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Adani Ports & Special Economic Zone Q2 FY27 Share Price & Earnings Call Analysis

₹1,872.00+6.29% today
Market cap
₹4.31L Cr
P/E
32.45
ROE
16.38%
PEG
1.18
Price to sales
10.67
Debt to equity
0.66
52W high / low
₹1,883 / ₹1,304
Sales growth (5Y)
25.28%
EBITDA margin
57.87%
Net profit margin
33.40%
Promoter holding
66.03%
Sales (last year)
₹40,430 Cr

Adani Ports & Special Economic Zone is in the business of development, operations and maintenance of port infrastructure (port services and related infrastructure development) and has linked multi product Special Economic Zone (SEZ) and related infrastructure contiguous to Port at Mundra.

Guidance scorecard · Q2 FY27 call

What Adani Ports & Special Economic Zone Ltd's management guided
and where it ranks in Transport Infrastructure

#3of 10 in
Transport Infrastructure
Revenue10–20%MarginsFlatCapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • Domestic ports: Volume growth was modest (2%) due to external factors like customers' plant shutdowns; recovery expected as plants restart (Krishnapatnam example). Overall, market share is increasing, especially on East Coast ports.
  • Post-July normalization of trade, volume recovery is anticipated, though still in a wait-and-watch mode for 1-2 more months.
  • Revenue growth driven more by realization improvements and premium/ancillary services than volumes recently.
  • Logistics volumes showed a 19% decline in Q1 but have stabilized and are recovering moderately.
  • International ports aim to maximize utilization of existing assets, with no major capex planned; margins expected to improve with normalization in geopolitically affected regions like Israel.
  • Marine business margins expected to trend back to ~55% as regional issues resolve.

2 more points from Adani Ports & Special Economic Zone Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Adani Ports & Special Economic Zone Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Accelerating capex at Vizhinjam port to boost EXIM business and overall development, supported by approved rail and highway projects.
  • No major capex planned for international ports over the next 5 years; focus on maximizing utilization of existing assets like Tanzania, Haifa, Australia, and Colombo.
  • Growth and capital allocation follow disciplined, logical mapping of trade, commodities, port expansion, and returns.
  • Prioritizing investments that contribute to top-line and bottom-line growth, local financing in hard currencies, and assets meeting or exceeding consolidated APSEZ RoCE targets.
  • Exploring meaningful international M&A opportunities that fit strict criteria for returns, currency, financing, and geopolitical stability.

2 more points from Adani Ports & Special Economic Zone Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Planned

See what Adani Ports & Special Economic Zone Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Ask what Adani Ports & Special Economic Zone Ltd said on the order book →

Full Q1 FY27 analysis
Full Transport Infrastructure ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Transport Infrastructure
on management's own guidance

  1. Dreamfolks ServiModerate growth
    2
  2. Guj Pipavav PortGood growth
    1
  3. This stockAdani PortsModerate growth
    3
See all potential multibaggersAll Transport Infrastructure rankings

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Transport Infrastructure companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1Guj Pipavav Port20–40%Flat₹8,040 Cr14.8
2Dreamfolks Servi10–20%Up 2%+₹322 Cr—
3Adani PortsThis stock10–20%Flat₹4.03L Cr30.4
410–20%Flat₹79,244 Cr51.1
510–20%Flat₹20,640 Cr74.5
610–20%Flat₹7,757 Cr19.8

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Adani Ports & Special Economic Zone Ltd announcements

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Financials of Adani Ports & Special Economic Zone Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Adani Ports & Special Economic Zone Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +65.89%65.89%65.89%65.89%65.89%65.89%65.89%65.89%68.02%68.02%66.03%66.03%
FIIs +14.72%14.98%15.19%15.22%13.94%13.43%13.53%13.61%13.10%13.25%15.58%15.95%
DIIs +12.01%11.84%12.48%13.26%14.20%14.73%15.15%15.03%13.89%13.86%13.60%13.26%
Public +7.39%7.30%6.44%5.62%5.96%5.94%5.46%5.48%4.99%4.89%4.79%4.78%
No. of Shareholders9,70,2479,91,00112,74,01011,86,67012,53,85812,62,91111,85,33511,66,91411,22,53710,95,76810,72,32310,70,249

Financials of Adani Ports & Special Economic Zone Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +6,6466,9206,8967,5607,0677,9648,4889,1269,1679,70510,73810,82111,340
Expenses +2,9822,7242,8872,8202,7003,1613,4823,6313,8273,9194,7184,5684,534
Operating Profit3,6644,1964,0094,7394,3674,8025,0065,4955,3405,7866,0206,2536,807
OPM %55%61%58%63%62%60%59%60%58%60%56%58%60%
Other Income +351507-70349254247426453837189900853378
Interest5209766194846599237158461,2239801,6051,0871,006
Depreciation9749859791,0121,0771,1061,1851,2551,2641,3841,6151,7111,713
Profit before tax2,5212,7412,3413,5932,8853,0203,5323,8483,6903,6113,7004,3074,466
Tax %30%19%14%14%16%17%14%14%15%16%11%15%18%
Net Profit +1,7622,2082,0153,1072,4132,5183,0233,3113,1203,0433,3083,6503,682
EPS in Rs8.0910.229.4414.4111.3211.6713.9515.3414.3913.2514.4515.7115.72

Financials of Adani Ports & Special Economic Zone Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +6,1527,1098,43911,32310,92511,87312,55017,11920,85226,71130,47538,73642,603
Expenses +2,2502,5323,0214,1664,3305,9263,8627,5919,90511,12112,05415,86817,738
Operating Profit3,9024,5775,4187,1576,5965,9478,6889,52810,94715,58918,42122,86824,865
OPM %63%64%64%63%60%50%69%56%52%58%60%59%58%
Other Income +6867301,0378441,2891,9281,9671,8323276711,8002,1522,320
Interest1,1751,1241,1161,5791,3851,9512,2552,5442,3632,7332,8134,6544,678
Depreciation9121,0631,1601,1881,3731,6802,1073,0993,4253,8884,3795,5176,423
Profit before tax2,5013,1194,1795,2345,1264,2446,2925,7175,4879,63913,03014,84916,084
Tax %7%9%7%30%21%11%20%13%2%16%15%14%
Net Profit +2,3242,8563,9023,6904,0453,7855,0494,9535,3918,10411,06112,78213,683
EPS in Rs11.1813.9918.8917.7419.2718.5224.5823.1324.5837.5551.3555.5859.13
Dividend Payout %10%8%7%11%1%17%20%22%20%16%14%13%

Financials of Adani Ports & Special Economic Zone Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital414414414414414406406422432432432461461
Reserves10,35113,09117,11220,48923,95825,05130,03541,39944,95752,34661,83795,498101,779
Borrowings +17,77622,34222,21422,37027,71230,24235,85547,93553,43449,47051,62163,56665,998
Other Liabilities +3,5412,5383,6293,9604,2286,2178,2858,57213,74014,75119,55323,57428,682
Total Liabilities32,08238,38543,36947,23356,31161,91774,58298,328112,563116,999133,443183,099196,921
Fixed Assets +20,52720,88321,05422,67028,12132,71548,29162,55372,22475,14889,616131,652135,022
CWIP1,2761,9674,5144,5454,4833,2163,6974,0236,63710,93611,70612,68919,266
Investments2605451,1611,0797821,1782,2363,1617,4324,2894,6595,4495,399
Other Assets +10,02014,99016,64118,93822,92424,80820,35828,59126,27126,62727,46133,30837,234
Total Assets32,08238,38543,36947,23356,31161,91774,58298,328112,563116,999133,443183,099196,921

Financials of Adani Ports & Special Economic Zone Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +3,0572,3814,0635,6086,0297,4027,55610,42011,90015,01817,22620,356
Cash from Investing Activity +-2,485-4,153-2,629-3,846-4,368-749-14,064-5,493-16,716-6,947-9,788-13,191
Cash from Financing Activity +-2372,170-1,325-1,8892,313-4,2563,514-586-2,734-7,800-6,916-5,483
Net Cash Flow335398109-1273,9752,397-2,9944,341-7,5502715231,682
Free Cash Flow1,8282703152,9103,1433,8435,2086,7742,9627,6289,2285,074
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit91%68%88%92%108%139%97%119%116%104%101%96%

Financials of Adani Ports & Special Economic Zone Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days761251161399398855469505360
Inventory Days
Days Payable
Cash Conversion Cycle761251161399398855469505360
Working Capital Days29-116107219-74-6-5-85-56-101-114-33
ROCE %14%13%14%17%14%12%14%11%10%13%15%14%

Guidance history

How Adani Ports & Special Economic Zone Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlannedPlanned—
Q3 FY26 call →10–20%FlatPlannedPlanned—
Q2 FY26 call →10–20%FlatPlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

70out of 100

Momentum score · price trend

70 out of 100 — Steady

Over the past year its share price has moved roughly in the middle of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+24.2%76%
Last 6 months+6.0%63%
Last 3 months+2.4%70%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Adani Ports & Special Economic Zone Ltd: 0.4 × 76 + 0.4 × 63 + 0.2 × 70 = 70.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 28 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Adani Ports & Special Economic Zone Ltd's management said in earlier quarters

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