Adani Ports
Adani Ports
Transport F&OKey Fundamentals
LargecapPort & Port ServicesTransportTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company has delivered good profit growth of 21.0% CAGR over last 5 years
- Company's median sales growth is 20.3% of last 10 years
Weaknesses
3- Stock is trading at 4.17 times its book value
- Promoter holding has decreased over last quarter: -1.99%
- Tax rate seems low
Growth Rate
AI Analysis — Bull vs Bear
Adani Ports & SEZ has a market capitalisation of about ₹4,10,266 crore and trades at 31.3x earnings and 4.28x book value. Sales have grown at a 25% CAGR over 5 years and profit at 21% over 5 years. ROE has been steady at 16-18% for the last decade. However, TTM profit growth of 17% is behind TTM sales growth of 24%, promoter holding fell by 1.99% last quarter, and the dividend yield is low at 0.42%.
- Profit has grown at a 21% CAGR over 5 years and 27% over 3 years, so earnings have compounded strongly over several years.
- Sales have grown at a 25% CAGR over 5 years and 23% over 3 years, with a 10-year median sales growth of 20.3%. This shows growth has held up across business cycles.
- TTM sales growth of 24% is close to the 3-year and 5-year rates, so top-line momentum has not slowed recently.
- ROE has stayed in a narrow 16-18% range: 17% over 10 years, 17% over 5 years, 18% over 3 years and 16% last year. For a capital-intensive infrastructure business, this suggests steady capital efficiency.
- The stock has returned a 21% CAGR over 10 years, 29% over 3 years and 28% over the past year, so shareholder returns have been sustained over long periods.
- A P/E of 31.3 is modest next to a 3-year profit CAGR of 27%, which implies a price-to-growth ratio slightly above 1x on trailing growth.
- With a market cap of about ₹4,10,266 crore, the company is among India's largest listed transport and logistics firms. That scale supports access to capital and bargaining power in port operations.
- The stock trades at 4.28x book value, a high multiple for an asset-heavy port operator. It leaves little room for error if growth slows.
- Promoter holding fell by 1.99% in the last quarter. Investors may watch this closely given governance scrutiny across the wider promoter group.
- TTM profit growth of 17% is well below TTM sales growth of 24% and the 3-year profit CAGR of 27%. This points to possible margin pressure or higher costs as the business expands.
- The tax rate appears low. If it rises to normal levels, reported profits could shrink and the effective P/E of 31.3 would be higher.
- Last year's ROE of 16% is below the 3-year average of 18%. Returns may be diluting as the capital base grows through acquisitions and capex.
- A dividend yield of 0.42% offers little income. Almost all of the return depends on continued earnings growth and the valuation holding up.
- The P/E of 31.3 implies an earnings yield of about 3.2%. That is below Indian government bond yields, so the valuation relies on growth continuing.
- The stock's 5-year CAGR of 19% trails its 5-year profit CAGR of 21%. Returns have been uneven, which reflects past sensitivity to group-level events.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Record 50 MMT August cargo Sep 2
Adani Ports handled a record 50 MMT of cargo in August 2026, up 19% YoY, led by dry cargo and containers. YTD volumes rose 16% to 234.4 MMT.
- Colombo terminal capacity doubled Sep 30
Phase II of Colombo West International Terminal was inaugurated with a USD 750 million investment. It doubles capacity to 3.2 million TEUs and strengthens the company's transshipment presence in South Asia.
- Paradip dry bulk berths won Sep 9
The company received a Letter of Award to build two dry bulk berths at Paradip Port, Odisha, under a 30-year lease. The project adds 18 MMT of capacity on the east coast.
- Mundra empty container yard launched Sep 3
Dedicated Empty Container Yard operations started at Mundra Port to improve turnaround times and logistics efficiency. The yard supports the Ambition 2031 capacity expansion roadmap.
- SEBI listing probes settled Sep 28
The company and five directors settled alleged listing regulation violations for ₹37.05 lakh without admitting guilt (Sep 28). A separate order on Sep 10 covered former CFO B. Ravi and MD Karan Adani at ₹13.65 lakh each, with no financial impact on the books.
- Vizhinjam port investor visit Sep 7
Adani Ports disclosed a physical investor and analyst visit to Vizhinjam port on September 19, 2026, under SEBI LODR Regulation 30. It's a routine disclosure, but it shows management is highlighting Vizhinjam as a growth asset.
TL;DR: Adani Ports is executing well on both volumes and capacity, with record August cargo of 50 MMT (+19% YoY), 16% YTD growth, the doubled 3.2 million TEU Colombo terminal and 18 MMT of new Paradip capacity. The SEBI settlements were small in rupee terms and close out regulatory matters, but they keep the group's governance record in focus. Heavy capex such as the USD 750 million Colombo spend also raises execution and leverage risk. The trend is improving, and the next things to watch are sustained double-digit volume growth and how quickly the new terminals ramp up utilization.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6,248 | 6,646 | 6,920 | 6,896 | 7,560 | 7,067 | 7,964 | 8,488 | 9,126 | 9,167 | 9,705 | 10,738 | 10,821 |
| Expenses | 2,558 | 2,982 | 2,724 | 2,887 | 2,820 | 2,700 | 3,161 | 3,482 | 3,631 | 3,827 | 3,919 | 4,718 | 4,568 |
| Operating Profit | 3,689 | 3,664 | 4,196 | 4,009 | 4,739 | 4,367 | 4,802 | 5,006 | 5,495 | 5,340 | 5,786 | 6,020 | 6,253 |
| OPM % | 59% | 55% | 61% | 58% | 63% | 62% | 60% | 59% | 60% | 58% | 60% | 56% | 58% |
| Other Income | 384 | 351 | 507 | -70 | 349 | 254 | 247 | 426 | 453 | 837 | 189 | 900 | 853 |
| Interest | 633 | 520 | 976 | 619 | 484 | 659 | 923 | 715 | 846 | 1,223 | 980 | 1,605 | 1,087 |
| Depreciation | 950 | 974 | 985 | 979 | 1,012 | 1,077 | 1,106 | 1,185 | 1,255 | 1,264 | 1,384 | 1,615 | 1,711 |
| PBT | 2,491 | 2,521 | 2,741 | 2,341 | 3,593 | 2,885 | 3,020 | 3,532 | 3,848 | 3,690 | 3,611 | 3,700 | 4,307 |
| Tax % | 15% | 30% | 19% | 14% | 14% | 16% | 17% | 14% | 14% | 15% | 16% | 11% | 15% |
| Net Profit | 2,119 | 1,762 | 2,208 | 2,015 | 3,107 | 2,413 | 2,518 | 3,023 | 3,311 | 3,120 | 3,043 | 3,308 | 3,650 |
| EPS in Rs | 9.79 | 8.09 | 10.22 | 9.44 | 14.41 | 11.32 | 11.67 | 13.95 | 15.34 | 14.39 | 13.25 | 14.45 | 15.71 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6,152 | 7,109 | 8,439 | 11,323 | 10,925 | 11,873 | 12,550 | 17,119 | 20,852 | 26,711 | 30,475 | 38,736 | 40,430 |
| Expenses | 2,250 | 2,532 | 3,021 | 4,166 | 4,330 | 5,926 | 3,862 | 7,591 | 9,905 | 11,121 | 12,054 | 15,868 | 17,032 |
| Operating Profit | 3,902 | 4,577 | 5,418 | 7,157 | 6,596 | 5,947 | 8,688 | 9,528 | 10,947 | 15,589 | 18,421 | 22,868 | 23,399 |
| OPM % | 63% | 64% | 64% | 63% | 60% | 50% | 69% | 56% | 52% | 58% | 60% | 59% | 58% |
| Other Income | 686 | 730 | 1,037 | 844 | 1,289 | 1,928 | 1,967 | 1,832 | 327 | 671 | 1,800 | 2,152 | 2,778 |
| Interest | 1,175 | 1,124 | 1,116 | 1,579 | 1,385 | 1,951 | 2,255 | 2,544 | 2,363 | 2,733 | 2,813 | 4,654 | 4,895 |
| Depreciation | 912 | 1,063 | 1,160 | 1,188 | 1,373 | 1,680 | 2,107 | 3,099 | 3,425 | 3,888 | 4,379 | 5,517 | 5,974 |
| PBT | 2,501 | 3,119 | 4,179 | 5,234 | 5,126 | 4,244 | 6,292 | 5,717 | 5,487 | 9,639 | 13,030 | 14,849 | 15,308 |
| Tax % | 7% | 9% | 7% | 30% | 21% | 11% | 20% | 13% | 2% | 16% | 15% | 14% | — |
| Net Profit | 2,324 | 2,856 | 3,902 | 3,690 | 4,045 | 3,785 | 5,049 | 4,953 | 5,391 | 8,104 | 11,061 | 12,782 | 13,121 |
| EPS in Rs | 11.18 | 13.99 | 18.89 | 17.74 | 19.27 | 18.52 | 24.58 | 23.13 | 24.58 | 37.55 | 51.35 | 55.58 | 57.8 |
| Div. Payout % | 10% | 8% | 7% | 11% | 1% | 17% | 20% | 22% | 20% | 16% | 14% | 13% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 414 | 414 | 414 | 414 | 414 | 406 | 406 | 422 | 432 | 432 | 432 | 461 |
| Reserves | 10,351 | 13,091 | 17,112 | 20,489 | 23,958 | 25,051 | 30,035 | 41,399 | 44,957 | 52,346 | 61,837 | 95,498 |
| Borrowings | 17,776 | 22,342 | 22,214 | 22,370 | 27,712 | 30,242 | 35,855 | 47,935 | 53,434 | 49,470 | 51,621 | 63,566 |
| Other Liabilities | 3,541 | 2,538 | 3,629 | 3,960 | 4,228 | 6,217 | 8,285 | 8,572 | 13,740 | 14,751 | 19,553 | 23,574 |
| Total Liabilities | 32,082 | 38,385 | 43,369 | 47,233 | 56,311 | 61,917 | 74,582 | 98,328 | 1,12,563 | 1,16,999 | 1,33,443 | 1,83,099 |
| Fixed Assets | 20,527 | 20,883 | 21,054 | 22,670 | 28,121 | 32,715 | 48,291 | 62,553 | 72,224 | 75,148 | 89,616 | 1,31,652 |
| CWIP | 1,276 | 1,967 | 4,514 | 4,545 | 4,483 | 3,216 | 3,697 | 4,023 | 6,637 | 10,936 | 11,706 | 12,689 |
| Investments | 260 | 545 | 1,161 | 1,079 | 782 | 1,178 | 2,236 | 3,161 | 7,432 | 4,289 | 4,659 | 5,449 |
| Other Assets | 10,020 | 14,990 | 16,641 | 18,938 | 22,924 | 24,808 | 20,358 | 28,591 | 26,271 | 26,627 | 27,461 | 33,308 |
| Total Assets | 32,082 | 38,385 | 43,369 | 47,233 | 56,311 | 61,917 | 74,582 | 98,328 | 1,12,563 | 1,16,999 | 1,33,443 | 1,83,099 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 3,057 | 2,381 | 4,063 | 5,608 | 6,029 | 7,402 | 7,556 | 10,420 | 11,900 | 15,018 | 17,226 | 20,356 |
| Investing | -2,485 | -4,153 | -2,629 | -3,846 | -4,368 | -749 | -14,064 | -5,493 | -16,716 | -6,947 | -9,788 | -13,191 |
| Financing | -237 | 2,170 | -1,325 | -1,889 | 2,313 | -4,256 | 3,514 | -586 | -2,734 | -7,800 | -6,916 | -5,483 |
| Net Cash Flow | 335 | 398 | 109 | -127 | 3,975 | 2,397 | -2,994 | 4,341 | -7,550 | 271 | 523 | 1,682 |
| Free Cash Flow | 1,828 | 270 | 315 | 2,910 | 3,143 | 3,843 | 5,208 | 6,774 | 2,962 | 7,628 | 9,228 | 5,074 |
| CFO/OP | 91 | 68 | 88 | 92 | 108 | 139 | 97 | 119 | 116 | 104 | 101 | 96 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 76 | 125 | 116 | 139 | 93 | 98 | 85 | 54 | 69 | 50 | 53 | 60 |
| Cash Conversion Cycle | 76 | 125 | 116 | 139 | 93 | 98 | 85 | 54 | 69 | 50 | 53 | 60 |
| Working Capital Days | 29 | -116 | 107 | 219 | -74 | -6 | -5 | -85 | -56 | -101 | -114 | -33 |
| ROCE % | 14% | 13% | 14% | 17% | 14% | 12% | 14% | 11% | 10% | 13% | 15% | 14% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Adani Ports insights
65 extracted metrics + investor summaries across FY07–FY27.
Documents
Frequently Asked Questions about Adani Ports
What does Adani Ports & Special Economic Zone Ltd do?
Where is Adani Ports & Special Economic Zone Ltd (ADANIPORTS) listed?
Which sector does Adani Ports & Special Economic Zone Ltd belong to?
What is the market capitalisation of Adani Ports & Special Economic Zone Ltd?
What is the PE ratio of Adani Ports & Special Economic Zone Ltd?
What is the 52-week high and low of Adani Ports & Special Economic Zone Ltd?
Does Adani Ports & Special Economic Zone Ltd pay dividends?
What is the Return on Equity (ROE) of Adani Ports & Special Economic Zone Ltd?
Company Information
Adani Ports & Special Economic Zone is in the business of development, operations and maintenance of port infrastructure (port services and related infrastructure development) and has linked multi product Special Economic Zone (SEZ) and related infrastructure contiguous to Port at Mundra.
For AI agents and developers
Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/ADANIPORTS.md for Adani Ports & Special Economic Zone Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.
Append .md to any Tapetide URL for the
same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live,
structured queries instead of documents, use our MCP server.