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).
| ₹ 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) |
| ₹ 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 |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADANI PORT & SEZ LTD ◆ | 4,06,555 | 30.1 | 4.11 | 18.4 | 12.9 | 8.6 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · SEBI settlement order against MD Karan Adani and former CFO | general | medium | — | — |
| 9 Sept 2026 · APSEZ wins LOA for two dry bulk berths at Paradip Port, 30-year concession | business updates | high | — | — |
| 7 Sept 2026 · Adani Ports schedules investor visit to Vizhinjam port on Sept 19 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · APSEZ to launch Dedicated Empty Container Yard at Mundra Port | compliance | low | — | — |
| 2 Sept 2026 · Adani Ports schedules investor/analyst meetings on Sep 17, 21 and 22, 2026 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · APSEZ hits record 50 MMT cargo in August 2026, up 19% YoY | business updates | high | — | — |
| 1 Sept 2026 · Adani Ports incorporates step-down arm Astro Offshore MESA in Saudi Arabia | strategic transactions | medium | — | — |
| 21 Aug 2026 · Adani Ports to meet institutional investors at Annual Conference 2026 | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Adani Ports to hold US roadshow with institutional investors from Aug 24-28 | board shareholder meetings | low | — | — |
| 11 Aug 2026 · APSEZ incorporates Ocean Sparkle Offshore as step-down subsidiary | strategic transactions | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 25.3 |
| 68.3 |
| JSW INFRASTRUCTURE LTD | 79,812 | 48.2 | 6.83 | 29.8 | 13.2 | 10.2 | — | 50.6 |
| GUJARAT PIPAVAV PORT LTD | 7,780 | 13.9 | 3.26 | 9.7 | 21.6 | 25.6 | 9.6 | 69.2 |
| ALLCARGO TERMINALS LTD | 659 | 16.3 | 1.87 | 3.8 | 12.5 | 4.3 | — | 23.1 |
| Starlog Enterprises Limited | 59 | 5.0 | 0.87 | — | (19.9) | (13.0) | (43.5) | 18.8 |
| VMS INDUSTRIES LTD. | 46 | 11.3 | 0.81 | — | 1.8 | 2.2 | — | 2.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 30.1 | 16.3 | 8 of 11 | 30% |
| P/B | 4.1 | 1.8 | 10 of 11 | 10% |
| ROCE | 8.6 | 8.1 | 7 of 15 | 57% |
| ROE | 12.9 | 1.8 | 4 of 15 | 79% |
| Debt / Equity | 0.6 | 0.0 | 12 of 15 | 21% |
| 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 | 406555 | 350 | 1 of 15 | 100% |
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| 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 |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.
