Adani Ports is not a shipping company - it is India’s largest integrated transport utility, a “shore-to-door” platform that moves cargo from the world’s biggest ships to a customer’s factory gate and captures a fee at almost every step in between. It began as a single-port operation at Mundra in 1998 with no prior sector experience and, in less than twenty-five years, carved out more than a quarter of all Indian port cargo, a share built by owning the berth, the crane, the tug, the warehouse, the rail rake and the truck that carries the goods. The recurring approach is a repeatable model: acquire or build infrastructure assets, integrate them so deeply that the company controls the entire chain, and then use the cash flows from one asset to fund the next - a philosophy captured in the company’s motto, “Berth should wait for the ships, not the other way around”. # Business segments Five engines at different stages - a port cash cow, two consumer platforms at national scale, and a green-energy bet under construction - each built with the cash flows of the one before. ## 1. Domestic ports: the cash engine that moves a quarter of India’s cargo **Fifteen multi-commodity ports handle roughly 27% of all Indian cargo volume, with deep-draft berths that can host the world’s largest vessels and a sticky customer base that keeps utilisation high.** - **Paid by the tonne, not the voyage** - the ports earn revenue through per-unit cargo handling fees across containers, dry bulk, liquid and break-bulk, so income rises directly with the volume and type of cargo moved. - **Deep water is the moat** - four of India’s five ports capable of hosting a fully laden Cape vessel belong to APSEZ (Mundra, Krishnapatnam, Gangavaram and Dhamra), and the flagship Mundra port is ranked among the world’s top 25. - **More than half the cargo is “sticky”** - 53% of domestic volumes come from customers for whom APSEZ is the preferred port, from joint ventures with shipping lines, or from other Adani Group companies, which insulates volumes when commodity cycles turn. - **The company runs the whole port, not just the berth** - APSEZ assumes complete responsibility for tugs, dredging, pilotage, stevedoring and yard management rather than relying on external port authorities, which gives it better operational control and widens margins at every stage. - **Technology unlocks free capacity** - AI-based port operating systems have released roughly 10% additional capacity from existing assets and cut pre-operations berthing time by 24%, with zero year-on-year cost escalation. ## 2. Logistics: the landside network that delivers to the customer’s gate **A nationwide mesh of rail rakes, multi-modal parks, warehouses and a trucking platform that captures a higher share of the customer’s supply-chain spend by connecting the port to 95% of India’s hinterland.** - **Conversion from road to rail** - logistics market-share gains come from shifting cargo off highways and onto trains, enabled by double-stack container capability and proximity to the Dedicated Freight Corridors, which lowers the cost per box moved. - **Warehouses as annuity assets** - the warehousing business offers plug-and-play and built-to-suit facilities near industrial clusters, generating long-term assured returns while pulling cargo towards APSEZ ports. - **A command centre sees everything** - an AI-driven Strategic Command Centre in Ahmedabad tracks rail and road cargo in real time, delivering 17% more uplift in bulk trucking and a 9% reduction in containerised trucking turnaround time. ## 3. Marine services: the fleet that serves every port and then sells to outsiders **The largest captive and third-party marine fleet in India, with 136 vessels plus 64 dredgers, operating under take-or-pay contracts that turn a cost centre into a profit centre.** - **India’s number-one towage operator** - Ocean Sparkle Limited holds over 70% market share in Indian port towage with 78 tugs and workboats, achieving 97% average utilisation, so the fleet is almost always earning. - **Dredging for itself and for others** - with 64 dredgers, APSEZ is India’s largest private dredging operator and crossed a record 60 million cubic metres of dredging in FY26, handling both its own port maintenance and external client work. - **Global expansion through acquisition** - the purchase of Dubai-based Astro Offshore added 26 offshore support vessels serving Tier-1 customers like NMDC, McDermott and Saipem across the Middle East, Africa and Southeast Asia, while an acquisition of a 51% stake in Meridian Transportes Marítimos S.A. extends the model into South America. - **Take-or-pay contracts with oil majors** - revenue is underpinned by long-term contracts with Tier-1 customers, and the business is pre-qualified for work with Saudi Aramco and in Oman, Kuwait and Qatar, giving visibility on future utilisation. ## 4. Special Economic Zones and land bank: the industrial anchor that feeds the ports **A 16,000-hectare land bank of ready-to-build industrial zones next to the ports, generating captive cargo and a perpetual stream of annuity income at near-100% margins.** - **Bringing the customer to the port gate** - the flagship Mundra Economic Hub, India’s largest multi-sector port-based SEZ at 15,000 hectares, hosts export and import-focused industries whose output becomes guaranteed cargo for the adjacent berths. - **Plug-and-play means faster go-to-market** - companies setting up on APSEZ land save years in site development because the zones provide pre-built infrastructure, which makes the land more valuable and deepens customer stickiness. - **Annuity income from land leases** - revenue comes through annual rentals and upfront premiums, creating a high-margin income stream that does not depend on cargo volumes in any given quarter. - **Land banks at four major ports** - beyond Mundra, industrial zones are established at Dhamra (\~2,000 hectares), Gangavaram (\~1,000 hectares) and Krishnapatnam (\~2,750 hectares), each positioned to replicate the port-led industrialisation model. ## 5. International ports: the global footprint under construction **A growing portfolio of four overseas ports on key trade corridors - Israel, Sri Lanka, Tanzania and Australia - extending the integrated transport model beyond India’s coastline.** - **Colombo is the breakout asset** - the Colombo West International Terminal in Sri Lanka, operating under a 35-year build-operate-transfer agreement, handled over one million TEUs in its first year of commercial operations, setting an industry record for the fastest ramp-up. - **Haifa anchors the Mediterranean** - the Haifa Port Company in Israel was acquired in 2023 under a concession running to 2054, giving APSEZ a 70% stake in a strategic gateway on the Mediterranean. - **Take-or-pay contracts in Australia** - the North Queensland Export Terminal is a deep-water coal-export facility with 50 million tonnes of nameplate capacity, driven primarily by take-or-pay contracts that provide revenue visibility regardless of short-term volume swings. - **The model travels** - each international port earns revenue from cargo handling fees under long-term concessions, mirroring the domestic ports model, and the Tanzania concession adds a 30-year operating right at Dar es Salaam’s Container Terminal 2. # Group structure and partners **APSEZ sits inside the Adani Portfolio as the listed parent, with each business line held through wholly owned or majority-controlled subsidiaries, and key container terminals operated in joint ventures with the world’s largest shipping lines.** - The domestic ports are held through individual subsidiary companies - including Adani Hazira Port Ltd, Adani Krishnapatnam Port Ltd, The Dhamra Port Company Ltd and Adani Vizhinjam Port Pvt Ltd - giving each port its own legal and operational structure under the APSEZ umbrella. - Container terminals at Mundra and Ennore are run as joint ventures with MSC (via Terminal Investment Limited) and CMA CGM, with APSEZ holding 50-51% stakes; in June 2026, Mundi Limited agreed to take a 49% interest in Vizhinjam Port, with APSEZ retaining majority control. - The logistics business operates through wholly owned Adani Logistics Limited, while marine services were consolidated via the amalgamation of Adani Harbour Services Limited into APSEZ in April 2026, bringing Ocean Sparkle, Astro Offshore and the dredging fleet under the parent company. - International ports are held through Adani International Ports Holdings Pte Ltd in Singapore, with local partners in each geography - Gadot Group in Israel, John Keells Holdings and the Sri Lanka Ports Authority in Colombo, and AD Ports Group in Tanzania.