Adani Ports & Special Economic Zone Ltd logo

Adani Ports & Special Economic Zone Ltd

ADANIPORTS NSE

Key Fundamentals

LargecapPort & Port ServicesTransport
Market Cap
3.9L Cr
Volatility
Moderate
P/E Ratio
29.11
EBITDA
₹24,970 Cr
Return on Equity
12.91%
Debt to Equity
0.66
Book Value
₹416.5
EPS
₹46.34
52W High
₹1,891.1
52W Low
₹1,292

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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55 extracted metrics + investor summaries across FY12–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

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 4.06 times its book value
  • Promoter holding has decreased over last quarter: -1.99%
  • Tax rate seems low

Growth Rate

Revenue Growth
26.16% ↗
Net Income Growth
15.56% ↗
Cash Flow Change
18.17% ↗
ROE
-24.15% ↘
ROCE
-16.97% ↘
EBITDA Margin (Avg.)
-2.64% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 21h ago
AI opinion · based on fundamentals
Risk medium

Adani Ports & SEZ (APSEZ) is India's largest integrated transport utility with a market cap of ~₹3.90 lakh crore, trading at a P/E of 29.8x and P/B of 4.07x. The company delivered FY25 PAT of ₹11,061 Cr (up 37% YoY) on cargo volumes of 450 MMT, while net debt-to-EBITDA improved to 1.9x from 2.3x in FY24, reflecting both strong operational momentum and deleveraging progress.

Bull Case 8
  • Compounded profit growth of 21% CAGR over 5 years and FY25 PAT up 37% YoY to ₹11,061 Cr demonstrates consistent earnings expansion
  • Revenue CAGR of 25% over 5 years and TTM sales growth of 24% shows sustained top-line momentum across cycles
  • Net debt-to-EBITDA improved from 2.3x in FY24 to 1.9x in FY25 with cash balance of ₹8,991 Cr, indicating meaningful deleveraging
  • Cargo volumes grew 7% YoY to 450 MMT in FY25 with FY26 EBITDA guidance raised to ₹21,000-22,000 Cr, signalling management confidence
  • Median sales growth of 20.3% over the last 10 years with compounded sales CAGR of 18% over the same period reflects a durable structural growth franchise
  • AAA credit rating from all four domestic agencies (CRISIL, ICRA, CARE, India Ratings) and average cost of debt declining to 7.9% in FY25 from 9% in FY24 lowers financing risk
  • Stock CAGR of 20% over 10 years and 31% over 1 year indicates strong long-term wealth compounding alongside earnings growth
  • All-India container market share reached 45.8% in Q3 FY26, reinforcing near-monopoly positioning in port logistics
Bear Case 8
  • P/B ratio of 4.07x is elevated for an infrastructure business, implying significant growth expectations are already priced in
  • Promoter holding decreased by 1.99% in the last quarter, which may signal insider liquidity needs or dilution concerns
  • P/E of 29.8x is above the historical average for port operators and leaves limited margin of safety if growth slows
  • ROE has slightly declined from 18% (3-year average) to 16% last year, suggesting diminishing marginal returns on equity as the asset base expands
  • Dividend yield of only 0.44% offers minimal income return relative to the valuation, placing near-total reliance on capital appreciation
  • Effective tax rate appears low, and any normalisation toward the statutory 25% rate could compress net profit margins
  • Adani Group governance and related-party transaction risks remain an overhang, as highlighted by past short-seller reports and ongoing regulatory scrutiny
  • Aggressive inorganic growth (Gopalpur, NQXT Australia, Colombo) carries integration risk and could pressure returns if synergies are slower than projected

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 21h ago
Positives 3
  • Q1 EBITDA beats guidance at 19% Jul 29

    Q1FY27 EBITDA grew 19% YoY, significantly exceeding FY27 guidance of 9-14%. Revenue rose 19% and profit increased 10%, with S&P upgrading rating to BBB.

  • Cargo volume surges 15% in July Aug 03

    Handled 46.3 MMT cargo in July 2026, up 15% YoY. Dry cargo led growth with a 21% rise.

  • Inaugural TNFD nature-positive report Jul 24

    Published first TNFD report for FY26 with targets for No Net Loss by 2045 and Net Positive Impact by 2050, signaling ESG commitment.

Neutral 4
  • Heavy institutional block trade activity Aug 07

    Multiple block trades executed between Jul 27 and Aug 7 totaling over ₹768 crore across NSE and BSE at prices ranging from ₹1689-₹1756 per share, reflecting sustained institutional interest.

  • Investor meetings scheduled in August Aug 06

    Company will meet institutional investors and analysts in Mumbai on August 12, 18, and 19, 2026.

  • Denies UK port acquisition reports Jul 29

    Refuted media reports of acquiring a stake in UK's Associated British Ports, stating it does not comment on speculation.

  • Q4FY26 earnings call audio released Jul 29

    Released audio recording of earnings call for quarter ended June 30, 2026, held on July 29.

TL;DR: Adani Ports is delivering strong operational and financial performance, with Q1FY27 EBITDA growth of 19% beating its own full-year guidance and cargo volumes up 15% YoY. S&P's upgrade to BBB reflects improving credit quality. No material headwinds are visible in recent news, and heavy block trade activity suggests sustained institutional confidence. The trend is clearly positive heading into FY27, though maintaining this growth pace against a higher base will be the key watch item.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Shareholding Pattern

As of Jun 2026
Promoters 66.03%
FIIs 15.58%
DIIs 13.60%
Public 3.78%
Others 1.01%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Feb 2022Mar 2022Jun 2022Sep 2022Oct 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
63.74%
63.79%
63.83%
63.83%
65.04%
65.54%
66.02%
66.02%
64.56%
65.13%
61.03%
62.89%
65.53%
65.89%
65.89%
65.89%
65.89%
65.89%
65.89%
65.89%
65.89%
68.02%
68.02%
66.03%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
14.98%
15.19%
15.22%
13.94%
13.43%
13.52%
13.61%
13.10%
13.25%
15.58%
DIIs
14.79%
14.80%
15.79%
15.85%
15.29%
15.30%
15.03%
15.07%
15.03%
14.48%
12.70%
12.45%
13.28%
11.85%
11.83%
12.48%
13.26%
14.20%
14.73%
15.14%
15.03%
13.89%
13.85%
13.60%
Government
0.07%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
2.73%
4.13%
3.67%
3.53%
3.35%
3.27%
3.61%
3.47%
4.01%
4.11%
5.40%
5.02%
4.72%
4.71%
4.71%
5.34%
4.56%
4.82%
4.82%
4.38%
4.38%
4.00%
3.88%
3.78%
Others
18.66%
17.25%
16.68%
16.76%
16.29%
15.86%
15.32%
15.42%
16.39%
16.27%
20.86%
19.64%
16.46%
17.55%
2.59%
1.10%
1.07%
1.14%
1.13%
1.07%
1.09%
0.99%
1.00%
1.01%
No. of Shareholders
4,05,935
7,16,271
6,16,114
6,22,237
6,27,910
6,26,791
7,27,228
7,33,142
7,33,148
7,32,360
10,98,600
10,24,110
9,44,166
9,70,247
9,91,001
12,74,010
11,86,670
12,53,860
12,62,910
11,85,340
11,66,910
11,66,920
10,95,770
10,72,320

Documents

Frequently Asked Questions about Adani Ports & Special Economic Zone Ltd

What does Adani Ports & Special Economic Zone Ltd do?
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.
Where is Adani Ports & Special Economic Zone Ltd (ADANIPORTS) listed?
Adani Ports & Special Economic Zone Ltd is listed on the Indian stock exchanges. It is listed on NSE: ADANIPORTS and BSE: 532921. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Adani Ports & Special Economic Zone Ltd belong to?
Adani Ports & Special Economic Zone Ltd operates in the Transport sector within the Port & Port Services industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Adani Ports & Special Economic Zone Ltd?
Adani Ports & Special Economic Zone Ltd has a market capitalisation of approximately ₹387756.32 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Adani Ports & Special Economic Zone Ltd?
The Price-to-Earnings (PE) ratio of Adani Ports & Special Economic Zone Ltd is 29.11. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Adani Ports & Special Economic Zone Ltd?
Over the past 52 weeks, Adani Ports & Special Economic Zone Ltd has traded between a low of ₹1,292 and a high of ₹1,891.1. This range helps investors understand the stock's price volatility and recent trading levels.
Does Adani Ports & Special Economic Zone Ltd pay dividends?
Yes, Adani Ports & Special Economic Zone Ltd has a dividend yield of 0.44%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Adani Ports & Special Economic Zone Ltd?
Adani Ports & Special Economic Zone Ltd has a Return on Equity (ROE) of 12.91%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Adani Ports & Special Economic Zone Ltd on Tapetide?
On Tapetide, you can view Adani Ports & Special Economic Zone Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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.

Website adaniports.com
CEO Mr. Ashwani Gupta
Employees 3,118
Listed 2007-11-27
Face Value ₹ 2
Issued Size 2,16,01,38,945

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