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 4.24 times its book value
- Promoter holding has decreased over last quarter: -1.99%
- Tax rate seems low
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAdani Ports & SEZ Ltd commands a market cap of ₹4,05,059 Cr with a PE of 30.9x and a price-to-book of 4.22x. The company has delivered compounded sales growth of 25% over five years and profit growth of 21% CAGR over the same period, while ROE has averaged 17% over the last decade.
- Strong revenue growth trajectory with 5-year compounded sales CAGR of 25% and 10-year sales CAGR of 18%, indicating consistent top-line expansion
- Healthy profit growth of 21% CAGR over 5 years and 27% CAGR over 3 years, showing accelerating earnings momentum
- Consistent return on equity averaging 17% over 5 and 10 years, reflecting efficient capital deployment in a capital-intensive infrastructure business
- Median sales growth of 20.3% over the last 10 years demonstrates durable demand and volume ramp-up across port assets
- TTM sales growth of 24% suggests the business continues to scale even on a larger revenue base
- Stock CAGR of 27% over 1 year and 21% over 10 years reflects sustained long-term wealth creation and market confidence
- Large market cap of ₹4,05,059 Cr provides liquidity, index inclusion benefits, and positions the company as India's dominant private port operator
- Stock trades at 4.22x book value, well above typical infrastructure peers, leaving limited margin of safety if growth slows
- Promoter holding decreased by 1.99% in the last quarter, which may signal dilution, pledging activity, or reduced insider confidence
- PE ratio of 30.9x is elevated for a transport infrastructure company, pricing in significant future growth that must be delivered
- ROE declined from a 3-year average of 18% to 16% in the last year, suggesting some compression in return efficiency
- Tax rate appears low, and any normalization toward statutory rates could compress net margins and reported earnings
- TTM profit growth of 17% lags TTM sales growth of 24%, indicating margin pressure or rising cost structure in recent quarters
- Dividend yield of just 0.42% offers minimal income return, making the stock almost entirely dependent on capital appreciation
- 5-year stock CAGR of 19% trails the 3-year CAGR of 27%, and any mean reversion in sentiment could weigh on near-term returns
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Record 50 MMT cargo in August Sep 2
Adani Ports handled a record 50 MMT of cargo in August 2026, up 19% YoY. YTD volumes rose 16% to 234.4 MMT, driven by dry cargo and containers.
- Paradip Port capacity expansion Sep 9
Won Letter of Award for two dry bulk berths at Paradip Port, Odisha, adding 18 MMT capacity under a 30-year lease arrangement.
- Empty container yard at Mundra Sep 3
Launched a dedicated Empty Container Yard at Mundra Port to streamline logistics and improve turnaround times, supporting the Ambition 2031 capacity roadmap.
- SEBI settlement for Adani executives Sep 11
SEBI settlement order dated Sep 10 for former CFO B. Ravi and MD Karan Adani, each paying ₹13.65 lakh for alleged LODR disclosure violations. Company reports nil financial impact.
- Global investor roadshows planned Aug 17
US non-deal roadshow scheduled Aug 24-28, London and Abu Dhabi meetings Sep 7-9, and a Vizhinjam port visit on Sep 19, signaling active global investor engagement.
TL;DR: Adani Ports is delivering strong operational momentum with record cargo volumes (50 MMT in August, +19% YoY) and actively expanding capacity at Paradip and Mundra. The SEBI settlement is a minor regulatory footnote with no financial impact on the company. Aggressive global investor outreach suggests management confidence, and the volume growth trajectory into FY27 remains firmly positive.
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
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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.
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