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Gautam Adani – Chairman, Adani Group
Message from the Chairman

Accelerating Infrastructure,
Leveraging Intelligence

While others debated, your Group built, advancing its journey as the world's most integrated infrastructure platform – across energy, transport, logistics, utilities and industrial manufacturing.

GAUTAM ADANI

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Karan Adani – Managing Director, APSEZ

Message from the Managing Director

Our strategy is anchored in building a comprehensive, end-to-end logistics ecosystem – designed to enhance our customers’ competitiveness, fuel India’s economic engine, and create sustainable, long-term value for you, our stakeholders.

KARAN ADANI

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Ashwani Gupta – Whole-time Director & CEO, APSEZ

Message from the CEO

Our evolution into a diversified integrated global transport platform is driven by the strength of our three core verticals: Ports, Logistics, and Marine.

ASHWANI GUPTA

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Adani Portfolio Of Companies Limited

Driven by Synergies, Significance and Sustainability

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01 — 08
Adani Enterprises Limited
Adani Enterprises Limited Adani Ports & SEZ Adani Energy Solutions Adani Green Energy Adani Total Gas Ambuja Cements Adani Power NDTV
INDIA'S LARGEST Business Incubator
FY 2025-26
Revenue
Adjusted EBITDA
PAT
(₹ in crore)

Stable, Predictable
Infrastructure-led Growth

Delivering Best-in-Class Performance, Consistently

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Growth with Prudence and Responsibility

Free Cash Flow Powered by the Core Infra Platform

Infrastructure platform contribution in FY 2025-26

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Solid Fundamentals

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(below the guided 3.5x leverage range)
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Of the run rate EBITDA of ₹1,08,300 crore rated above 'A-'
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Return on Assets

Industry-Leading
by Design

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Key Performance

Indicators

Adani Ports and Special Economic Zone Ltd. (APSEZ)

Key Performance Indicators

Aerial view of an APSEZ container port with vessels and quay cranes
Adani Ports and Special Economic Zone Ltd. (APSEZ)

Key Performance Indicators

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Capex

About Adani Ports and Special Economic Zone Ltd.

We are India’s leading Integrated Transport Platform. With robust waterside and landside infrastructure across the country, we enable seamless cargo movement, connecting the waterfront to the customer gate at a scale and speed unmatched. Our vertically integrated operations provide end-to-end control, from vessel berthing and marine services to hinterland operations and last-mile distributions.

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Aerial view of an APSEZ container port with cranes, vessels and logistics network

Operational Performance

APSEZ port terminal
Ports

APSEZ’s ports business operates at scale in India, supported by a diversified, pan-coastal network and rising global presence.

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An APSEZ harbour tug underway at sea
Marine

APSEZ has built a strong and competitive marine services business through targeted acquisitions, continuous fleet expansion and entry into high-growth maritime markets.

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APSEZ logistics yard with a reach stacker handling containers
Logistics

APSEZ is a leading end-to-end, nationwide logistics service provider, specialising in retail, industrial, container, bulk, liquid, automotive, and grain logistics.

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Business Model

Empowered to Deliver Value

Financial Capital

SDG goals
Inputs
  • ₹ 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
Outcomes Generated
  • ₹ 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

Manufactured Capital

SDG goals
Inputs
  • 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
Outcomes Generated
  • 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

Human Capital

SDG goals
Inputs
  • 8 man-days employee training
  • ₹ 4.1 crore spent on employee trainings and developments
Outcomes Generated
  • 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)

Intellectual Capital

Inputs
  • Future-ready integrated technology platform across the value chain
  • Number of employees - 3,471
Outcomes Generated
  • Efficient and cost-effective operations with 100% SLA adherence
  • Real-time vessel tracking
  • Ease of doing business, timely decision-making and superior customer services

Social & Relationship Capital

SDG goals
Inputs
  • ₹ 199 crore CSR spending (additional ₹ 130+ crore earmarked)
  • Strategic cargo partnerships across terminals and ports
  • 5,763 suppliers (Tier-1)
Outcomes Generated
  • 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

Natural Capital

SDG goals
Inputs
  • 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
Outcomes Generated
  • 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
Our Business and Operating Model
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
Strategic Review

01 / 04

Environment, Social
and Governance

Our ESG Approach

Our ESG Approach

Anchored in our sustainability‑driven strategy, we continue to invest in strengthening our Environmental, Social and Governance (ESG) framework, which we have prioritised as a key imperative of our business operations.
Environment

Environment

Aligned with the Recommendations of the Taskforce on Climate-Related Financial Disclosures
Biodiversity

Biodiversity

Biodiversity conservation is central to our sustainability and long-term value creation strategy.
Human Capital

Human Capital

At the Adani Group, careers are built on ownership, accelerated learning and the opportunity to create lasting impact, guided by the Growth with Goodness philosophy.
Human Rights and Labour Relations

Human Rights and Labour Relations

At APSEZ, we consider human rights to be the fundamental, universal and inalienable entitlements that every person holds simply by virtue of being human.
Occupational Health and Safety

Occupational Health and Safety

As a people-focussed organisation, we assign the highest priority to the safety and well-being of the workers.
Corporate Social Responsibility

Corporate Social Responsibility

We engage deeply with our communities to understand their evolving aspirations and co-create solutions that deliver long-term value.
Responsible Procurement

Responsible Procurement

At APSEZ, we have embedded sustainability into our operational fabric, with responsible supply chain procurement, a key facet of our approach.
Governance

Governance

The governance strategy and framework at APSEZ is rooted in an organisation-wide culture of ethics and responsibility.
Digitalisation & Cybersecurity

Digitalisation & Cybersecurity

The fast-paced digital transformation taking place across industries and businesses has triggered serious cybersecurity challenges, necessitating a holistic approach to countering the same.
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