Adani Ports and Special Economic Zone (ADANIPORTS) Investor Day 2024 summary

Future plans and growth strategy

• Targeting cargo volumes of 1,000 MMT by 2030, with >2x revenue and EBITDA growth over the next five years compared to FY24.

• Five-year roadmap includes doubling cashflow generation, with revenue expected to reach Rs 655 Bn and EBITDA Rs 365 Bn by FY29.

• Capex guidance for FY25–FY29: Rs 450–500 Bn for domestic ports, Rs 200–250 Bn for logistics, and Rs 50 Bn for maintenance.

• Expansion of logistics business, with trucking and container rake segments projected to contribute over two-thirds of logistics revenue by FY29.

• Strategic partnerships and new asset additions, including commissioning of Vizhinjam Port and WCT, Sri Lanka, to drive growth.

Financial guidance

• FY25 guidance: cargo volumes of 460–480 MMT, revenue of Rs 29,000–31,000 Cr, EBITDA of Rs 17,000–18,000 Cr, and capex of Rs 10,500–11,500 Cr.

• Net debt to EBITDA ratio expected at 2.2–2.5x for FY25.

• Revenue and EBITDA have grown almost 2–3x every five years, with EBITDA margins among the highest globally for port operators.

• Logistics EBITDA margin supported by growth in agri logistics, bulk trains, and warehousing, with margin expected to remain above 25%.

• Positive net cash available post planned capex, enabling value-adding M&As, deleveraging, or equity actions.

New business developments and operational highlights

• Continued diversification of cargo and geographical footprint, with non-Mundra ports now accounting for 56% of volumes.

• Expansion of marine services, logistics parks, warehousing, and agri logistics, including 70 new silo projects to increase market share to 60% by FY26.

• Digital transformation initiatives, including NextGen-TOS, command & control platforms, and a logistics super app, to enhance operational efficiency.

• ESG leadership with a commitment to net zero by 2040, zero waste to landfill, and top-tier ESG ratings.

• Successful turnaround of acquired ports, with significant EBITDA and margin expansion at Dhamra, Kattupalli, Krishnapatnam, and Gangavaram.