ADANIPORTS
Large CapAdani Ports and Special Economic Zone Limited
Infra
Adani Ports and Special Economic Zone Limited (APSEZ) is India's largest port developer and operator, also engaged in integrated logistics and marine services. It operates domestic and international ports, handling various cargo types, and aims for significant capacity and volume growth, consistently exceeding financial and operational guidance.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 42/100margin compression · Rev +27% YoY · PAT +9% YoY · +11% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹10,738 Cr | +26.5% | +10.6% |
| EBITDA | ₹6,020 Cr | +20.3% | +4.0% |
| Operating margin | 56.0% | -300 bps | -400 bps |
| PAT | ₹3,308 Cr | +9.4% | +8.7% |
| PAT margin | 30.8% | -480 bps | -54 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
APSEZ exceeded FY26 guidance, achieving 500 MMT cargo volume. Revenue grew 25%, EBITDA 20%, and PAT 16%. Net debt to EBITDA was 1.9x, and ROCE reached 16%, demonstrating healthy growth with financial discipline.
APSEZ delivered strong FY26 results, surpassing guidance despite geopolitical disruptions. The company is actively executing its Ambition 2031 plan, showing improved ROCE in Logistics and accelerating capex for future capacity and efficiency, reinforcing its operational and financial strength.
International Ports Ramp-up
Led by ramp-up at CWIT Colombo terminal and completion of NQXT Australia acquisition.
Logistics Business Growth
Strong momentum in asset light and asset zero services, along with utilization of asset heavy ICDs.
Marine Business Expansion
Revenue and EBITDA growth led by highest ever fleet of 136 vessels.
Domestic Port Capacity
Investing in expansions like Gangavaram to capture agriculture cargo and other strategic locations.
Overall Capacity Target
Capacity to increase from 653 million tons to 1 billion tons by December 2030.
Mundra Expansion
Accelerated future expansion in Mundra, with CT5 coming up.
Dhamra & Hazira Capex
Accelerated capex in Dhamra for shoot volume (RSR, Postal Cargo) and in Hazira for liquid cargo.
Vizhinjam Phase 2
Kicked off Phase 2, ahead of schedule, with an automated terminal.
Increased Coal Demand
Indian government directed power plants to run at peak, including imported coal, due to anticipated weaker monsoon and high heat.
Stable Crude Flow
Expected free flow of crude via pipeline bypassing Strait of Hormuz after UAE exits OPEC, potentially stabilizing oil prices.
India's Economic Growth
Anticipated optimistic growth for India, which APSEZ expects to outpace by 1.5x-1.8x.
Geopolitical Disruptions
Operation Sindoor, various geopolitical issues, and West Asia crisis caused challenges and disruptions.
Business Mix Impact
Change in business mix (e.g., less imported coal, shift to coastal coal) and free storage for containers impacted margins.
High Freight Costs
Indirect impact on exporters delaying decisions due to high freight costs, affecting container volumes.
Monsoon/Heat Concerns
Anticipation of a competitively weaker monsoon and high heat.
Geopolitical Instability
Ongoing geopolitical issues and West Asia crisis could continue to disrupt trade flows and operations.
Concession Renewal Risk
Concession agreements for several ports, including Mundra and Pipavav, are due for renewal before 2031.
Economic Slowdown
If oil prices remain high, India's growth could be less optimistic, potentially leading to inflation and reduced trade.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The earnings call primarily focuses on full-year FY26 performance against FY25 and provides long-term strategic guidance. Annual comparisons are most relevant for assessing overall business trajectory and strategic execution in the infrastructure sector.
Cargo Volume Handled
Delivered 500 million metric tons in FY26, exceeding guidance. Domestic ports handled 451 million metric tons.
Revenue Growth
FY '26 revenue grew by 25%. Domestic ports revenue grew by 13%. International ports revenue grew 34%. Logistics revenue grew by 55%. Marine revenue increased by 134%.
EBITDA Growth
EBITDA grew by 20%. Domestic ports EBITDA grew by 14%. International ports EBITDA increased 180%. Marine EBITDA increased by 125%.
PAT Growth
PAT grew by 16%.
Consistent Outperformance
Every year, we set a guidance and every year, we exceeded. This is integrated in our culture.
Ambition 2031 Goal
Commitment to deliver twice the growth in 5 years with a 20% return on capital at consolidated level.
Logistics Profitability
Strategy of asset heavy, asset light, and asset zero, maximizing asset utilization through talent and technology, led to double-digit ROCE.
International Ports Focus
Focus on market share growth (e.g., EXIM trade in Colombo Phase 2), maintaining profitability, and leaner organization.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Business Mix Normalization | Q4 FY26 saw impact from business mix changes and free storage. | Q1 FY27 to show improvement in container business mix and uplift in coal volumes. |
| Coal Demand & Monsoon | Government directed power plants to run at peak due to anticipated weaker monsoon. | Monitor coal demand as power plants run at peak, and impact of monsoon on power generation needs. |
| Crude Oil Flow & Prices | Anticipation of free flow of crude via new routes. | Watch for stability in crude oil flow via new routes and its effect on oil prices and India's economic growth. |
| Concession Agreement Clarity | Talks are ongoing for concession renewals, including Pipavav and Mundra. | Track progress and clarity on the extension of concession agreements for key ports. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
60BullishSMA20 +21.1% / mo · near 52W high
Technical chart
ADANIPORTSweekly · 6M+19.9%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 69. Wait for confirmation.
- SMA20 rising (~17.4% over last month) — short-term momentum positive.
- RSI(14) at 69 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 15.7%.
- Growth contributes 18/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Quality is weaker at 10/20; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 93rd percentile within Infra. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 68%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Infra: 93rd pctile, median 65 · Large: 74th pctile, median 74
110 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 68%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 2.1%.
- ▸FCF yield is positive at 1.7%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 32.10
- P/B
- 4.34
- EV/EBITDA
- 16.89
- Market Cap
- 415865.00Cr
Profitability
- ROE
- 16.40%
- ROCE
- 14.10%
- ROA
- 6.98%
- Dividend Y
- 0.42%
Growth (CAGR)
- Revenue 5Y
- 25.00%
- EPS 5Y
- 21.00%
- Revenue 3Y
- 23.00%
- EPS 3Y
- 27.00%
Balance Sheet
- Debt/Equity
- 0.66
- Interest Coverage
- 4.91×
- Altman Z
- 4.41
- Book Value
- 416.00
Cash Flow
- FCF Yield
- 1.72%
- FCF Positive Y
- 9/5
- OCF
- 20356.00 Cr
- EPS TTM
- 55.58
Shareholding
- Promoter Hold
- 68.02%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 93%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.