Adani Ports & Special Economic Zone Ltd

- NQXT EBITDA expected to increase from $230 million to $400 million, with revenue rising from $350 million to $520 million, maintaining around 70% EBITDA margin (Page 18). - NQXT EBITDA margin likely to remain stable around 65%, with contract negotiations impacting from FY28/FY29 onwards, potentially improving margins to align with domestic ports (Page 17). - Company targets doubling EBITDA by FY29, driven by organic growth and disciplined financial management, with no fresh borrowings needed despite significant capex plans (INR35,000–50,000 crores) (Page 13). - Container volumes growing at ~20%, helping reduce coal proportion in cargo mix to ~20-22% by FY29, contributing to diversification and growth (Page 16). - Overall guidance raised with confidence to reach FY29 targets of INR65,500 crores revenue and INR36,500 crores EBITDA, supported by operational excellence and expansion (Page 3). - Operating cash flow strongly tracking EBITDA with disciplined cash use for buybacks, debt repayment, and capex (Page 10).

- As of January 31, 2026, the orderbook amount is $2.54 billion. - All non-core assets and liabilities related to the NQXT acquisition have been dissolved. - There are no outstanding non-core assets or liabilities as of the current date. - The company indicated that pending or current orders do not have any bearing on financials following the dissolution of these assets and liabilities. - No specific details on new or upcoming orders were mentioned in the conference.

- For FY27, the company expects only routine amortizations of around INR3,500 crores; no fresh borrowings are currently planned. - The company is generating sufficient cash flows to cover mandatory repayments and capex. - Multiple debt markets (ECB, banking, rupee NCD, CP) remain open, and the company has been actively borrowing to maintain market access. - Despite a large investment program (~INR35,000 - 44,000 crores), no fresh borrowing is needed; the company expects to remain net cash generative in the 5-year plan. - The company maintains a cash policy to hold at least two quarters of capex and anticipated cash outflows as a comfortable balance. - Any excess cash has historically been used for buybacks and loan prepayments; similar treatment expected moving forward. - No mention of new equity fundraising in the discussed period.

- Vizhinjam Phase II expansion with a capital investment of around INR16,000 crores, increasing capacity from 1.6 million TEUs to 5.7 million TEUs, with payments extending through FY30. - Ongoing investments in Dhamra, Ennore, Kattupalli, Haldia, and other ports as part of organic growth. - Vizhinjam expansion includes extension of breakwater, equipment, ecosystem development, and potential LNG bunkering facility in partnership with BPCL. - Total port investments of approximately INR35,000 crores outlined in the 5-year strategy, with no need for fresh borrowings; expected to remain net cash generative. - Capex plan timeline: INR90 million (FY26), INR350 million (FY27), INR700 million (FY28), INR550 million (FY29), INR63 million (FY30) for Vizhinjam. - Company actively pursuing growth opportunities, both organic and inorganic, without revising FY29 guidance.

- Revenue and EBITDA from NQXT expected to increase substantially; Q4 FY26 guidance includes ~INR450-500 crores revenue and INR300 crores EBITDA with 65% margin. - Container volumes growing strongly, with expectations to contribute increasingly to overall business. - Vizhinjam port expanding with INR16,000 crores capex planned, with Phase II to add volumes post-FY30. - Domestic volumes expected to drive bulk of growth; international volumes targeted at 150 million tons from current ports by 2030. - Coal volumes as proportion expected to settle around 20-22% in 5 years, with container and oil & gas segments growing. - Overall volume target of 1 billion tons by 2030, largely from ongoing expansions and domestic market. - Margin improvements expected in contracts post-FY28, especially for NQXT and international ports. - Operating cash flow and financial discipline support continued investment for organic and inorganic growth.