Business Model

A scalable, integrated platform

APSEZ port operations
Inputs Availability, Accessibility and Affordability of Capital Inputs

Financial Capital

  • ₹96,125 crore net worth, ₹12,193 crore in cash and cash equivalents
  • ₹15,320 crore organic capex to expand ports capacity and logistics network
  • 100% capex funded internally
  • Diversified funding sources, with access to global and domestic markets
  • Investment-grade rating from leading international agencies ensures lender confidence
  • Cash balance to gross debt ratio of 22% against minimum required balance of 5%

Manufactured Capital

  • Amongst the largest transport player with extensive ports, logistics and marine assets
  • Fully integrated commercial model with industry-leading value capture
  • Stable, scalable operations with diversification across businesses, geographies and cargo types
  • Extensive capacities across all the transport utility value chain
  • Enhanced evacuation routes enabling faster cargo turnaround
  • Improved asset availability through technology-enabled operations
  • Ready availability of financial and manpower resources for scheduled commissioning of expansion projects

Intellectual Capital

  • Future-ready integrated technology platform across the value chain
  • Number of employees – 3,471
  • Strong in-house digital capabilities and technology-led processes improve access to operational intelligence and decision-making
  • Integrated digital and technology ecosystem enables seamless operational visibility
  • Continued investments in AI, automation and smart infrastructure

Human Capital

  • 8 man-days employee training
  • ₹4.1 crore spent on employee trainings and developments
  • Ready access to skilled/semi-skilled workforce with sectoral expertise
  • Presence of in-house technical and operations talent
  • Continuous upskilling programs and digital training platforms

Social and Relationship Capital

  • ₹199 crore CSR spending (additional ₹130+ crore earmarked)
  • Strategic cargo partnerships across terminals and ports
  • 5,763 suppliers (Tier-1)
  • Long-standing client relations with sticky cargo
  • Strategic partnerships with shipping lines and logistics players
  • Increased expectation for value creation and ESG championship

Natural Capital

  • Invested ₹1,255 crore in environmental initiatives
  • Responsible use of natural resources
  • Comprehensive climate risk assessment
  • Became India’s first integrated transport operator to adopt the TNFD framework
  • Early adoption of global sustainability frameworks and decarbonization initiatives ensures future readiness
  • Ongoing investments in renewable energy, circular economy practices, and low-carbon infrastructure improve long-term resource security
Our Business and Operating Model

Culture

PassionPerforming with enthusiasm and energy
ResultsConsistently achieving goals
DedicationWorking with commitment in the pursuit of our time
IntegrationWorking across functions and businesses to create synergies
EntrepreneurshipSeizing new opportunities with initiatives and ownership

Values

CourageWe shall embrace new ideas and businesses
TrustWe shall believe in our employees and other stakeholders
CommitmentWe shall stand by our promise and adhere to high standards of business

APSEZ’s asset footprint offers integrated “shore-to-door” capabilities

FY26A | FY31 target
Marine Services Marine Services 1361 → 200+ vessels
Ports Ports 500 MMT → 1 Billion metric tonne2
Trains & Tracks Trains & Tracks 132 → 200 rakes
Multi-Modal Logistics Parks Multi-Modal Logistics Parks 12 → 16 MMLPs
International Freight Network
End-to-end technology integration

Advanced digitization layer connects all assets, generating higher ROCE via enhanced network planning & optimum asset sweating

Customer gate Customer gate
Trucks Trucks 937 → 2,000 owned trucks + 40,000+ trucks operating on our in-house trucking platform
Warehouses Warehouses3 3.1 Mn sq.ft. → 12 Mn sq.ft.

1. Additionally, APSEZ operates 47 captive vessels and 64 dredgers across its ports  2. December 2030 target 3. Warehouse operations include both warehousing space within MMLPs and standalone warehouses; APSEZ also operates agri silos with a current capacity of 1.4 MMT (multiple agri silo facilities are at various stages of construction, post which capacity will increase to 4 MMT). Images are AI generated

Our Business and Operating Model (Contd.)

Strategic Priorities

S1ESG leadership
S2Customer centricity
S3Expand footprint nationally
S4Increasing our global presence
S5Improve business mix
S6Scale operational efficiency through focus on safety, talent, technology and innovation
S7Growth through strategic partnerships and acquisitions

Outputs

500.8 MMT

of cargo volumes handled

14.9 MTEUs

of container volumes handled by our ports

6,95,517 TEUs

Rail container volume

The Outcomes Generated Actions to Enhance Outcomes

Financial Capital

  • ₹38,736 crore revenue
  • 1.9x Net debt/EBITDA
  • ₹7.5 per share dividend proposed
  • ₹20,358 crore operating cash flow / FFO (89.1% of EBITDA)
  • 16% consolidated ROCE
  • Completed bond buyback and raised ₹6,000 crore via NCDs, increasing average debt maturity to 5.4 years as of FY 2025-26
  • ₹90,000 – ₹1,00,000 crore 5-year capex plan (FY 2027-31) for capacity expansion across ports, asset addition across logistics and marine
  • Improve cash generation through disciplined capex and operating efficiency
  • Tech-led revenue uplift and cost optimization

Manufactured Capital

  • 73.2% domestic ports EBITDA margin
  • 53% sticky cargo share
  • 27.1% / 45.5% all-India cargo/container market share
  • 8% growth in rail container volume
  • Expand the integrated port-logistics ecosystem across India and global trade corridors
  • Improve asset utilisation through mechanisation, automation, and digital operations
  • Enhance multimodal connectivity to improve cargo evacuation

Intellectual Capital

  • Efficient and cost-effective operations with 100% SLA adherence
  • Real-time vessel tracking
  • Ease of doing business, timely decision-making and superior customer services
  • Advance automation, analytics, and AI-led operations
  • Progress connected integrated assets and operate from anywhere

Human Capital

  • 9% employee voluntary turnover
  • ₹11 crore per employee: Employee productivity
  • 0.21/0.03 injury frequency/fatality rate
  • 8.3 Employee Net Promoter Score (out of 10)
  • Tailored skill-building (digital and technical) programme driven by business needs
  • Enhance leadership development and succession planning
  • Strengthen a safety-first and performance-driven culture

Social and Relationship Capital

  • 6.7 lakhs direct CSR beneficiaries
  • One-stop solution for customers with first and last-mile connectivity
  • 4.5 customer satisfaction score (out of 5)
  • 4.3 supplier satisfaction score (out of 5)
  • 95% sourcing domestically
  • Enhance supplier standards through responsible sourcing and compliance
  • Targeted development programme to strengthen community relations

Natural Capital

  • Progressing to net zero carbon emissions by 2040
  • 28% renewable energy (RE) share in FY 2025-26
  • 17% reduction in total energy intensity
  • 26% GHG emission intensity reduction
  • 12 ports ensuring Zero Waste to Landfill
  • Over ₹2,000 crore 5-year investments planned in transitioning to non-fossil fuel-based equipment and captive renewable electricity
  • Initiated biodiversity (select ports) and value chain assessments
  • Integrate climate resilience into infrastructure design and planning