Thank you. Good evening, ladies and gentlemen.

We have the management of Adani Ports and SEZ represented by Mr. Ashwani Gupta, full-time Director and CEO, Mr.

Krishna Menon, the CFO, Pranav Choudhary, Head of Ports, Diwetch Taneja, Head of Logistics, and Mr. Rahul Agarwal, the Head of Investor Relations and ESG.

We are here to discuss the 4Q and as well as FY26 results and the outlook going ahead. Without any ado, I will hand over to Mr.

Rahul Agarwal, the Head of Investor Relations and ESG. Over to you, Rahul.

Thank you, Priyankar. Good evening and hello and welcome, everyone, to APSEZ's fourth quarter earnings call.

We will begin with Mr. Ashwani Gupta's opening remarks and then open the floor for Q&A.

Thank you. Good morning, good afternoon, good evening everyone.

Thank you for giving this opportunity to us to share with you our financial announcement. To start with, we said 500 million metric tons and we delivered it as we said.

Obviously, this is not an operational statistics. It marks in India's infrastructure a moment.

Now coming to the financial announcement, once again, we have exceeded the guidance. APSEZ outperformed the upper end of revenue, EBITDA, and capex while closing with net debt to EBITDA at 1.9x and return on capital employed of 16%, another evidence of our healthy business growth with financial discipline.

FY26 revenue grew by 25%, EBITDA grew by 20%, and PAT grew by 16%. During the year, we faced challenges and disruption, starting with Operation Sindoor, various geopolitical issues, and West Asia crisis.

Still, we delivered, serving the nation by handling LPG vessels, managing transshipment overflow from Middle East, providing free storage to containers, and helping the country to continue with the trade. Despite that, we overdelivered what we promised.

Every year, we set a guidance and every year we exceeded. This is not by luck.

This is integrated in our culture. Domestic ports handled 451 million metric ton.

Revenue and EBITDA grew by 13% and 14% respectively, and the market share at 27.1%. The return on capital employed increased to 23% from 21%.

The international ports, revenue grew 34% and EBITDA increased 180%, led by ramp-up at CWIT Colombo terminal and completion of NQXT Australia acquisition. In the annual announcements, we counted only the quarter four of the Australia.

The second business, logistics, revenue grew by 55% in FY26. The return on capital employed increased to 10% from 6%, though in our Ambition 2030 plan, we said that we will take 3 to 4 years to bring the return on capital employed on logistics to double digit.

I think in FY26 itself, we hit 10%. This was possible with the strong momentum in asset-light and asset-zero services along with the utilization of the asset-heavy, which are mainly the ICDs.

The marine revenue, which is the third business pillar, EBITDA increased by 134% and 125%. It was led by highest ever fleet of 136 vessels.

I would really like to say thank you for keeping the confidence in APSEZ and having this support. We look forward to hear from you feedback, questions, and thank you very much.

Thank you, Ashwani. We will now open the floor for questions.

Yashashri?

Hello. Good evening and congratulations on decent set of numbers.

First question was on the performance. If I look at the absolute numbers, we have still done pretty okay, but the margins have come off.

Typically we see 59% to 60% sort of EBITDA margins. Now it's come at around 56%.

Is it a one-off there, or if you could just elaborate on that?

No, thank you for that question. When we talk about margins, you always have a seasonality.

The fundamentals are there, and we are delivering the fundamentals. As you saw that overall port margins remain consistent.

Now you may see a drop in the individual ports, but if you look at, I think you will have more time to go into the details, they are mainly the cargos where we have the dry cargo. You may see a little bit drop in Gangavaram, you may see a drop in Hazira, you may see a drop in Dhamra, but you may see a drop in Krishnapatnam.

This is the combination of on one side we are investing on the expansions, like in Gangavaram Port to capture the agriculture cargo, which we believe fertilizer and agriculture cargo. We are building the warehouse and so on and so on.

I think because of all these disturbances which we have seen, we have seen the change in the business mix. To adapt to the business mix, we have to reschedule our operational processes.

Of course, it takes time. For example, as I said before, you would have read in our public advisory that we gave the extended free storage for the containers in Mundra.

We used 100 acres of land extra to keep the containers, because this is for the country, this is for the community, this is for the world. If I'm giving a free storage to a shipping line, they are bringing the containers which they cannot take it to Middle East because of the crisis.

They are keeping 100 containers with us, but then they want to take 20 containers back because the 20 containers have got necessities, food and so on, which are only allowed to be berthed in the Middle East. We have to see that we exist to serve the community, to serve the nation, to serve the maritime industry.

Definitely this has impacted, but as these are all short term. Our fundamentals are still there, and that's why you would have seen that overall port margin exist and continuing.

Where we didn't have these kind of disruptions like international ones, Colombo and so on, you would have seen that we have delivered a significant improvement in the EBITDA margins. Yes, in the dry cargo ports, because we are resetting the operational processes, the imported coal was less, we shifted to coastal coal.

Definitely we are talking about aligning the processes. This is what I can say.

Yes, there are four ports where you will see a drop in the margin, but you will also see many ports where we have increased the margin. At the end, what we want to deliver is return on capital employed, right?

That's what is the indicator which our shareholders, our investors are looking for. If you look at overall return on capital employed on the domestic ports, we have delivered 2% more, which is 23%.

Sure. Thank you for the elaborate answer.

Just on return on capital, the logistics business actually has shot up quite a lot in FY26 from 6% to 10%. Just some color on that.

In your guidance for FY31, your revenue in logistics is growing by a whopping 34% and EBITDA is growing by 27%.

That means

there will be some sort of a margin consolidation there. When the size is becoming almost a ₹20,000 crore logistics business by FY31, would the margins be slightly higher than the current levels or there will be some sort of consolidation there?

Just if you could highlight on that. Thank

you. I think the result of 10% is not by luck.

We have a strategy. I think 1.5 years before, we explained the strategy of combination of addressing this business by asset-heavy, asset-light, and asset-zero.

This is what we delivered. Obviously, if you look at the mix, you will see that the mix of asset-zero and asset-light has increased as compared to asset-heavy because we are doing really well on our freight forwarding business, on our trucking business.

Definitely that has given a boost. Once again, on one side, we have to see independent businesses, because that's where I think we are transparent in sharing with you each and everything.

On the other side, we have to also see that freight forwarding business at the end brings the volume to the asset-heavy business. Both are interlinked and both are complementary to each other.

Now moving forward, once again, our objective is to give you 20% return on capital employed at APSEZ level. Now how the business mix will change, how we will move forward, we wanted to give you an hypothesis so that you have in your mind.

For sure, when we talk about the logistics business, and there is no surprise in it, that EBITDA which we earn is not in direct proportion with the revenue. As a consequence, there is a business mix impact.

Having said that, what is important for us is to give absolute amount of growth and the return on capital. That's why FY31 and FY20 we launched this plan in 2024.

We delivered in 2024, we delivered in 2025, we delivered in 2026. Now it was right time for us to give you one year more, but with a better forecast.

If you look at our deck which we have uploaded already, Ambition 2031, we have taken all the feedbacks you guys have given to me in last one two years, especially the capital allocation. We have said very clearly what is domestic ports, what is international ports.

In logistics also, we have re-estimated our assumption. We have given you the allocation for the marine, and we have also given the allocation for the decarbonization and the technology, which is driving our efficiency and the productivity moving forward.

You may see other things also, but I think we can discuss it after you have gone through it in one-on-one calls. To answer to your question, our commitment, our promise is to deliver twice the growth in five years with a 20% return on capital at consolidated level.

Then of course domestic ports are really doing well, touch wood, and it will do well. International ports have picked up, and logistics and marine will be the booster to contribute to the APSEZ overall growth.

Sure. Thank you so much, sir.

Just one last question if I can. You have given a very detailed break-up on the capacity addition of December 2030,

where

capacity goes from 653 to 1 billion ton, right?

Now,

we have given a guidance of 1 billion ton of cargo volume handled, which includes 850 million ton of domestic. Now, if we do the math, then out of the 1 billion capacity, is it really possible to kind of handle 850 million tons?

Because typically the utilization stands at around 80% or so. Plus, entire capacity might not be fully functional during 2030, some of it might come near the end of that period.

Just any guidance on the volume if any changes there, or

No, you're right. At first, we have to know that when we do the theoretical capacity planning, we always consider 20%, right?

Always capacity planning is done at 80%.

If I'm saying

that I have one 1 billion, you can see it is at 80% of the total capacity. Then you would have seen another thing, which is the last is we are investing in technology to improve the efficiency.

You may be wondering why in one month Mundra is doing 770,000. If you try to calculate the capacity what we have in Mundra and what we are delivering, which is 770,000 in a given month, you will hit 94% utilization.

Within that 1 billion, you would be able to handle 850. The volume guidance does not change.

Yeah, 1 billion is a theoretical capacity. It's at 80%.

You can go up to 1.1, 1.2 with the same asset.

Sure. Volume guidance has not changed.

No. We are not changing.

You will definitely ask that question, before you ask that question, I can tell you that this volume does not include the merger and acquisition,

huh? This is all organic.

Any headwind which may come like it came last year with Operation Sindoor and West Asia crisis, definitely we have a buffer which we will do in next 5 to 6 years the acquisitions to cover up. We have the money to do that, but we have not incorporated in our top line and bottom line.

Also in the capex trend. Thank you, Alok.

Got it. Thank you so much, sir, for the elaborate answer and wish you all the luck, sir.

My pleasure. Thank you.

Good evening, Ashwani, and congratulations to you and the team on a strong close to fiscal 26. Since we just talked about your fiscal 31 plans, maybe if you can just help us understand how we should think about some of the more important milestones over the next 12 months that we should keep track of?

Of course. Ashwani, congrats again on a strong fiscal 26.

Since we were just talking about your long-term plans pertaining to fiscal 31, maybe if you can just talk about some of the important milestones over the next 12 months that we should keep track of?

Thank you, Manish. I think after listening to your congratulations message, we were so excited, we wanted to have a glass of drink.

Thank you, Manish. Manish, I think what is very important, not even the 12 months, I think the quarter one is very important because in quarter one, we expect to get the business mix change.

I think that all the free storages and everything and the business mix change between the containers and so on may be improved in next 3 months, you may see a change in the container. The second biggest change which you should track is the coal.

As you know that Indian government has given the direction to all the power plants to run at the peak including the imported coal. The reason being that anticipation is there will be a comparatively weaker monsoon.

Anticipation is heat is high, which we are already seeing now. Ahmedabad is running at 43.

I don't think that renewable capacities, even if India did a record in setting up 50 GW last year, but I don't think the renewable capacities and the conversion of electron and into the transmission and transmission into the distribution will fulfill their demand. That's a second.

The third, I think the challenge on LPG will remain and I think people are shifting from LPG to electric stoves and so on and so on, though it does not change a lot of mix for us because LPG is not a big mix for us. On the other side, definitely when the power plants will run at peak, you will see the uplift in the coal.

That's why you would have seen that last year Tata Power was almost closed for the whole year and now Tata Power is fully fired and running at its full capacity. That's the second trend.

The third trend you have seen that after UAE is out of OPEC, the pipeline which is there which bypasses the Strait of Hormuz, there should be a free flow of the crude and that's why we may not see any challenge on the crude oil, which means what, Manish? Which means we kept our guidance conservative considering that if the oil prices do not come down, India as a country may not see that much of optimistic growth and we may see a gap between supply and demand, which may raise the inflation and blah blah blah and blahta.

If this routes works and if what everybody is planning works, I think we should see a positive side and I think quarter one will tell us what is the positive. That's what I would say, Manish.

I think quarter one we will come to know many many tailwinds which will come, but we want to be very conservative because we don't know what will happen tomorrow. Nobody knows, nobody has a crystal ball.

Still we have made some assumptions and based on those robust but conservative assumptions, we will maximize the opportunity and minimize the risk.

That's super helpful, Ashwani. I just had two other quick questions.

One is on international ports, obviously very strong margin performance. Clearly, NQXT and the acquisitions that you made earlier contributed.

How should we think about sustainable margin for international ports going out?

See, I know that's a great question, Manish. I think since two or three or four quarters, I've been sharing a couple of things.

The first thing is the governance of all the international ports are now in Ahmedabad, which means we control it from Ahmedabad, that's first thing. The second thing is the CEO and the CFO we have put it with the Adani DNA.

Which means these two guys are running with the DNA which we have and that result is you can see the results now. Now, moving forward, our focus will be more on the market share.

For example Colombo, in the Phase 1, we focus on transshipment terminal. That's why our mix is 100% transshipment, whereas the whole country mix is 85% transshipment and 15% exim.

We have not touched the exim potential. Now when we are building up the Phase 2 capacity, which we will be finishing very soon, we are getting into the exim trade.

Keeping the profitability margins, growing the market share, and then introducing the culture of partnership and the leaner organization, which I have talked about this morning in the Ambition 2031 deck, will help international operations to deliver more margins than their competitors in that region. Obviously, they cannot match the margins which we make in India, but definitely over there, they will be best-in-class as compared to their competitors in those regions.

Manish, just to add to what Ashwini is pointing, take a look at the actually for international ports exit rate on EBITDA, so that will be a decent indication for you.

Thank you, Rahul. Then just lastly on capex, I saw capex was a bit higher than guidance.

Maybe if you can just elaborate on that?

Yeah. No, thank you.

I think you're spot on. We have accelerated the capex on if you see Ambition 2031, slide number which one?

Where we have done the four India growth story? Which slide?

Page number

20.

Huh?

22.

Slide number 20, because this is thank you to everyone's feedback, we have really introduced logic, rational why and where we are investing. We have accelerated our capex, A, in Mundra because we are fully full and now we have CT5, which is coming up.

We have accelerated the future expansion. Then we have accelerated our capex in Dhamra because of the huge volume which is coming up, especially because of the RSR, rail-sea-road rail coastal cargo movement.

We have accelerated our capex in Hazira because of the liquid. In line with the India growth story, in line with the growth pillars, we are investing accordingly.

That's what I can say. Spending more capex means we will be providing more growth, but we have a logic where we are accelerating our capex.

Because Vizhinjam already we are at 100% capacity. In the West Asia crisis, we had many vessels who were waiting outside, we are not waiting for the Phase 2 and we have kicked off already the Phase 2.

Phase 2, we are again doing it with automated terminal and that's where we want to go. In addition, we have already started a lot of automation investments to improve the productivity at each of the existing ports.

We have accelerated the capex because we want to have more than 1 billion capacity investment by 2030.

Thank you. Thank you, Ashwani, and best of luck to you and the team.

Thank you, sir.

Yeah. Hi, Ashwani, hearty hearty congratulations.

In a fast-moving world with a lot of unpredictable challenges in a complicated, multi-dimensional business like ours, to manage it so well really requires depth and deliberate management and the planning. I fully appreciate your comment that the results have not come by chance, but by good planning, efforts, risk mitigation, and intelligent anticipation of about all many issues can come.

I don't have really a question to raise, not because no question arises in my head, but simply because I think the transparency with which so many details have been laid down in the presentation, especially about future, is really really remarkable. The granular level of details which have been given, year-by-year spelt out, each asset-by-asset, whether it is about ROCE, whether it is about the cash flows and all many many arenas involved in that, I think it is remarkable.

Secondly, I was really delighted and surprised how quickly logistics business has reached a double-digit return on capital employed, because that is a Waterloo for many many enterprises. Logistics is something, I must admit, I was a little worried when it was embarked upon, but how quickly that has come by is remarkable, I must say that.

Hearty congratulations, Ashwani. In Rahul Agarwal, you have got a fantastic deputy, the way he handles all the business questions, not merely financial ones.

I must complement, just wanted to put that word in.

Thank you, and Rahul is not available, huh? Don't try to hire him.

Sorry?

No, thank you. No, thank you very much for your appreciation.

I think, last 2 years, the quality of questions you all have asked has really helped us in redrafting our disclosures. I know only one thing that you are our ambassadors in front of investors.

We put ourselves in your shoes that you are in front of investor and trying to convince the investor that they should invest and keep the confidence in APSEZ. If I am in your shoes, what all information I need to convince the investors.

That's how is the mindset and the cultural change which we have done. We talked about Rahul, originally he is a ESG guy.

He was living in New York and we brought him from New York to India and made him the IR specialist. He's supported by a good team and now we have Mr.

Menon, who's the CFO with international experience. I think we have a good team.

Asking to your question of logistics, maybe I look at Devashish-bhai to Devashish to explain, but nothing has changed. I think 1.5 years before, the strategy which we talked about, we are just executing it, little bit fine-tuning it.

You would have seen that we have reduced the capex in logistics because we do believe that we can give much more profitable growth with a less capex. We are mindful and thoughtful of the capex.

One thing which has not changed, we said before that we will do better than our peers, why? Because we know how to maximize the utilization of the assets, and that can be only done by talent and technology.

We invested in technology, we made our own digital platform, we are running it efficiently and effectively. The same truck which used to do one trip, now we are getting three trips with the same truck.

Definitely the margins are getting tripled. We are not perfect now.

I think there are a lot of opportunities, we want to grow and keep delivering what we promised.

Delighted to hear all of that. I was just kind of supplementing the broad observation that such multi-geography, complicated, multi-part day-to-day operations to be run across so many different business lines, it can't be easy and obviously a lot of efforts and a lot of intelligent planning and execution is at work to make it appear so smooth.

Truly delighted. Just wanted to leave one indirect, but in my opinion, pertinent observation.

You might be aware of these Mythos, release of the software, the AI software. I think a lot of legacy technology systems are really vulnerable in terms of being exploited by this software.

Especially energy, infrastructure assets, banks, many of these assets are really vulnerable because these were developed on open-source software code development and most of these systems have been discovered with huge amount of lacuna and bugs. I would, given the scale and the depth and the complexity of our operations, I think our internal technology needs to be gone through all over again very carefully.

Sure, sir. I think we will consider that.

Thank you for your feedback, and I will personally study it. Thank you.

Next time when we are meeting, we can have more discussion, sir. Thank you so much for your comment.

Thank you.

Hi, sir. Thanks for the opportunity.

Decent set of numbers in challenging environment, especially in the month of March. Two quick questions.

First one, a bit on a near term and second one on the Ambition 2031 plan, which may take little longer, but starting with the near term plans, right? You did guide for about 11% to 16% kind of revenue growth for FY27.

Can you help us understand what was the kind of assumptions that were built in here? Obviously, you briefly touch-based upon certain assumptions as an answer to one of the previous participant.

Within that, if you can also help us understand how is the current scenario on the ground, because we understand that a part of March was also supported with transshipment volume. How is the scenario shaping up currently, if you can throw some color on that, please?

No, thank you. Same as you, we also don't have the crystal ball, but our business has continue.

I think the main thing which we are doing today is resilience is at the core at our business, and agility is driving it because everyday we have a new thing. More than 93% of the vessels are coming out of the window.

If I keep the same process, I will not be able to entertain any vessel at my port, right? I can't complain, right?

I have to continue to deliver the volume, and I have to adjust and I have to be flexible, adaptable to the changing environment, right? We have to choose the crisis before the crisis chooses us.

I think that's what is the new normal and that's what we are working. Now if LPG vessel comes even after U-turn from another country, we have to be ready at 1:00 in the morning to get it faster and faster.

That's what I would say. Having said that, because you guys are more expert on economics, but what we have done is the minimum range is that we grow exactly as India is growing in optimistic way.

If India growth goes down because of fuel and so on and so on, we do 1.5 times of India growth, that's our minimum. That we do believe, whatsoever happens, we will deliver you that is 1.5 times of India growth.

If India is optimistic, which you would have seen today, we have this news of crude, we have news of imported coal, and many other tailwinds, then India growth will be normal and we can go up to 1.7 times, 1.8 times without any acquisition. That's the most optimistic scenario, which we don't want to commit to you today because nobody has the crystal ball.

What we have considered in our guidance is for us flat is 1.5 times of India growth. Now we can see how the India is growing, but that's how we have taken the guidance.

Okay. Got it, sir.

I was trying to understand the kind of volume range that you worked around with, but anyways. Sir, my second question is on the Ambition 2031 or 850 million ton 2030 guidance, right?

If I were to look at it, the implied ask rate on a domestic port side, the volume growth rate is anyway closer to 14% odd CAGR. In comparison, if I were to look at FY21 to 26 odd growth, that was about 13% odd percent.

Again there, you had some benefits of acquisition, something like Krishnapatnam Port and Gopalpur and few other additions as well. This context, I'm just trying to understand how do you intend to achieve this 14% odd CAGR?

If I may add to that point, No,

no, I think you will agree that we can grow 1.5 times without inorganic. If India is growing at 7%, we can easily do 10% or 11%.

Then let's not forget the fact that we have 5 years where we have the merger and acquisitions. You also know that many of the concessions are for renewal at the other ports before 2031.

You should also keep that in mind. It's not question of greenfield, but many of the concessions in our competitive ports will be available.

We will not disappoint you, that's what we can say.

Understood, sir. If I may ask a smaller question, in the past, you did mention that a large part of domestic growth will only be organic.

We do understand that brownfield capex expansions, the capex intensities usually lower. I can also see that, from 650 to 1 billion ton when you mentioned, a significant part of that is also coming from technology up-gradation.

Can you just help us tie this up with the ROCE growth path that you gave it? Maybe if you can put some numbers like, what is the current gross block to capacity and what is the incremental capex per gross block?

Maybe if you can help us understand these details a bit better, please?

Koundinya, as we have highlighted, right, in our ambition deck, essentially we are looking at almost about 1 percentage points, that is 100 basis point increase in ROCE every year all through the next five-year time frame, right? This given how the business is structured, we do anticipate a significant chunk of that coming from domestic ports.

To your earlier point, yes, a bulk of it will happen through organic where the capex intensity is actually likely to be in our favor given these are expansion of existing ports. In a scenario like this, you should ideally see a continuous increase in domestic ports ROCE going forward.

Just as what you've seen in this particular financial year, we expect to maintain the same trend going forward as well. Right, so that's the trajectory that we anticipate will pan out over the next half a decade.

Sure. Thanks, Rahul.

Thanks for the opportunity, sir. I'll fall back in the queue for follow-ups.

No, thank you. I think this is also comment for everyone.

It's very important for us to give you our ambition for next 2031. These are not very perfect mathematics, because every business is built based on some hypothesis, and hypothesis keeps on evolving.

I think the important for us is to adapt and align ourselves with the evolving hypothesis, and the speed with which we adapt is the expertise of our APSEZ. We have made an hypothesis.

I think in February before the war started, we never anticipated that this kind of business mix will change. We were talking about imported coal will be gone forever, but now imported coal is back because of some other reasons.

What I'm trying to say here is, it's important to have a playground, but then we have to just adjust based on whether it is raining or it is a sunny day or it is snowing or it is something else.

Just to add to that, if you look at the current base assets, we are about ₹1 lakh crore against which we get a return on capital employed of about 23%. What we are discussing is an accretion of ₹15,000 crores next year, and through this journey of five years, it's going to be another ₹1 lakh crore.

Coming to your point, Koundinya, therefore, if we do the decisions at the right time in terms of capacity expansion and acquisition, we will still land the number. I hope that makes sense.

Sure. Got it, sir.

Thank you very much.

Hi. Thanks for taking my question.

My first question is on the point you mentioned on other ports seeing concession closing before 2031. Similarly, our largest port as well concession is due at that time.

Wanted to check if there's some clarity on the modality on the extension of the concession agreements for ports in Gujarat or otherwise.

I think the talks are going on and the talks are positive. We have to just wait for the conclusions.

You will come to know because before us Pipavav is there.

Before us before us Pipavav is due, right?

In terms of timing,

would you expect this year sometime we should have clarity and it's likely to be an extension?

We control the content of the discussion, but we don't control the timing. We are actively engaged in the discussion, but we don't control the timing and the decision.

Understood. Understood, sir.

No view on that. The second question I had was on the domestic volumes.

I understand your perspective on coal and as you rightly said, we also expect coal to come back this year, but even on containers, if you could give us some clarity on why the growth has been a bit more modest even in Mundra for that part. Is it largely Middle East or what are the reasons for that?

See, first of all, you should see Morbi is all gone, is zero, because of LPG. There the scrap is zero from Middle East, the paper is zero.

The impact of Middle East is not zero. There is an impact.

Then there is an indirect impact, which means that 86% or I don't know 85% or 90% of the Morbi is closed. There is zero container movement in Maliya.

The export from India and what is happening is, look at the freight cost. One is the Middle East impact, which is not much, right, which is I don't know, 2%, 3%, 4%, 5%, 6%, 7%.

We can't measure it, but it is definitely the impact, which is scrap and white and the paper and limestone and other minerals. The more impact is the indirect impact like Morbi.

There is also indirect impact on the exporters delaying their decision to export because of the high freight cost. This has to reset someday and this they cannot keep on delaying.

Look at the inventories of the manufacturers. They are running at the minimum inventory because they have been pushing their decisions forward because they are waiting that when these things will be gone away and the freight cost will be back to normal.

That's why we want to see the quarter one and we want to see that how it goes. Then that's why we have kept it very conservative for the next year.

Thank you so much. Appreciate the answers.

Thank you so much. Those were my questions.

Good evening, sir. Thank you for the opportunity.

I must congratulate on an exhaustive deck on giving out a lot of information. The question I had was if you could just clarify, sorry, kind of a repetitive question, but 2026 to 2031, you're talking about touching billion tons of cargo, what kind of capex we should work with, you've spent ₹15,000 crores in FY26, ₹12,000 crores to ₹14,000 crores is the guidance, but how do we see over a five-year period?

Slide number 20 in the Ambition Plan 2031, you will find all the details and then in subsequent slide, you will see which commodity and which port.

Okay.

Achal, this is on slide 22 of our Ambition 31 deck.

Rahul. I think it was mentioned for domestic, if I'm not wrong, domestic capacity.

Yeah.

We international...

No, I was actually looking more from a capex perspective at a consolidated level, how should we look at?

Achal, that slide has the information at the consolidated level.

Okay. The second question I had was with respect to marine margins.

If you could clarify, is there any one-off out here? Are these

the

new normal margins we should work with?

This is a business which is driven by the customer contracts and definitely we should not conclude this business depending on just one quarter. I think it is just combination of renewal of the contracts and getting the new vessels in the fleet and the dry docking, which is the maintenance.

There is nothing to worry about, especially with this situation in West Asia. There has been no force majeure, which we have seen.

As you would have seen that refineries are working, our vessels are there. We don't anticipate.

It's just question of maybe February or March seasonality, which you would have seen.

The annual margin is more sustainable margin? Is that what we should work with, sir?

That is

40%? Okay.

Yes, yes.

Yes, yes. Yes, yes.

Just a quick clarification on the SEZ port development income, ₹891 crores. If you could clarify what is this, how sustainable is this, and the Mundra port number in one of the slide, does that include this ₹890 crores?

Because the revenue number of ₹2,700 crores looks actually pretty significant increase on a y-o-y basis or a q-o-q basis.

Achal, if you look at our investor deck, page number 19, where we've given the port-wise break-down, right, there you have Mundra. Typically, SEZ is clubbed under that Mundra line, and we've carved it out this time around, you can see the separate margin profile of the Mundra port, right?

That's there on page 19 of the investor deck. The SEZ income, as you have seen in the past also, right, there is no set pattern to the SEZ income.

It tends to be volatile. It really is a function of the underlying transaction activity that we have at our SEZ parcels, and this is what has happened this quarter.

Does not necessarily mean that same Q4 volume will duplicate in the next quarter, right? It has historically been episodic, has historically been transactional for us, and it will continue to be the same going forward.

I'm not sure extrapolating Q4 will be the best idea.

Got it. Thanks for those clarifications.

I'll fall back in the queue for follow-ups. Thank you.

Hello. Can you hear me?

yes. Hi.

Good evening. Thank you for taking my call and congratulations to Shri Ashwani and also please send my regards to an old colleague not of mine, but yours, Robbie, as well.

I've been following yourselves for more than 10 years. Done on improvement.

Can I just ask something very specific? I'm on the debt side, I would declare that.

Thank you for optimizing your capital structure. Now I see that in the report, the main report, the net debt to EBITDA is down to 1.8 or 1.9 depending how you put the numbers, agree with that.

Are you then looking to optimize it further, that's the first question, but it's a similar question. Could your answer might encompass what do you think is your optimal structure right now of debt?

Now that you bought back a bit here and there, you've got some small lines in the front, and if you want to do something in the market in the future, thank you, just on the two questions. Thank you very much.

Yeah. No, thank you.

Thank you very much. If you please see our slide number in Ambition 2031, we have tried to answer that question, slide number 36.

First objective for us is to invest in the organic capex, right, which is between 60% to 70% of our annual operating cash flow.

Slide 26,

sorry. I have a different version.

60% to 70%, so that's what we have done. We have found the opportunity, so that's why we have accelerated the capex, and we have to know capex has got two things.

Number one is money, but second is the people who will execute the project, and we are lucky to have a great team who executes the project like Vizhinjam, Mundra, and so on. That's our first priority.

The second priority is the strategic M&A, which brings the top-line growth and the bottom-line growth. Now, I let Krishna to speak on all this, but to keep net debt to EBITDA is our first objective before we start talking about gross debt because we want to use net debt-to-EBITDA ratio to push our profitable growth.

Reducing the gross debt, you would have seen that we have been doing it systematically,

but this is

after we go through the allocation for the profitable growth. You would have seen that we have done the dollar buyback because you would have seen that the exchange rate impact is on one side positive for the revenue, but not positive for the gross debt.

That's why we want to keep a balance between mid to long term, and slowly and slowly, we will, of course, optimizing the mix of our debt, right? Maybe Krishna can...

Just to build on what Ashwani shared, very specifically, it is capacity expansion in our existing assets. Second thing is acquisitions and therefore any strategic M&A.

From a guidance perspective, we stay with 2.5x, and while we do that, we will also continue to look for options where we can optimize the debt and the cost profile. Like Ashwani shared, we did a bond buyback, which we concluded in the month of March, about $199 million.

Previous year is about

$400

million. We will look for opportunities both ways, but we will hold our guidance.

Which means 2.5, we will hold it better than that. That's our plan for the next five years.

At the end, it should give us benefit in terms of financial cost, right? If today somebody asked me to buy back bond, I will not go back even if I have rupees cash in with me because I may not get the same yield because of the West Asia crisis.

It's not that I decide because I have decided I will do the dollar buyback, I will do it. I will see at the market situation.

I will see how much rupee I can put it in front of dollar buyback, how much yield, how much premium, whether you saw in February, which we did the buyback, 50% of our bond buyers kept with them because they believe that APSEZ will do much better than the today's yield. It's in our roadmap.

You talked about Robbie, we have a capital management plan as a playground, but we keep on fine-tuning it. Understood.

Thank you very much again.

Hi, thank you for taking my question and hi, Ashwani. I have two questions and maybe first is a follow-on from the previous gentleman.

If you can help us understand, is the 2.5x target a ceiling or is it something that you aspire to optimally gear your balance sheet? In that context, over the next five years span, is the buybacks will be one of the tool that you will use to lever your balance sheet?

Secondly, with what we have seen with respect to currency depreciation and the Indian and US treasury spreads narrowing, how do you see by the end of this decade your debt, the

percent

of currency exposure will look like? Then probably I'll ask the second question after that.

That's great. The point is we will keep on optimizing and redefining our P&L in a more healthy way the way the world is evolving.

Having said that, our priority will not change. Our priority number one is to invest in the capacity expansion and creating new capacities, our priority for strategic M&A, and last but not the least, we do believe in creation of wealth in mid to long term for our shareholders.

That's why for us, return on capital employed is much more important than a short-term benefit. That's why buyback would be the last option, but I don't think we will talk about it because we do see a lot of opportunities in front of us, which we can maximize and execute.

Just to add to that, the 2.5x is our guidance. That's the framework that we work with, and that's the best way we feel we can optimize in this journey.

I hope that answers your question.

Yes, I just wanted to get the feel that 2.5 is something up to which you are comfortable or you will actively work to lever your balance sheet, but I hear what Ashwani is saying.

Yes,

it's an upper cap limit, yeah.

Let me rephrase the answer. See, 2.5 is the ceiling, but even if I go to 3 with the quality asset, I will not have an issue with the rating agency.

Absolutely.

Our business is so healthy. 2.5 is just the ceiling which we have put, but for example, if tomorrow I get a $9 billion merger and acquisition, I will go for it because it will change the game of APSEZ.

Then maybe the net debt to EBITDA may go to 3.2, 3.3 for 2, 3 days. It's fine as far as I have means to fund it and I have means to provide return on the acquisition, which I am doing.

I think today I would say we finished with 1.9, but if you see the next year if with this capex we will do 1. How much, Rahul?

1.3.

1.3. Imagine the gap between 2.5 and 1.3 is 1.2.

I can go easily for billions dollar of capex of inorganic acquisition. So 2.5 is just the ceiling,

but

it may change. That's what, Parag, I wanted to share with you.

Sure. In terms of currency exposure with respect to your debt, are you trying to drive more towards INR versus dollar or you are happy with the current exposure?

See, we don't have any issue with that to be honest with you because we have a natural hedge. We take the loan at APSEZ consolidated, we give it below in our subsidiaries, at the end when we consolidate, it gets knocked off.

Also then we get benefit on the revenue. Having said that, I think if we are getting a better finance in Indian rupee in a longer term as we did with the local institutions last year, definitely we would like to replace it step by step, but we are not in hurry.

At the end, it should bring a better financial cost. That is what we want to emphasize.

Understood. That's very clear.

My second question is just if you can let us know your thinking, how should we think about underlying operating leverage in your businesses? Because when you look at your five-year target, it seems like probably logistics business will grow much faster and that's why on a headline number, the operating leverage is not very visible.

If you can talk about that and how should we think about yield given the moat that your businesses have, given the currency depreciation, is it mid-single-digit yield improvement on an underlying basis a reasonable number? What has been the track record over the past few years on an underlying basis if you can just share some color?

I think, Parash, very very good question. Thank you so much.

As you have seen last five years, right, I'm saying very broad, yeah, I'm not giving you the accounting statistics, but cost per ton for us is almost flat. Revenue per ton is increasing.

You can include the rupee depreciation in it, and the difference you will see that it is our pricing power and the services we are providing in addition to the only handling charges. There are three factors in revenue per ton increasing.

Number one, we are adding services. Number two, the exchange rate.

The number three is contracts

increasing.

There's a pricing, exchange rate, and there's one more thing. I'll come back.

I forgot. There's three things which are improving the revenue per ton.

Cost per ton is almost flat. When I say almost flat, I'm talking about absolute inflation, right?

This is all

offset by productivity. Our target is to keep exactly flat for the next 5, 6 years.

How we will do that? By investing in the automation.

Now if Vizhinjam is doing 30 with automated cranes, is doing 30 moves per hour, Mundra is doing 26, 27 per hour, we will keep on improving the productivity. If I have diesel trucks, I have GSUs which are diesel, replace it by electric.

They are 24x7, put up the charging stations at our port. As you know within 1.5 year, 100% of our ports will be by renewable energy.

We make our own renewable energy, our renewable energy is competitive. There are a lot of things which we have planned to keep our cost per ton flat and keep on increasing the revenue per ton.

That's why we are saying that we are very comfortable even with the inflation that we will keep 70 70% and above the EBITDA margin. At the end, goal is to give you better return on capital.

That we can only do that if we have a healthy operational margin supported by utilization of the fixed assets.

Perfect. That's very helpful.

Thank you and have a great rest of the evening.

Thank you.

Thank you.

Thank you.

Good evening. I'll add my compliments to the long list already.

I have a couple of questions. The first one is that it's been over three weeks since the ceasefire announcement, but the vessel crossovers in the Strait of Hormuz are still constrained.

If we can crystal ball gaze here probably that if the situation remains like this for perhaps another month or two, what do the high charter rates mean for exim container volumes or the crude and LNG volumes that are going through that strait, and what has been your experience in April, and how does this graduate if we have another few weeks of this disruption? That's the first question.

Yeah. No, thank you.

I think I'm on Twitter, I look at Twitter to know what will happen in next 1 hour. I can't say same as you what will happen.

What we are doing at our end is to make sure that we have adaptability and flexibility. I think what India has seen is absolutely no impact on the crude.

There is a coastal shipment which is coming on the crude. There is now this new route which is opened.

Crude will continue to grow or continue to be supplied. LPG is something which is a question, but LPG will soon slowly and slowly will be replaced by PNG and the electricity.

Electricity is again coal, I would say that imported coal or coastal coal, everything will be replacing in terms of cargo drop in LPG. Anyhow, LNG for us was just 6, 7 million metric ton out of 500.

It doesn't change our needle whether LNG is zero or LNG is

double. Then

I would say definitely the impact which I would say are the commodities like scrap or which comes to Nhava Sheva, and Nhava Sheva to Toom. That's why you would have seen in the month of March, we had a drop in Toom.

That was mainly because of scrap and paper, which is imported. These are the commodities, these are not very strategic mid to long term businesses, right?

They are very seasonal like iron ore. We must not be dependent on that.

That's why

we have opened up the new businesses. You would have seen that Katupalli, Ennore is growing, which has the least impact of these commodities because we have more industrial goods.

I think slowly and slowly, we have to adjust to the new normal and let's not keep waiting that situation will be better tomorrow. That's what I can say today.

Exim container volume will also find another route, longer route, and ultimately the volumes will stabilize?

This is what is happening even today also.

Yes.

That's why the freight cost has increased, because they're not following the normal route. Or they have more waiting time, or they have something else, or they have shorter moves.

In Vizhinjam, we have shorter moves vessels, but more vessels. Definitely our efficiency is getting impacted.

That's life. Let's adjust our life to the new normal.

Very clear. The second question is on cash flow from operations.

I couldn't find any comment in the presentation or the press release. I think you're targeting around ₹180 billion plus.

Now that you have done an EBITDA of about ₹228 billion plus, how has the CFO behaved, and with the growth numbers that we're seeing or we're targeting for the next financial year, does that follow suit in terms of the EBITDA to CFO conversion?

If you see it, almost 85%, 90% of our cash flow comes through from EBITDA. I think that won't change.

That profile remains the same and it will continue. Yeah.

This time around also in the full financial year, it would have been 85% of EBITDA number?

Absolutely. We are at ₹20,312 crores, Sumit, this year.

Yeah.

₹20,300 crores. Okay.

Slide number... Now others will also see, huh?

It's on if you look at in Ambition, no, he is asking for this year,

like you have EBITDA to cash flow,

Yeah, you have it on FY26 in Ambition plan. 26 slide, slide 22 of the Ambition plan has that information.

Okay.

We made it very simple so that you don't have to go through our line by line P&L. You can see the transition from revenue till net debt.

Perfect. Just one clarification, now that the trial runs have happened now at JNPT both upstream and downstream for the DFC, what is holding back the final commissioning or in case you have any sense now?

I'm not the spokesperson, but only thing I know that it has not started.

Got it.

Even if it starts, as CONCOR MD Mr. Sharat Srivastava has said officially last time in his analyst call that still they have two choking points.

Let's see that when and how it will be effective. Even if it is effective, the catchment area of JNPT and catchment area of ours are totally different.

Second, we still have the advantage of two slabs on the rail cost. Definitely getting JNPT connected with DFC will improve the delivery to their customers, but will have no impact on our business.

That's what we said last time.

Very clear. Thank you and wish you all the very best.

Thank you.

Yes. Thanks for the opportunity.

Sir, my first question is are our ports Mundra and Vizhinjam benefiting from some realignment of shipping line services due to the West Asia conflict? If yes, then by how much?

It's difficult to quantify it. For sure, at least Mundra is getting benefited, but Mundra is also getting impacted.

For sure, Vizhinjam is getting benefited in terms of volume. That's why we are accelerating the Vizhinjam Phase 2.

Soon, we will also start working on the exim cargo for Vizhinjam because there's a huge potential in the catchment area of Vizhinjam for exim. We already, you would have seen that already have the approval for the rail connection and the highway connection.

I don't know how many years it will take, but at least there are approvals. There is a huge potential.

We are accelerating the investment in Vizhinjam for Phase 2 and Colombo. These two will really be great.

Mundra, a little bit complex because it's mix of everything. Mundra is benefiting, but Mundra is also impacted.

Understood. Mundra container growth was at around 4% versus JNPT at 12%.

As you mentioned, the primary reason is because of Morbi? See,

I don't want to be very optimistic. Let me tell you and I think it's very important to understand how the JNPT works, right?

They have the capacity more than they require. We have the capacity what we require.

Now what happens after this disturbance, more than 90% of the vessels are coming out of the window. I will try to be flexible.

I will try to be adaptable, but they have a empty playground and with warm welcome, they're accepting every vessel. Definitely they will have a better advantage in terms of that.

Now the question is growing at what cost and at what profit? I think that is also the second question which we should ask.

As I said before, we are waiting for our CT5 to be open, but again, we will do only the meaningful cargo, which is bringing higher realization. Of course, we can do this service which we have been doing, because that is for the country.

At the end, I would say that in addition to the percentage growth of volume, it's also important to see what is the realization, what is the margin each port is creating.

Understood, sir. That answers the question.

In our international volume of around 22 million tons, how much is NQXT contributed in this?

Roughly about 11 million tons.

11 million.

11 million ton. Sir, also if you could split the rest in Colombo, Haifa, and Tanzania, how much volume?

Yes, maximum growth is coming from

Colombo. Tanzania roughly does about 1 1.1 MMT a month.

Israel is running a number of about 0.7 point between 0.7 to 0.9 a month, and Colombo does about 120 to 125,000 TEUs a month. That's the rate at this point.

Sir, if you can give us the number for the fourth quarter, you shared the same last quarter as well.

11 11 odd is your NQXT. You will have roughly three point a little over 3 million coming from Tanzania, approximately 2.5 to 2.6 coming from Israel, and the balance is Colombo.

All right. Yeah.

Understood. Just a last question on the ROCE of logistics, what would be the capital employed in logistics for this ROCE?

You're asking for

logistics capital employed in next five years?

The current capital employed,

the current. Achha, current.

Okay.

Yes,

close to about ₹6,000 odd crores.

Understood. Those were my questions, sir.

Thank you.

Thank you.

Pulkit is here in case you didn't...

Sure. Can you hear me loud and clear, sir?

Yeah. We can hear you.

Go on.

Okay. Thank you for taking my question.

My first question is in your estimation of the 850 million domestic cargo, what is the rough estimate on what you will be doing in terms of coastal shipping by then if you could share any break-down there?

It's difficult to estimate because as I said before, all of a sudden, we have growth in imported coal and coastal. Today, I would say that all-India coastal is increasing roughly at 5% when exim went down by 3.5.

If I look at the energy growth, I would say that still coastal coal will keep on increasing between 6% to 7%.

That's useful, sir. My second question is over the next five years, we are estimating about $1.2, $1.3 billion of capex on marine.

Again, if you could outline what is the medium term plan there? Are we looking at doing more in other countries globally, just some thought process on how we look at our marine business outside of what we are doing for our captive usage?

Okay. Pulkit, I'll just clarify one point before Ashwini responds.

See, our marine business or our marine vertical does not include the captive ports. The tugs that work in our own ports for customers are consolidated under domestic ports.

Marine is entirely a third-party business for us. All vessels under marine vertical are deployed exclusively for third-party customers.

Right, just one quick hygiene point. Now,

I think building on that, this is what we did. Now we finished roughly 8% of our business, which is marine now in terms of revenue, roughly.

This is the consequence of the strategy which we did. In India, we have 77% market share on the near tugs.

Then we acquired Astro with more than 20 vessels at that time. Those vessels are offshore vessels used as anchor handlers, barges, but mainly the work boats.

Work boats have an advantage of having mid to long term customer contracts, but also not as much cyclic to the trade as compared to the shipping business, right? Very sustainable, robust, consistent business, right?

Because if our offshore vessel is deployed in oil and gas refinery in Abu Dhabi, it has a mid to long term contract. Nothing to do with the shipping trade going up, going down, right?

That is the reason we got into the offshore business. Now, when we bought Astro, we have more than 20 vessels.

Now we have more than 50 vessels. We have Middle East.

We have North Africa. We have West Africa.

Now, we are getting into Europe. Very soon, you will hear that our vessels are deployed in Europe, which means learning from West Asia crisis, we are redefining our offshore marine strategy to also include the Mediterranean Sea in our offshore vessel deployment.

This is part of corporate risk management.

Sure, sir. Sir, since you've got the businesses significantly larger now, and obviously there's already so much disclosure, but would love to get more color on our marine plans and how the revenue profile there moves.

My last question is again on capex for others. We're looking at ₹6,000 to ₹8,000 crore in technology, decarbonization, and others, which also is pretty significant.

Any again rough cut break-down of what this would entail, in terms of decarbonization and other capex, what exactly are we looking at over the next five years?

Pulkit, it's a combination of multiple line items. Let's say, as we have a public commitment for net zero 2040, and we recently signed up for TNFD as a biodiversity reporting framework, where we have a guidance for 2050 net positive biodiversity.

These initiatives typically entail capex, which is in the nature of higher renewable electricity, it could be in the nature of higher sequestration activity, more plantation, mangroves, etc. It could also typically entail active reduction of our emission footprint, which means that we will have substantially higher volume of battery-operated trucks within our premises.

We will have a very large part of our equipment running on electricity as opposed to diesel and things like that, right? All of that is going to contribute significantly to the decarbonization plan and the biodiversity plan that we have over the next half a decade or so.

In addition, technology is an ongoing initiative. You have seen various agenda items like strategic command center that we demonstrated at our last investor day.

On the same line, there are multiple number of internal initiatives that are being taken from a technology standpoint to be able to step up efficiency level. Right, so that's also going to be a very significant component, but it's a healthy mix between tech upgrades, new technology adoption, AI adoption, and the fairly extensive decarbonization plans that we have.

Sustainability is at our core, right, core of the business. Sustainability for us is not cost plus.

It's not regulation, it's not compliance, it's not disclosure. If you look at slide number 31 of our Ambition 20 2031, you will see that all the investments which we are doing in sustainability has got a economical benefit.

If I am investing in the electric trucks in Mundra, that is not only for environment, that is not only for ESG. It is bringing me economical benefit, that's why I'm investing.

Also, in addition, it is contributing to the environment. The second, if I'm investing on the automation, it is bringing a better productivity of the crane, better productivity of the yard, better productivity of blah, blah, blah.

At the end, it is bringing. For me, technology is not a feature list of an equipment.

Technology for me is a technology which brings the economical benefit. Not only the decarbonization, but also the green port revenues.

We know that as per maritime world regulation in globally, container vessels will have to adapt to the alternative fuel. Now in India, do we have the facility for the shore power, for example?

We are now making the provisions for the shore power because we know after 2.5 years, when international vessels will come to Mundra, they will need the shore power and that will become our competitiveness as compared to our competition. Now why we will be competitive?

A, because we are thinking and investing in advance. B, our shore power will be powered by the renewable energy, which is affordable than the fossil energy.

That's why it will bring the economical benefit. For us, investment in decarbonization and technology is to bring better productivity and to create new revenue opportunities.

Sir, can I take the liberty of asking one last question?

Yes, please.

No, yeah. If there were news flow around the group possibly looking at shipbuilding opportunity.

If anything happens there on Mundra, is it fair to assume it will happen under Adani Ports and SEZ or would it be a separate business?

You ask a shipbuilding and then in next quarter, you will ask me what is your return on capital employed. What I will answer you, man?

No, sir. Every business requires seeding time, we would not ask you that initially, but I just want to understand...

Give me a break. You will not wait for 18 years, huh?

No, sir. I don't think that's our competency.

Our competency is to build the infrastructure ecosystem and to run it efficiently and effectively. That's our competency.

Our competency is not shipbuilding. If somebody comes and want to build the ship at our Mundra Port, we have the EC approvals.

We will give it. We will be very helpful because it is good for country.

Do we really want to ourselves get into shipbuilding? I don't think so.

That's not our competency.

Perfect, sir. Thank you so much for that answer.

Sure. Thank you for the opportunity and congratulations on a good set of results.

I just have a couple of questions. One on the resumption of Tata Power's operations.

With respect to that, what can we expect in terms of volume growth at the Mundra plant?

Where are you located? Bombay?

Yes.

You see the heat, right? They have to run at peak capacity.

They have to run at maximum capacity.

Right.

I think we have a weaker monsoon this year. Last year we faced the issue because there was a delayed monsoon, there was a heavy monsoon, and there was a excessive renewable energy available because of hydro, if you remember we had that discussion.

This year, I think we have this West Asia crisis where LPG is trying to be replaced by electricity. Then we have this peak summers, and we also have a weaker monsoon.

We must have tailwind over there. I don't know how much, but Tata Power has been asked to run full-fledged.

Sure. Just to understand in terms of volumes, what percentage of volumes from Tata Power can we expect to flow through our ports?

Vivek, look, in our previous transcripts, we have identified the volume loss that we've had in FY26 on account of CGPL. You might just want to refer to that.

I'll refrain from commenting on a specific volume from a one particular customer on this call, but in the past, we have given references to the volume losses that we've had in coal in Mundra on this account.

Sure, thank you. Secondly, in terms of Vizhinjam expansion, what we see is we have a plan in place to expand the capacity from 1.6 million TEUs to 5.7 million by FY29.

Will we expect the expanded capacity to be operational on a staggered basis or will it be all at once as of FY29 end?

Step-by-step. Yeah.

We call it Phase 2, but even inside Phase 2, we have four four steps.

Okay.

Don't ask when. Let's see.

We can't disclose the detailed master schedule to external world, but that's our competitiveness.

Sure, okay. That's it from my end.

Thank you.

Thanks, Vivek. Appreciate it.

Thank you so much for taking my question. I wanted to ask what was the volume, revenue, EBITDA for the NQXT terminal that was recently added in our control?

Ma'am, we have not separately disclosed that, but I suggest you please take a look at the the the presentation we uploaded when we made the announcement last year in April. That has the detailed financials of Australia.

That will give you a good sense of what numbers have populated into into this quarter into this particular quarter.

Got that. Secondly, in Mundra, you mentioned earlier in the year because of Tata, we had faced that issue, but specifically this quarter as well we're seeing that coal at Mundra is slightly lower and all across the board as well.

Do we expect this to resolve in Q1 or do you think this will take some more time for the volumes to come back up?

Where you are seeing? Because April is not yet finished.

Sorry, we did not completely get your question. If you can just repeat.

In the annexures for Q4's presentation, it is mentioned that the coal at Mundra is lower than Q4 FY25, significantly lower. Coal volumes across all ports in Q4 FY26 have been lower than the base year.

Do we expect that these coal volumes will come up in Q1?

No, sorry. Your question is great.

I think Rahul will make a separate call with you because I don't think we should look at coal as a coal. You have three kinds of coal.

You have coking coal, where we have increased more than 7. 7.5%.

Then we have the coastal coal, where we have increased 5.1%. Obviously, there is a imported coal, which is reduced, but that is in line with the country's strategic direction.

I think please have a offline discussion with Rahul. We will give you all the data.

At the end, coal is increasing. The coal which is increasing is in the strategic direction of the country, which is more coastal coal and more coking coal because to support the steel production.

Okay. Lastly, logistics volumes are not up significantly, but we're seeing that the EBITDA and the revenue per ton on that is growing significantly.

What is the strategy behind that?

The strategy is very simple. We wanted to demonstrate that we can give you double-digit return on capital employed.

We adjusted our business mix to give you maximum return and build the confidence in you. Now, we will push the volume.

All right. Thank you so much.

We take one final question.

Please, fire.

We'll just take one. Rajarshi, moderator, if you can just allow Rajarshi, please.

He has one last question and then we'll close. I think Rajarshi went second.

Yes, thank you for this opportunity. My question is, if I see India ports EBITDA performance, that's a good growth of about 10%, whereas volumes have been kind of flat on India port volumes.

Is that because a part of your revenue is in dollars and you are getting a currency benefit here, or the other way to think of it, if we didn't have this currency movement, what would your EBITDA per ton improvement have been in this quarter?

Rajarshi, you're right in that the revenue growth is ahead of the volume growth. Realization is correct.

See, it's not just currency, right. There's a combination of factors.

It includes currency. There is also the component of the pricing changes that we take when contracts get revised.

It is also a function of product mix. Container being the fastest growing commodity and marine growing alongside it because these are dollar-linked cargos naturally benefit us as the rupee depreciates vis-a-vis the dollar, right?

It's not just one item, but it's a combination of all of these three that is working into our advantage this year in particular. Right.

Thanks a lot for accommodating me. How much of your revenue, a broad number, is in dollars?

Is it like 30%, 20%? How much would be in dollars?

If you look at our cargo, roughly about 40%, 45% of our cargo is containers, so that's dollar-linked. Our harbor income is dollar-linked.

Adani Harbor income is dollar-linked.

Thank you. Thanks a lot.

first of all, I really want to say thank you for your continued confidence in APSEZ. I want to thank you for very thoughtful questions and the feedback and the advices, which help us in improving quarter-on-quarter in terms of our communication, in terms of our engagement, in terms of our disclosure.

That has helped us in preparing this very comprehensive, very detailed, and very simple Ambition 2031. Though we see uncertainties, but as I said before, that our fundamentals are in place and our strength, which is scale, but which is integrated, right, makes us different than others.

Whether it is port, or logistics, or marine, even the ports across 11,000 km, even the 12 ICDs, trucking, rail, warehousing, everything is integrated. We have that advantage of having scale plus integration.

Scale plus integration is run by capability and the capacity to run it in the most efficient way. That is demonstrated in our very strong top-line and bottom-line growth.

This all is coupled with the India growth story and as well as the international growth story, which is coming from IMEC and China Plus One, and so on. With that story in mind, we keep the target of growing at CAGR of 18% to 19%.

In good time like last year, we could grow 25%. Still, we want to keep our foot on the ground and keep delivering between 18% to 19% CAGR moving forward for next 5 years.

Every quarter we meet and we demonstrate that our execution of the strategy is working the perfect way. Thank you once again and look forward to see you next time.

Thank you. Thank you so much.

Thank you, everyone. Thank you.