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/E163.2

Book Value₹ 274

Price to Book4.91

Dividend Yield0.42 %

ROCE8.0 %

ROE3.6 %

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

Latest quarter profit grew 208.5% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.35x)
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

A large part of profit comes from other income (137.0% of PBT)
Recent results are weak - TTM profit is down 49.4% versus prior year
Company has a low return on equity of 6.0% over last 3 years
Company has a low return on capital employed of 8.2%
Interest coverage is weak at 1.4x - earnings barely cover interest

* 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

Standalone Figures in Rs. Crores / View Consolidated

	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
	1,427	1,530	1,887	1,964	1,890	1,803	2,182	2,131	1,839	2,058	1,860	2,773	2,244
	501	767	703	832	831	536	1,092	720	681	542	847	2,499	1,620
Operating Profit	926	762	1,184	1,132	1,060	1,267	1,090	1,412	1,158	1,516	1,013	274	624
OPM %	64.88%	49.83%	62.75%	57.64%	56.06%	70.26%	49.96%	66.23%	62.99%	73.65%	54.48%	9.87%	27.80%
	500	416	588	524	860	540	521	527	589	1,033	497	743	1,260
Interest	683	700	794	667	664	771	848	637	849	1,874	904	767	730
Depreciation	160	165	168	162	164	163	163	170	163	166	166	192	182
Profit before Tax	583	313	810	826	1,092	872	599	1,131	734	509	441	57	1,884
Tax %	32.37%	37.45%	35.09%	24.63%	28.97%	34.41%	31.79%	29.42%	31.26%	11.72%	34.94%	-249.87%	17.31%
Net Profit	394	196	525	623	776	572	409	798	505	449	287	199	1,557
	1.82	0.91	2.43	2.88	3.59	2.65	1.89	3.70	2.34	2.08	1.32	0.86	6.76

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	4,879	6,534	5,336	4,643	4,377	4,206	5,237	6,807	7,913	8,535	8,935
	1,332	2,326	1,998	3,209	1,506	2,553	1,966	2,382	2,665	3,014	5,509
Operating Profit	3,547	4,208	3,339	1,434	2,871	1,654	3,271	4,425	5,248	5,521	3,426
OPM %	72.70%	64.40%	62.56%	30.88%	65.59%	39.31%	62.45%	65.00%	66.32%	64.68%	38.35%
	1,485	1,310	2,276	3,030	2,985	1,927	1,530	1,981	2,715	2,898	3,533
Interest	1,198	1,218	1,477	1,879	2,327	2,509	5,216	3,218	3,118	5,503	4,276
Depreciation	541	471	474	553	619	600	613	656	661	687	706
Profit before Tax	3,293	3,829	3,664	2,032	2,910	472	-1,028	2,532	4,185	2,229	2,890
Tax %	5.84%	37.11%	28.00%	4.80%	33.74%	68.72%	53.37%	31.34%	30.31%	19.56%	13.76%
Net Profit	3,101	2,408	2,638	1,934	1,928	148	-479	1,738	2,916	1,793	2,492
EPS	14.97	11.63	12.74	9.43	9.49	0.68	-2.22	8.05	13.50	7.78	—
Dividend Payout %	8.68%	17.20%	1.57%	33.61%	52.69%	715.72%	-225.29%	74.56%	51.85%	96.38%	—

COMPOUNDED SALES GROWTH

10 Years:: 6%
5 Years:: 14%
3 Years:: 18%

COMPOUNDED PROFIT GROWTH

10 Years:: -5%
5 Years:: -1%
3 Years:: —

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 8%
5 Years:: 3%
3 Years:: 6%
Last Year:: 4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	16,285	17,703	20,077	19,292	21,228	25,817	28,104	28,756	38,799	61,213
	20,735	20,960	25,710	28,454	34,530	45,418	48,150	49,884	42,824	47,828
Trade Payables	258	213	194	218	217	461	579	436	443	505
	-197	411	223	2,488	1,694	5,414	1,181	2,593	3,723	3,462
Total Liabilities	37,495	39,702	46,620	50,858	58,075	77,532	78,446	82,101	86,220	1,13,469
	8,390	7,957	9,074	10,583	10,282	10,039	10,190	10,041	11,353	11,067
Capital Work in Progress	1,458	1,627	775	675	590	614	638	810	836	1,136
	10,410	10,542	13,957	15,616	21,695	33,748	45,973	46,125	52,292	69,098
	523	363	625	87	74	79	79	88	90	58
	0	0	0	0	0	0	0	1,243	1,304	1,346
Cash & Bank	1,552	1,273	3,869	4,444	3,464	6,212	2,030	3,755	1,644	2,401
	15,162	17,939	18,319	19,453	21,969	26,841	19,537	20,040	18,702	28,362
Total Assets	37,495	39,702	46,620	50,858	58,075	77,532	78,446	82,101	86,220	1,13,469

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,888	3,215	4,014	3,698	3,585	3,365	2,591	3,743	5,441	5,973
Cash from Investing	-4,181	-550	-2,403	-31	-7,967	-8,803	-4,025	-1,994	-2,516	-4,157
Cash from Financing	1,717	-1,926	2,555	-2,581	3,827	7,308	-3,452	-1,468	-2,808	-1,969
	-151	-64	3,367	558	-1,098	1,517	-4,763	281	118	-154

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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

News

Recent coverage and analyst commentary for ADANIPORTS

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Adani Ports and Special Economic Zone Ltd.

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Name

ADANIPORTS

1765.00

31.01

406648.78

0.42

3649.50

10.24

10820.80

18.57

15.03

60.26

JSWINFRA

343.05

53.82

79930.70

0.26

357.60

-8.21

1444.83

18.06

14.26

46.64

GPPL

161.70

13.99

7817.22

6.43

147.90

41.77

331.77

32.47

29.46

64.86

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

1,427

1,530

1,887

1,964

1,890

1,803

2,182

2,131

1,839

2,058

1,860

2,773

2,244

501

767

703

832

831

536

1,092

720

681

542

847

2,499

1,620

Operating Profit

926

762

1,184

1,132

1,060

1,267

1,090

1,412

1,158

1,516

1,013

274

624

OPM %

64.88%

49.83%

62.75%

57.64%

56.06%

70.26%

49.96%

66.23%

62.99%

73.65%

54.48%

9.87%

27.80%

500

416

588

524

860

540

521

527

589

1,033

497

743

1,260

Interest

683

700

794

667

664

771

848

637

849

1,874

904

767

730

Depreciation

160

165

168

162

164

163

170

163

166

192

182

Profit before Tax

583

313

810

826

1,092

872

599

1,131

734

509

441

1,884

Tax %

32.37%

37.45%

35.09%

24.63%

28.97%

34.41%

31.79%

29.42%

31.26%

11.72%

34.94%

-249.87%

17.31%

Net Profit

394

196

525

623

776

572

409

798

505

449

287

199

1,557

1.82

0.91

2.43

2.88

3.59

2.65

1.89

3.70

2.34

2.08

1.32

0.86

6.76

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

4,879

6,534

5,336

4,643

4,377

4,206

5,237

6,807

7,913

8,535

8,935

1,332

2,326

1,998

3,209

1,506

2,553

1,966

2,382

2,665

3,014

5,509

Operating Profit

3,547

4,208

3,339

1,434

2,871

1,654

3,271

4,425

5,248

5,521

3,426

OPM %

72.70%

64.40%

62.56%

30.88%

65.59%

39.31%

62.45%

65.00%

66.32%

64.68%

38.35%

1,485

1,310

2,276

3,030

2,985

1,927

1,530

1,981

2,715

2,898

3,533

Interest

1,198

1,218

1,477

1,879

2,327

2,509

5,216

3,218

3,118

5,503

4,276

Depreciation

541

471

474

553

619

600

613

656

661

687

706

Profit before Tax

3,293

3,829

3,664

2,032

2,910

472

-1,028

2,532

4,185

2,229

2,890

Tax %

5.84%

37.11%

28.00%

4.80%

33.74%

68.72%

53.37%

31.34%

30.31%

19.56%

13.76%

Net Profit

3,101

2,408

2,638

1,934

1,928

148

-479

1,738

2,916

1,793

2,492

EPS

14.97

11.63

12.74

9.43

9.49

0.68

-2.22

8.05

13.50

7.78

—

Dividend Payout %

8.68%

17.20%

1.57%

33.61%

52.69%

715.72%

-225.29%

74.56%

51.85%

96.38%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

414

406

422

432

461

16,285

17,703

20,077

19,292

21,228

25,817

28,104

28,756

38,799

61,213

20,735

20,960

25,710

28,454

34,530

45,418

48,150

49,884

42,824

47,828

Trade Payables

258

213

194

218

217

461

579

436

443

505

-197

411

223

2,488

1,694

5,414

1,181

2,593

3,723

3,462

Total Liabilities

37,495

39,702

46,620

50,858

58,075

77,532

78,446

82,101

86,220

1,13,469

8,390

7,957

9,074

10,583

10,282

10,039

10,190

10,041

11,353

11,067

Capital Work in Progress

1,458

1,627

775

675

590

614

638

810

836

1,136

10,410

10,542

13,957

15,616

21,695

33,748

45,973

46,125

52,292

69,098

523

363

625

1,243

1,304

1,346

Cash & Bank

1,552

1,273

3,869

4,444

3,464

6,212

2,030

3,755

1,644

2,401

15,162

17,939

18,319

19,453

21,969

26,841

19,537

20,040

18,702

28,362

Total Assets

37,495

39,702

46,620

50,858

58,075

77,532

78,446

82,101

86,220

1,13,469

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

2,888

3,215

4,014

3,698

3,585

3,365

2,591

3,743

5,441

5,973

Cash from Investing

-4,181

-550

-2,403

-31

-7,967

-8,803

-4,025

-1,994

-2,516

-4,157

Cash from Financing

1,717

-1,926

2,555

-2,581

3,827

7,308

-3,452

-1,468

-2,808

-1,969

-151

-64

3,367

558

-1,098

1,517

-4,763

281

118

-154

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

65.89

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

6.44

5.63

5.96

5.44

5.47

4.99

4.88

4.79

Adani Ports and Special Economic Zone Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Adani Ports and Special Economic Zone Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI