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Model Note · ADANI PORT & SEZ LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ADANI PORT & SEZ LTD Discounted cash flow · base FY26
ADANI PORT & SEZ LTD
Value per share, this model₹1,796
CMP 2026-09-10₹1,764.60
Difference1.8%
Growth the CMP implies24.1%/yr
This note states the assumptions and the arithmetic of one model of ADANI PORT & SEZ LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
24.5% a year
FY26 24.6% · 5-yr CAGR 25.3%
EBITDA margin
58.5%
FY26 58.5% · 5-yr average 55.3%
Depreciation · capex, % of revenue
14.2% · 39.6%, fading to 1.2× depreciation
FY26 14.2% · 39.6%
Working capital, % of added revenue · tax
11.2% · 14.2%
41 working-capital days · effective 14.2%
Discount rate
11.00%
1-yr beta 1.38
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹49,941 · ₹0 · ₹0 cr
FY26 net debt ₹49,941 cr
Shares
230.40 crore
230.40 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
38,736
48,226
60,041
74,752
93,066
1,15,867
growth %
24.6
24.5
24.5
24.5
24.5
24.5
EBITDA
22,644
28,212
35,124
43,730
54,443
67,782
Depreciation
(5,517)
(6,848)
(8,526)
(10,615)
(13,215)
(16,453)
NOPAT
14,694
18,330
22,821
28,413
35,374
44,040
less capex
(15,320)
(19,098)
(20,390)
(21,170)
(21,107)
(19,744)
less working-capital build
—
(1,063)
(1,323)
(1,648)
(2,051)
(2,554)
Free cash flow to firm
—
5,018
9,634
16,210
25,431
38,196
Present value
4,763
8,238
12,488
17,649
23,882
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · ADANI PORT & SEZ LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
67,019
PV of the terminal value (86% of EV)
3,96,680
Enterprise value
4,63,699
less net debt
(49,941)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,13,758
÷ 230.40 crore shares
₹1,796
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,867
2,039
2,244
2,496
2,811
10.5%
1,688
1,831
2,000
2,202
2,449
11.0%
1,536
1,656
1,796
1,961
2,160
11.5%
1,404
1,506
1,624
1,761
1,924
12.0%
1,289
1,377
1,477
1,593
1,728
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
