NSE: ADANIPORTS · BSE: 532921
ADANI PORT & SEZ LTD
Operates a network of domestic and international ports together with integrated logistics services. The Port and SEZ Activities segment is the dominant earner, generating Rs 33,532 cr of segment revenue (86%) and Rs 16,942.41 cr of EBIT in the period ending 31 March 2026, by charging tariffs, cargo handling fees, and SEZ rentals to importers, exporters, shipping lines, and SEZ tenants across facilities including Mundra. The 'Others' segment contributed Rs 5,438.6 cr (14%) and Rs 649.24 cr EBIT, covering logistics businesses such as trucking, an Inland Ferry Network, and a marine fleet. In Q1 FY27, domestic ports delivered a 74% EBITDA margin while international ports posted Rs 1,747 cr of revenue (+80% YoY) led by Australian and Colombo ramp-up. Total Q1 FY27 consolidated revenue reached Rs 10,821 cr and EBITDA Rs 6,541 cr, both up 19% YoY, with net debt to EBITDA at 1.9x. The cost structure has no materials component and is dominated by other operating expenses (34.9% of revenue) and depreciation (14.2%). Capacity is targeted to reach 1 billion metric tons by 2031. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Port and SEZ Activities (86%), Others (14%). Asset-heavy port and logistics operator with high depreciation and capex (capex 39.6% of revenue).
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 15,934 | 20,852 | 26,711 | 31,079 | 38,736 |
| EBITDA (ex other income) | 8,474 | 9,674 | 15,490 | 18,775 | 22,644 |
| margin % | 53.2 | 46.4 | 58.0 | 60.4 | 58.5 |
| Owners' profit | 4,728 | 5,310 | 8,111 | 11,092 | 915 |
| EPS, as reported (₹) | 22.39 | 24.58 | 37.55 | 51.35 | 58.23 |
| ROE % · ROCE % | 12.4 · 9.4 | 11.5 · 7.5 | 14.9 · 12.8 | 17.0 · 13.7 | 12.9 · 11.4 |
| Debt / equity (x) | 1.18 | 1.08 | 0.85 | 0.71 | 0.56 |
| Cash from operations | 9,800 | 11,933 | 15,018 | 17,226 | 20,356 |
| Capex | (3,749) | (9,125) | (7,416) | (8,049) | (15,320) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,067 | 7,964 | 8,488 | 9,126 | 9,167 | 9,705 | 10,738 | 10,821 |
| Profit before tax | 2,887 | 2,969 | 3,363 | 3,690 | 3,900 | 3,510 | 3,490 | 4,595 |
| Net profit | 2,413 | 2,518 | 3,023 | 3,311 | 3,120 | 3,043 | 3,308 | 3,650 |
| EPS (₹) | 11.32 | 11.67 | 13.95 | 15.34 | 14.39 | 14.04 | 14.45 | 15.71 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Port and SEZ Activities | 17,147 | 44.0 |
| Others | 5,439 | 14.0 |
| Port and SEZ activities | 16,385 | 42.0 |
| Total, before eliminations | 38,971 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADANI PORT & SEZ LTD ◆ | 4,04,228 | 29.9 | 4.08 | 18.3 | 12.9 | 8.6 | 25.3 | 68.3 |
| JSW INFRASTRUCTURE LTD | 73,690 | 44.5 | 6.30 | 27.6 | 13.2 | 10.2 | — | 50.6 |
| GUJARAT PIPAVAV PORT LTD | 7,742 | 13.8 | 3.24 | 9.7 | 21.6 | 25.6 | 9.6 | 69.2 |
| ALLCARGO TERMINALS LTD | 634 | 15.7 | 1.80 | 3.6 | 12.5 | 4.3 | — | 23.1 |
| Starlog Enterprises Limited | 55 | — | 0.82 | — | (19.9) | (13.0) | (43.5) | 18.8 |
| VMS INDUSTRIES LTD. | 43 | 10.8 | 0.77 | — | 1.8 | 2.2 | — | 2.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.9 | 15.6 | 7 of 10 | 33% |
| P/B | 4.1 | 1.4 | 10 of 11 | 10% |
| ROCE | 8.6 | 6.7 | 7 of 14 | 54% |
| ROE | 12.9 | 12.4 | 4 of 11 | 70% |
| Debt / Equity | 0.6 | 0.4 | 8 of 11 | 30% |
| EBITDA margin | 68.3 | 39.5 | 5 of 15 | 71% |
| Revenue growth | 18.6 | 13.2 | 4 of 12 | 73% |
| Profit growth | 10.2 | 10.2 | 7 of 13 | 50% |
| Market cap | 404228 | 312 | 1 of 15 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · APSEZ incorporates wholly owned Oman ports subsidiary | strategic transactions | medium | — | — |
| 13 Oct 2026 · GQG Partners trims stake in Adani Ports, holding falls to 2.77% | ownership changes | high | — | — |
| 7 Oct 2026 · Routine quarterly RTA compliance certificate submitted | compliance | minimal | — | — |
| 6 Oct 2026 · Adani Ports incorporates wholly owned subsidiary for Paradip bulk berths | business updates | medium | — | — |
| 5 Oct 2026 · Board meeting on Oct 28, 2026 to approve Q2FY27 results | results | low | — | — |
| 5 Oct 2026 · Investor/analyst meet in Singapore on Nov 18-19, 2026 | board shareholder meetings | low | — | — |
| 2 Oct 2026 · APSEZ Sep'26 cargo volume up 11% to 46 MMT | business updates | medium | — | — |
| 30 Sept 2026 · APSEZ doubles Colombo West terminal capacity to 3.2 mn TEUs with USD 750 mn investment | compliance | low | — | — |
| 29 Sept 2026 · Trading Window Closed from Oct 1 Until Q2 Results Announcement | compliance | minimal | — | — |
| 29 Sept 2026 · SEBI Settlement Order passed; Adani Ports to pay Rs 37.05 lakh | regulatory legal | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.