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Adani Ports & Special Economic Zone

ADANIPORTS NSE
₹1,910.00 +43.10 (+2.31%)
P/E
32.30
View as Markdown
MCP
Close 4 Nov 2026 ₹1,910.00 +473.20 +32.9% 1Y
Start ₹1,436.80

Key Fundamentals

LargecapTransport InfrastructureServices

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
14.10%
Debt to Equity
0.65
EPS (TTM)
₹59.13
Book Value
₹443.76
Market Cap
—
P/E (TTM)
32.30
P/B
4.30
ROE
16.40%
Dividend Yield
0.40%
EBITDA
₹24,970 Cr
52W High
₹1,921.30
52W Low
₹1,292.00
Day Range
₹1,857.30 – ₹1,921.30
Volume
44,51,100

Tapetide Score

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

Overall score

54 Average

Data confidence 100/100

Category scores

Quality
71
Strong
Returns, margins, earnings quality 22% weight
Valuation
31
Poor
Cheap vs sector & own history 24% weight
Growth
62
Good
Sales & profit trajectory 9% weight
Financial Health
39
Weak
Solvency, leverage, coverage 9% weight
Momentum
77
Strong
Trend strength, vol-adjusted 12% weight
Ownership
52
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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

2
  • Stock is trading at 4.17 times its book value
  • Tax rate seems low

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish4312
OscillatorsBearish432
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
67.24
Neutral
MACD (12,26,9)
30.87
Bullish
SMA (50)
1,754.32
Bullish
SMA (200)
1,659.96
Bullish

As of

Analyst Rating

Based on 23 analysts
BUY100%

23 of 23 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
23
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+18.48%
5Y+25.28%
3Y+22.93%
1Y+27.11%
TTM+22.62%

Net profit

Net profit growth by window
10Y+16.17%
5Y+20.41%
3Y+33.34%
1Y+15.56%
TTM+14.29%

Operating cash flow

Operating cash flow growth by window
10Y+23.93%
5Y+21.92%
3Y+19.60%
1Y+18.17%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−5.34 pp
5Y−10.19 pp
3Y+6.54 pp
1Y−1.41 pp
TTM−1.04 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹8,439 Cr
Mar 2018₹11,323 Cr
Mar 2019₹10,925 Cr
Mar 2020₹11,873 Cr
Mar 2021₹12,550 Cr
Mar 2022₹17,119 Cr
Mar 2023₹20,852 Cr
Mar 2024₹26,711 Cr
Mar 2025₹30,475 Cr
Mar 2026₹38,736 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹3,902 Cr
Mar 2018₹3,690 Cr
Mar 2019₹4,045 Cr
Mar 2020₹3,785 Cr
Mar 2021₹5,049 Cr
Mar 2022₹4,953 Cr
Mar 2023₹5,391 Cr
Mar 2024₹8,104 Cr
Mar 2025₹11,061 Cr
Mar 2026₹12,782 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹6,651 Cr −7.4% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk medium

Adani Ports & SEZ trades at ₹1,910 as of 2026-11-04 with a market cap of ₹4,39,803 crore, near its 52-week high of ₹1,921. The company has demonstrated strong compounded sales growth of 25% over five years alongside a debt-to-equity ratio of 0.66, presenting a mix of growth momentum and valuation richness at a P/E of 32.3 and P/B of 4.3.

Bull Case 7
  • Compounded sales growth of 25% over the last 5 years and 23% over 3 years reflects sustained revenue expansion in port operations
  • Compounded profit growth of 21% CAGR over 5 years demonstrates improving operating leverage and earnings scalability
  • Median sales growth of 20.3% over the last 10 years indicates a long track record of consistent top-line delivery
  • Stock CAGR of 34% over 3 years and 29% over 1 year shows strong price momentum heading into the current level of ₹1,910
  • ROE has averaged 17% over 10 years and 18% over 3 years, reflecting consistently healthy returns on shareholder equity
  • Debt-to-equity at 0.66 is manageable for a capital-intensive port and infrastructure business, suggesting the balance sheet is not over-leveraged
  • TTM sales growth of 23% indicates the business continues to grow at a pace consistent with its multi-year trend rather than decelerating
Bear Case 7
  • P/E of 32.3 on TTM basis prices in significant future growth, leaving limited room for earnings disappointment
  • P/B ratio of 4.3 means the stock trades at a steep premium to book value, which can compress if growth slows
  • Dividend yield of just 0.4% offers minimal income return, making shareholders almost entirely dependent on capital appreciation
  • TTM profit growth of 15% has decelerated from the 5-year CAGR of 21% and 3-year CAGR of 27%, suggesting earnings momentum may be fading
  • The apparently low tax rate raises questions about the sustainability of reported earnings if tax benefits normalize or expire
  • ROCE of 11.5% trails the ROE of 12.91%, indicating that leveraged capital is earning returns only modestly above typical borrowing costs
  • Last year ROE of 16% dipped below the 3-year average of 18%, hinting at possible dilution of return efficiency

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

AI News Digest

9h ago

TL;DR: Adani Ports is delivering strong operational momentum with October cargo volumes up 27% YoY and broad-based growth across dry, container, and liquid segments. International expansion continues with a new Oman subsidiary. On the risk side, GQG Partners trimming its stake and a sizable block trade hint at some institutional profit-taking. The operational trend remains firmly positive, but investor flows bear watching in the near term.

Headwinds 1
  • Large block trade executed Oct 13

    A confirmed block deal of ₹266.64 crore was executed on NSE at ₹1,757 per share for ~15.17 lakh shares, suggesting institutional repositioning.

Positives 2
  • Oct cargo up 27% YoY Nov 2

    Adani Ports handled 51 MMT of cargo in October 2026, up 27% YoY. Dry cargo surged 36% YoY while container and liquid cargo each rose 21% YoY, with YTD volumes at 331 MMT (+16% YoY).

  • New Oman terminal subsidiary Oct 22

    Incorporated Indian Ocean Gateway Terminal in Oman on October 21, 2026 as a wholly owned subsidiary with OMR 5,00,000 share capital, expanding its global port footprint.

Quarterly Results

₹ Cr
ADANIPORTS quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
6,646
6,920
6,896
7,560
7,067
7,964
8,488
9,126
9,167
9,705
10,738
10,821
11,340
Expenses
2,982
2,724
2,887
2,820
2,700
3,161
3,482
3,631
3,827
3,919
4,718
4,568
4,534
Operating Profit
3,664
4,196
4,009
4,739
4,367
4,802
5,006
5,495
5,340
5,786
6,020
6,253
6,807
OPM %
55%
61%
58%
63%
62%
60%
59%
60%
58%
60%
56%
58%
60%
Other Income
351
507
−70
349
254
247
426
453
837
189
900
853
378
Interest
520
976
619
484
659
923
715
846
1,223
980
1,605
1,087
1,006
Depreciation
974
985
979
1,012
1,077
1,106
1,185
1,255
1,264
1,384
1,615
1,711
1,713
PBT
2,521
2,741
2,341
3,593
2,887
3,020
3,532
3,848
3,690
3,611
3,700
4,307
4,466
Tax %
30%
19%
14%
14%
16%
17%
14%
14%
15%
16%
11%
15%
18%
Net Profit
1,762
2,208
2,015
3,107
2,413
2,518
3,023
3,311
3,120
3,043
3,308
3,650
3,682
EPS (₹)
8.09
10.22
9.44
14.41
11.32
11.67
13.95
15.34
14.39
13.25
14.45
15.71
15.72

Profit & Loss

₹ Cr
ADANIPORTS profit and loss, annual, ₹ crore
Particulars 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
42,603
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
17,738
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
24,865
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
2,320
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
4,678
Depreciation
912
1,063
1,160
1,188
1,373
1,680
2,107
3,099
3,425
3,888
4,379
5,517
6,423
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
16,084
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
13,683
EPS (₹)
11.18
13.99
18.89
17.74
19.27
18.52
24.58
23.13
24.58
37.55
51.35
55.58
59.13
Div. Payout %
10%
8%
7%
11%
1%
17%
20%
22%
20%
16%
14%
13%
—

Balance Sheet

₹ Cr
ADANIPORTS balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
414
414
414
414
414
406
406
422
432
432
432
461
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
1,01,779
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
65,998
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
28,682
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
1,96,921
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
1,35,022
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
19,266
Investments
260
545
1,161
1,079
782
1,178
2,236
3,161
7,432
4,289
4,659
5,449
5,399
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
37,234
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
1,96,921

Cash Flow

₹ Cr
ADANIPORTS cash flow, annual, ₹ crore
Particulars 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/EBITDA
91
68
88
92
108
139
97
119
116
104
101
96

Ratios

ADANIPORTS financial ratios, annual
Particulars 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%

Insights

Beta

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

Log in to view Adani Ports insights

64 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 66.03%
  • FIIs 15.95%
  • DIIs 13.25%
  • Public 3.75%
  • Others 1.02%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Adani Ports & Special Economic Zone

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 trades as ADANIPORTS on the NSE and under code 532921 on the BSE.
Which sector does Adani Ports & Special Economic Zone Ltd belong to?
Adani Ports & Special Economic Zone Ltd is classified under the Services sector, in the Transport Infrastructure industry.
What is the PE ratio of Adani Ports & Special Economic Zone Ltd?
Adani Ports & Special Economic Zone Ltd trades at a PE ratio of 32.30 as of 4 Nov 2026, on earnings per share of ₹59.13, against a book value of ₹443.76 per share.
What is the 52-week high and low of Adani Ports & Special Economic Zone Ltd?
Over the last 52 weeks Adani Ports & Special Economic Zone Ltd has traded between ₹1,292 and ₹1,921.3 as of 4 Nov 2026.
Does Adani Ports & Special Economic Zone Ltd pay dividends?
Adani Ports & Special Economic Zone Ltd has a dividend yield of 0.40%.
What is the Return on Equity (ROE) of Adani Ports & Special Economic Zone Ltd?
Adani Ports & Special Economic Zone Ltd reported a return on equity of 16.40%. Its debt-to-equity ratio is 0.65.

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 27 Nov 2007
Face Value ₹2

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