Adani Ports and Special Economic Zone Ltd.

•

adaniports.comBSE: 532921NSE: ADANIPORTS

Market Cap₹ 4,06,649 Cr.

Current Price

High / Low₹ 1,891 / 1,292

Stock P/E31.0

Book Value₹ 434

Price to Book3.15

Dividend Yield0.42 %

ROCE15.0 %

ROE16.2 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Port and SEZ activities: 86.4% • Others: 13.6%

AI Sector View

AI GENERATED

Services

Buy

Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.

Confidence

72%

View full sector analysis →

PROS

Company has delivered good profit growth of 20.4% CAGR over last 5 years
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 25.3% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.65x)
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

Receivables are growing faster than sales - a possible quality concern
Working capital days have increased from -26 to 59 days
Operating margins have contracted to 59.0% from 70.1%
Recurring exceptional / one-off items are inflating headline profit
Though reporting repeated profits, the company pays out little dividend (13.5%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ServicesLogisticsPort

Part ofNIFTY 50 NIFTYLARGEMIDCAP250 NIFTY100 EQL WGT NIFTY TOTAL MKT NIFTY 500

S.No.	Name
1.	ADANIPORTS	1765.00	31.01	406648.78	0.42	3649.50	10.24	10820.80	18.57	15.03	60.26
2.	JSWINFRA	343.05	53.82	79930.70	0.26	357.60	-8.21	1444.83	18.06	14.26	46.64
3.	GPPL	161.70	13.99	7817.22	6.43	147.90	41.77	331.77	32.47	29.46	64.86

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	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
	2,494	2,787	2,734	2,867	2,743	2,698	3,186	3,576	3,631	3,617	3,837	4,920	7,079
Operating Profit	3,754	3,859	4,186	4,029	4,817	4,369	4,778	4,913	5,495	5,550	5,868	5,818	3,742
OPM %	60.08%	58.06%	60.49%	58.43%	63.71%	61.82%	59.99%	57.88%	60.22%	60.54%	60.46%	54.18%	34.58%
	395	-150	614	-70	349	254	196	257	620	837	88	690	853
Interest	633	715	976	604	484	659	899	622	1,170	1,223	1,061	1,403	1,355
Depreciation	950	974	985	979	1,012	1,077	1,106	1,185	1,255	1,264	1,384	1,615	1,711
Profit before Tax	2,566	2,020	2,839	2,376	3,670	2,887	2,969	3,363	3,690	3,900	3,510	3,490	4,307
Tax %	14.47%	15.05%	18.78%	13.73%	13.23%	16.37%	16.89%	15.13%	14.55%	14.62%	16.18%	11.22%	15.27%
Net Profit	0	0	0	0	3,107	2,413	2,518	3,023	3,311	3,120	3,043	3,308	3,650
	9.79	8.09	10.22	9.44	14.41	11.32	11.67	13.95	15.34	14.39	14.04	14.45	15.71

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	8,439	11,323	10,925	11,439	12,550	17,119	20,852	26,711	30,475	38,736	40,430
	3,025	4,499	4,334	5,934	4,566	7,594	8,018	10,847	12,054	15,884	19,453
Operating Profit	5,415	6,824	6,592	5,505	7,983	9,524	12,833	15,864	18,421	22,851	20,978
OPM %	64.16%	60.27%	60.33%	48.12%	63.62%	55.64%	61.55%	59.39%	60.45%	58.99%	51.89%
	1,318	856	1,336	2,375	2,685	1,834	510	1,177	1,904	1,911	2,468
Interest	1,393	1,257	1,428	1,951	2,255	2,560	4,480	2,897	3,059	4,654	5,042
Depreciation	1,160	1,188	1,373	1,680	2,107	3,099	3,425	3,888	4,379	5,517	5,974
Profit before Tax	4,179	5,234	5,126	4,244	6,292	5,717	5,487	10,094	13,030	14,849	15,208
Tax %	6.86%	29.50%	21.10%	10.82%	19.76%	13.36%	1.75%	19.71%	15.11%	13.92%	14.38%
Net Profit	3,892	3,690	4,045	3,785	5,049	4,953	5,391	8,104	11,061	12,782	13,021
EPS	18.89	17.74	19.27	18.35	24.58	22.62	24.58	37.55	51.35	55.58	—
Dividend Payout %	6.88%	11.27%	1.04%	17.28%	20.34%	21.62%	20.34%	15.98%	13.63%	13.49%	—

COMPOUNDED SALES GROWTH

10 Years:: 18%
5 Years:: 25%
3 Years:: 23%

COMPOUNDED PROFIT GROWTH

10 Years:: 16%
5 Years:: 21%
3 Years:: 34%

STOCK PRICE CAGR

10 Years:: 21%
5 Years:: 19%
3 Years:: 27%
1 Year:: 27%

RETURN ON EQUITY

10 Years:: 17%
5 Years:: 16%
3 Years:: 17%
Last Year:: 16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	414	414	414	406	406	422	432	432	432	461
Minority Interest	139	150	210	220	1,465	393	1,361	1,598	2,538	2,856
	16,946	20,489	24,124	25,051	30,035	37,794	44,957	52,346	61,837	95,498
	23,128	23,512	28,706	31,056	36,929	48,897	54,520	48,053	45,891	63,757
Trade Payables	456	490	572	729	1,014	1,160	2,296	1,912	2,720	2,736
	510	1,011	1,472	3,533	4,733	9,662	8,997	12,658	20,024	17,791
Total Liabilities	41,594	46,065	55,499	60,994	74,582	98,328	1,12,563	1,16,999	1,33,443	1,83,099
	21,054	22,670	28,121	32,715	48,291	62,553	70,922	73,803	88,157	1,29,793
Capital Work in Progress	4,514	4,545	4,483	3,216	3,697	4,023	6,637	10,936	11,592	12,672
	1,161	1,079	782	1,178	2,236	3,161	7,432	4,289	4,659	5,449
	657	520	807	288	992	396	452	438	522	685
	0	0	0	0	0	0	0	3,667	4,432	6,383
Cash & Bank	1,977	2,968	5,967	7,314	4,701	10,667	4,334	7,632	6,606	8,484
	12,231	14,282	15,338	16,283	14,665	17,528	22,787	16,236	17,474	19,633
Total Assets	41,594	46,065	55,499	60,994	74,582	98,328	1,12,563	1,16,999	1,33,443	1,83,099

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4,786	6,607	7,136	8,251	8,429	11,380	12,747	15,018	17,226	20,356
Cash from Investing	-2,639	-3,846	-4,424	-750	-14,143	-5,282	-19,560	-6,947	-9,787	-13,191
Cash from Financing	-1,325	-1,889	2,313	-4,256	3,514	-586	-2,734	-7,800	-6,916	-5,483
	98	-127	3,919	2,396	-3,073	4,553	-10,394	271	523	1,682

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	65.89	65.89	65.89	65.89	65.89	65.89	68.02	68.02	66.03
	15.18	15.21	13.93	13.42	13.52	13.60	13.09	13.24	15.58
	12.48	13.26	14.20	14.73	15.15	15.03	13.89	13.86	13.60
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	6.44	5.63	5.96	5.96	5.44	5.47	4.99	4.88	4.79

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

General Updates

2026-09-11 - Adani Ports and Special Economic Zone Limited has informed the Exchange about General Updates

2026-09-09

Awarding of order(s)/contract(s)

2026-09-09 - Adani Ports and Special Economic Zone Limited has informed the Exchange about receipt of Letter of Award (LOA) for development and operations of two dry bulk berths at Paradip Port, Odisha.

2026-09-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - Adani Ports and Special Economic Zone Limited has informed the Exchange about Schedule of meet

2026-09-03

Updates

2026-09-03 - Adani Ports and Special Economic Zone Limited has informed the Exchange regarding 'APSEZ to start Dedicated Empty Container Yard operations at Mundra Port and SEZ'.

2026-09-02

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-02 - Adani Ports and Special Economic Zone Limited has informed the Exchange about Schedule of meet

2026-09-02

Monthly Business Updates

2026-09-02 - Adani Ports and Special Economic Zone Limited has informed the Exchange regarding Monthly Business Updates for the month of August 2026

2026-09-01

General Updates

2026-09-01 - Adani Ports and Special Economic Zone Limited has informed the Exchange about Incorporation of step-down subsidiary.

2026-08-21

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-21 - Adani Ports and Special Economic Zone Limited has informed the Exchange about Schedule of meet

2026-08-17

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - Adani Ports and Special Economic Zone Limited has informed the Exchange about Schedule of meet

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