Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Oct
Source: Bse
Adani Ports and Special Economic Zone Limited (ADANIPORTS)
Large CapInfra stocks · Large cap · NSE
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 01:29 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
53NeutralSMA20 +3.3% / mo · MACD − · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 64
Sector RS: 35
Sector 3M: -8.3% vs Nifty 500 -5.6%
Infra FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
ADANIPORTSD candles · FIT view+11.4%Latest close ₹1766.00 on 2026-10-19
Bar
+0.1%
RSI
52
MACD hist
-3.20
52W pos
79%
2026-10-19O ₹1763.80H ₹1784.90L ₹1746.00C ₹1766.00Vol 25.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ADANIPORTSNifty InfraNifty 500
- ADANIPORTS
- -4.2%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- +1.3 pp
Chart stats
19 Oct 2026- From 52W high
- -6.6%
- 52W range position
- 79%
- ATR (14)
- 2.5%
- Volume vs 20D
- 0.84x
- Avg traded value
- ₹519 Cr
- 20D price channel
- ₹1,674.2 - ₹1,822
₹1,891.1
₹1,292 - ₹1,891.1
₹44.1
Latest completed session
20-session average
30.5% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE46
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average42
Revenue +18.6% · PAT +10.2% YoY
Technical
Neutral53
Price trend and sector-relative-strength timing.
Valuation
Legacy model-32.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 42/100margin compression · Rev +19% YoY · PAT +10% YoY
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹10,821 Cr | +18.6% | +0.8% |
| EBITDA | ₹6,253 Cr | +13.8% | +3.9% |
| Operating margin | 58.0% | -200 bps | +200 bps |
| PAT | ₹3,650 Cr | +10.2% | +10.3% |
| PAT margin | 33.7% | -255 bps | +292 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 30.20
- P/B
- 4.19
- EV/EBITDA
- 15.86
- Market Cap
- 402269.00Cr
Profitability
- ROE
- 16.40%
- ROCE
- 14.10%
- ROA
- 7.17%
- Dividend Y
- 0.43%
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
- 4.78×
- Altman Z
- 4.33
- Book Value
- 416.00
Cash Flow
- FCF Yield
- 1.78%
- FCF Positive Y
- 9/5
- OCF
- 20356.00 Cr
- EPS TTM
- 57.80
Shareholding
- Promoter Hold
- 66.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 76%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 38.7k+27.1% vs prev
Net Profit
₹ CrLatest: 12.8k+15.6% vs prev
Return on Equity
%Latest: 13.3-25.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 52.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~3.2% over last month) — short-term momentum positive.
- RSI(14) at 52 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 7% off 52W high · 37% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
84
RS percentile
Stage 2 UptrendRecent S2
1M return
-3.2%
3M return
-4.2%
6M return
+11.2%
1Y return
+24.6%
RS 1D
+4
RS 20D
+4
Sector rank
#14
Industry rank
-
Stage evidence
- Price is 3.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.5%.
50-DMA
price above
200-DMA
price above
S2 entered
09 Oct 2026
S2 age
7 trading sessions
Sector
lagging
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 130.73+1.91%
RS vs Nifty 500131
Valuation & peers
U-Score 46 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 46 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth18/25
Quality10/20
Balance Sheet8/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
46
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
46/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 18/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Fair-value margin of safety is negative at -32.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 10/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
30.2
PB
4.2
EV/EBITDA
15.9
ROE
16.4%
ROCE
14.1%
FCF Yield
1.8%
Debt/Equity
0.7
MoS
-32.3%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
46
Previous: 46
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-32.3%
Previous: -32.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
46
46
46
46
46
46
46
46
46
46
46
46
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹735.53
-140.1% MoS
Growth-justified P/E
23.1
Growth-justified Value
₹1,335.18
-32.3% MoS
PEG
1.29
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
JSWINFRA
Large
JSW Infrastructure Limited
Logistics
match 62
43
51.4
15.3%
-106%
WATCHLIST
JITFINFRA
Small
JITF Infralogistics Limited
Logistics
match 52
24
3262.0
0.1%
-26322%
OVERVALUED
SAVY
SME
Savy Infra and Logistics Ltd.
Logistics
match 51
78
6.7
39.8%
+72%
DEEP VALUE
DESTINY
SME
Destiny Logistics & Infra Ltd.
Logistics
match 48
18
684.0
0.5%
-615%
OVERVALUED
MAZDOCK
Large
Mazagon Dock Shipbuilders Limited
Logistics
match 43
63
30.0
29.2%
+26%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T14:59:46.435Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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.
Management accountability
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.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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%.
Management forward view
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.
Thesis monitor
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.
Trust Score
76Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 85th percentile within Infra. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
114 docs text-extracted · 46 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · Infra: 85th pctile, median 64 · Large: 62nd pctile, median 73
Evidence depth
Financial-only
114 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 66%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.8%.
- ▸9 years of positive FCF.
Trust risks
- ▸Promoter holding fell 2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Adani Ports and Special Economic Zone Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement Under Regulation 30 (LODR) - Update 11 Sep - SEBI settled alleged violations by former CFO B. Ravi and MD Karan Adani; INR 13.65 lakh each paid.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 9 Sep - APSEZ wins 30-year LOA for two Paradip dry bulk berths, adding 18 MMT capacity.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Sep
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.