Other than coal) Liquid (excl. Crude) Crude Gas
Slide 45: Breakdown of cargo growth Q2 & H1 FY27
Breakdown of cargo growth – Q2 & H1 FY27 Q2 FY27 cargo volume Q2 FY27 0.6 1.0 0.7 volume 2.5 0.8 142 MMT 3.5 2.2 7.2 Increase Decrease 124 Total Q2 FY26 Container Coking Coal Coastal Coal EXIM Coal Minerals Other Dry Crude (incl. Gas) Other Liquid H1 FY27 cargo volume 1.5 1.2 H1 FY27 2.0 6.4 0.4 vol
Slide 46: FY27 guidance upgrade
3 FY27 guidance upgrade STRICTLY CONFIDENTIAL
Slide 47: FY27 revenue, EBITDA and capex guidance upgraded
FY27 revenue, EBITDA and capex guidance upgraded FY27 guidance FY27 revised guidance H1 FY27 reported Revenue ₹43,000-45,000 Cr ₹44,000-46,000 Cr ₹22,161 Cr EBITDA ₹25,000-26,000 Cr ₹26,000-27,000 Cr ₹13,347 Cr Net debt to EBITDA Policy up to 2.5x No change 1.8x Capex ₹12,000-14,000 Cr ₹15,000-17,00
Slide 48: Financial snapshot
4 Financial snapshot STRICTLY CONFIDENTIAL
Slide 49: Balance sheet snapshot
Balance sheet snapshot Particulars Unit FY22 FY23 FY24 FY25 FY26 H1 FY27 H1 FY27 Insights Assets Gross Fixed Assets (Excl. CWIP) ₹ Cr 74,076 86,930 93,006 1,11,163 1,58,850 1,66,190 [-] Accumulated Depreciation ₹ Cr 11,523 14,707 17,858 21,433 27,181 31,168 Net Fixed Assets (Excl. CWIP) CWIP ₹ Cr ₹
Slide 50: Profit & Loss snapshot
Profit & Loss snapshot Particulars Unit FY22 FY23 FY24 FY25 FY26 H1 FY27 H1 FY27 Insights Revenue from Operations ₹ Cr 17,119 20,852 26,711 31,079 38,736 22,161 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 22,161 6,240 ₹22,161 Cr Employe
Slide 51: 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 52: Downloads
Downloads Click here for Q3 Click here for Q2 Click here for Click here for Q4 & 9M FY26 & H1 FY26 “Q1 FY27 & FY26 Earnings Earnings Earnings Earnings presentation presentation presentation” presentation (3rd February (4th November (29th July 2026) (30th April 2026) 2026) 2025) 47
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 (71.97%) (62.43%) (74.96%) (66.03%) (67.29%)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 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 56: 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 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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