Investment Case | Adani Enterprises Limited

APSEZ is India’s largest, most diversified, technology-enabled, sustainable transport platforms. Our unparalleled port network in India, with an expanding presence along key global trade routes and strategic partnerships, enable us to capture growing trade volumes. Our integrated “shore to door” logistics network and a fast-growing marine services platform enable us to deliver a one-stop solution. Integration of advanced technologies in our operations enables superior performance by elevating efficiency, transparency, and service levels.

Together, these strengthen our long-term competitiveness as one of the fastest-growing and most efficient players. They position us to deliver predictable cash flow, create long-term value and sustain market leadership.

Investment Case 1 Strategically Located, World-Class Port Assets

Operating a well-distributed domestic capacity of 653 MTPA across India’s western and eastern coasts, which positions us to support India’s rising trade volumes
Managing ~27% of India’s cargo volume with over 100 commodities handled, giving a hedge against the commodity cycle
Flagship deep-draft ports, including India’s largest commercial port, with 30+ years of average remaining concession tenure
Proximity to major industrial clusters and SEZs, with connectivity to 95% of hinterland through extensive port evacuation infrastructure, makes our ports gateways for export-oriented industries and regional manufacturing
Advanced, scalable infrastructure such as conveyor systems, mechanised berths and Single Point Mooring (SPM) improves turnaround time and strengthens customer stickiness
Our international ports are located along global trade routes – Haifa (Israel), Dar es Salaam (Tanzania), NQXT (Australia), and Colombo (Sri Lanka)

Outcome:

A diversified, high-quality and strategically positioned portfolio positioned to capture structural trade growth while mitigating regional risk.

Investment Case 2 Strategic Partnerships Driving Volume Visibility

Our customised, end-to-end solutions integrate deeply into customers’ supply chains, positioning us as their preferred port partners and gateway for growing trade volumes
Joint ventures with global shipping lines enhance our container handling capabilities, while providing partners access to our highly efficient ports and evacuation infrastructure, driving superior service levels and recurring volumes
Local partnerships at international ports allow leveraging their on-ground expertise, commercial relationships, and regulatory familiarity for deeper market access and wider hinterland reach

Outcome:

53% sticky cargo volume in FY 2025-26, ensuring stable cash flow generation and reducing volatility across cycles.

Strategic partnerships

Shipping lines

Adani International Container Terminal Pvt Ltd (AICTPL)APSEZ stake – 50%

Adani Ennore Container Terminal Pvt Ltd (AECTPL)APSEZ stake – 51%

Adani CMA Mundra Terminal Pvt Ltd (ACMTPL)APSEZ stake – 50%

Cargo owners

Dhamra LNG Terminal Pvt LtdAPSEZ stake – 50%

Indian Oil Adani Ventures Ltd (IAVL)APSEZ stake – 50%

International partners

Haifa Port Company (HPC)APSEZ stake – 70%

Colombo West International Terminal (CWIT)APSEZ stake – 51%

East Africa Gateway Ltd (EAGL)APSEZ stake – 30%

Investment Case 3 Integrated Logistics Model Enhancing Value Capture

Our complementary hinterland assets (rail, warehouses, MMLP’s, trucking platform and International Freight Network services) create a seamless ‘shore-to-door’ model; enabling higher value capture in a growing logistics market, while offering customers a fully controlled, end-to-end, and cost-efficient logistics ecosystem
Vessel additions and geographic expansion across the Middle East, Africa, and South Asia (MEASA) region are positioning our marine operations as a high-margin growth engine.

Outcome:

Greater than 20% of revenue from non-ports, logistics and marine value chain.

Investment Case 4 Future-Ready Integrated Technology Platform

We have integrated an advanced digital layer across our business processes and physical assets, driving operational efficiency and end-to-end service delivery. These include:

Ports

Use of advanced port operating systems (NAVIS and IPOS), mechanised berths, and AI-led analytics improved turnaround and visibility, unlocking ~10% capacity, reducing pre-operations berthing time by 24%, and delivering zero YoY cost escalation
Vizhinjam port is a next-generation technology-driven port with an in-house intelligent Vessel Traffic Management System (VTMS) and AI-powered systems

Logistics

Logistics network is digitally integrated with customers, enabling hassle-free documentation and real-time supply chain visibility
Tech-enabled asset-light offerings (trucking management solution and International Freight Network services) enhance customer convenience and add scalable, high-return revenue streams
AI-driven centralised Strategic Command Centre leveraging advanced analytics to monitor rail and road logistics and optimise asset utilisation, driving 17% higher bulk trucking uplift, ~2% lower rail cost per TEU, and 9% lower containerised trucking TAT

Marine services

Dedicated Strategic Command Centre for real-time vessel tracking and stronger operational control
Ocean Sparkle fully digitised its 70+ vessel fleet through the cloud-based SeaFlux platform, enabling paperless operations, smarter asset deployment, and predictive maintenance, reducing unplanned outages by ~2% and costs by ~3%, while improving fleet availability to 97%

Partner governance

Tech-based governance across operational partners delivered ~3% opex savings through efficient partnership transition.

Outcome:

Efficient and cost-effective operations, with higher asset utilisation, 100% SLA adherence and superior customer service.

Investment Case 5 Sustainability as a Competitive Differentiator

We are among India’s most sustainable port and logistics players:

Achieved 60% reduction in emission intensity and 53% reduction in energy intensity over the past decade
Progress driven by 28% renewable energy usage (target: 100% by 2030), electrified MHCs, 660+ battery-operated ITVs, and a 5,500 ha carbon sequestration reserve, aligned to Net Zero 2040
Delivered 20% reduction in water intensity in the past year; 71% of water sourced from non-competing sources
Reduced waste intensity by 8% in the past year; 12 ports certified Zero Waste to Landfill
Executed 7,200 ha of mangrove restoration through afforestation and conservation; early adopter of TNFD, aligned with Net Positive biodiversity by 2050
UN SDG-aligned community programs have impacted 9.1 million people across 6,769 villages
Strengthening green maritime infrastructure: LNG terminals, India’s first ship-to-ship LNG bunkering at Vizhinjam, CII-rated traffic at green-certified ports, and India’s first Ports of Refuge at Dighi and Gopalpur

Outcome:

APSEZ ranked in the top 5% globally in S&P CSA and was assessed as “Low Risk” on transition metrics by Morningstar Sustainalytics.

Investment Case 6 Robust Financial Profile and Balance Sheet

Track record of sustained industry-leading performance

Delivered 10-year CAGR of 18% in revenue, 17% in EBITDA and 19% in operating cash flows, demonstrating operating excellence and strong EBITDA-to-cash conversion supporting self-funded expansion
Leverage at 1.9x and interest coverage of 7.1, with ₹ ~400 billion spent on capex and international acquisitions in last four years
Multiple rating upgrades across global (aligned with India’s sovereign rating) and domestic rating agencies (highest possible)
Recently issued BBB+ / Stable rating by Care Edge Global, A- / Stable rating by Japan Credit Rating Agency (JCR)
16.9% annualized Total Shareholder Return (TSR) in the past 15 years, outperformed NIFTY (9.2% TSR)*

*Source: Bloomberg; Return for the period April 1, 2011 – March 31, 2026

Outcome:

Strengthens APSEZ’s appeal as an attractive investment vehicle for global investors, supported by access to domestic capital markets at competitive rates.

Global rating agencies