Revenue distribution by sectors:

• Port operation: approx. 70%
• Logistics and transportation: approx. 20%
• Special economic zones and others: approx. 10%

TOP 3 markets and their percentage shares:

• India: approx. 60%
• Southeast Asia: approx. 20%
• Middle East: approx. 10%

Adani Ports and Special Economic Zone Limited generates the majority of its revenue from port operations, which is attributed to its strategic positioning as one of the largest port operators in India. The Indian market is the dominant market, as the company concentrates its main activities here. Southeast Asia and the Middle East are also significant markets served through strategic partnerships and investments in infrastructure projects.

Production Sites: Various ports and economic zones in India

Adani Ports and Special Economic Zone Limited (APSEZ) is India's largest private port operator. The company operates several ports along the Indian coast, including Mundra, Dahej, Hazira, Kattupalli, and Dhamra. These locations serve as main production and transshipment centers for freight traffic.

APSEZ is not directly involved in the production of physical products, but provides logistical services and infrastructure for the handling and transportation of goods. The strategic location of these ports enables the company to play a key role in international trade and logistics in India.

Revenue growth: 18% (2024) Investment volume: 1.5 billion USD (2025)

Adani Ports and Special Economic Zone Limited is pursuing an aggressive growth strategy based on expanding its port infrastructure and diversifying its services. In recent years, the company has made significant investments in modernizing and expanding existing port facilities to increase capacity and efficiency.

Another focus is on international expansion, especially in emerging markets, to strengthen global presence. Adani Ports also plans to further enhance its market position through strategic partnerships and acquisitions.

In addition, the company is leveraging technological innovations and sustainability initiatives to optimize operations and make them more environmentally friendly. These measures are intended not only to increase competitiveness but also to contribute to the long-term stability and growth of the company.

Main Imported Raw Materials:

• Coal
• Crude oil and oil products
• Liquefied natural gas (LNG)
• Fertilizers
• Metals and ores

Main Supplier Countries:

• Indonesia (coal)
• Saudi Arabia and United Arab Emirates (crude oil)
• Qatar (liquefied natural gas)
• Russia (fertilizers)
• Australia (metals and ores)

Adani Ports and Special Economic Zone Limited is one of the largest port operators in India and plays a central role in the import of raw materials crucial for the Indian economy. Coal and oil products are the most commonly imported materials as they are essential for energy supply and industrial production in India.

Indonesia and Australia are important partners for coal and ore imports, while Middle Eastern countries like Saudi Arabia and the UAE are major suppliers of oil. Liquefied natural gas is mainly imported from Qatar to meet the increasing energy demand. Fertilizer imports from Russia support agricultural production in India.

Market share in the Indian port operation: approx. 24% (2024) EBITDA margin: 65% (2024) Number of operated ports: 13 (2024)

Adani Ports and Special Economic Zone Limited (APSEZ) enjoys a significant competitive advantage in the Indian port operation. With a market share of around 24%, the company is the largest private port operator in India. This dominant market position allows APSEZ to benefit from economies of scale and maintain a strong negotiating position with customers and suppliers.

The high EBITDA margin of 65% demonstrates the efficiency and profitability of the company. This margin is an indicator of APSEZ's ability to control costs while generating high revenues, pointing to a strong operational advantage.

Furthermore, APSEZ operates 13 ports along the Indian coast, providing strategic geographic coverage. This diversification reduces risk and enables the company to serve a variety of trade routes and markets.

In summary, the combination of market share, operational efficiency, and geographic diversification provides APSEZ with a significant competitive advantage in the Indian and regional port operation.

Institutional Investor Share: 39% (2025)

Insider Buys/Sells: No significant transactions in the last year (2024)

The institutional investor share in Adani Ports and Special Economic Zone Limited is 39%. This shows a strong trust from institutional investors in the company. Such investors typically include pension funds, investment funds, and other large financial institutions that prefer long-term investments.

In 2024, there were no significant insider buys or sells, indicating that the management and other insiders have not made any significant changes to their holdings. This can be seen as a sign of stability and confidence in the company's future development.

Market share of Adani Ports: 25% (2025, estimated)

Top competitors and their market shares:

1. Adani Ports and Special Economic Zone Limited: 25%
2. Jawaharlal Nehru Port Trust (JNPT): 18%
3. Mumbai Port Trust: 15%
4. Chennai Port Trust: 12%
5. Kolkata Port Trust: 10%
6. Cochin Port Trust: 8%
7. Visakhapatnam Port Trust: 7%
8. Kandla Port Trust: 5%

Adani Ports and Special Economic Zone Limited is the leading port operator in India with an estimated market share of 25%. The largest competitor, Jawaharlal Nehru Port Trust, holds about 18% of the market. The remaining market shares are distributed among other significant port operators such as Mumbai Port Trust and Chennai Port Trust.

Adani Ports' moat primarily consists of its strategic location, extensive infrastructure investments, and the ability to efficiently handle large volumes of cargo. These factors give the company a significant competitive advantage. Additionally, by operating multiple ports along the Indian coast, Adani Ports has a diversified presence that mitigates the risk of regional disruptions.

Compared to competitors, Adani Ports has a stronger moat, particularly due to its aggressive expansion and investments in modern technologies. While other ports like JNPT also hold significant market shares, they do not benefit to the same extent from the diversification and infrastructure investments that distinguish Adani Ports.

Revenue growth: 10% (estimated for 2024) Net income growth: 8% (estimated for 2024) Market share in the Indian port operation: approx. 25% (2023)

Adani Ports and Special Economic Zone Limited (APSEZ) has recorded solid revenue growth of around 10% per year in recent years. This is due to the strategic location of their ports and the continuous expansion of their capacities. The company benefits from the increasing demand for port logistics in India, one of the fastest-growing markets worldwide.

APSEZ has also invested in expanding its infrastructure to increase efficiency and explore new business opportunities. These investments could further support future growth. Furthermore, the company holds a significant market share of about 25% in the Indian port operation, highlighting its strong market position.

Despite the positive growth forecasts, potential investors should also consider the geopolitical risks and regulatory challenges that could affect the operation of Adani Ports. Overall, APSEZ appears to be a promising investment due to its strategic investments and market position, but individual risk tolerance and market conditions should be taken into account.

Dividend yield: 1.8% (2024)

Adani Ports and Special Economic Zone Limited has regularly distributed dividends to its shareholders in recent years. The dividend yield was around 1.8% in 2024. This indicates a moderate but consistent distribution policy.

The company has a history of stable dividend payments, suggesting a reliable payout. The financial stability and growth potential of Adani Ports support its ability to continue paying dividends in the future. Analysts view the company's dividend policy as sustainable as long as economic conditions remain stable.