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India's largest private port operator, running a network of ports and associated logistics/SEZ infrastructure across India.
India's largest private port operator, running a network of ports and associated logistics/SEZ infrastructure across India.
Earns fees on cargo handled at its terminals, under long concessions from port authorities, with Mundra in Gujarat the biggest port and rail, logistics and warehousing adding. Growth has included overseas terminals such as Haifa and Colombo and the 2021 purchase of Krishnapatnam Port. The Adani family controls it through the group.
In one line: India's smaller DP World.
Moat: wide (scale, installed base, regulatory licence). The largest private port network in India with long-term concessions gives significant cargo-handling scale advantages.
Headquarters: Ahmedabad, India · Founded: 1998 · Employees: 50,822
Size Adani Ports & Special Economic Zone (ADANIPORTS.NS) is an India Industrials company (Other Transportation) with a market value of $47.2B, the 15th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,937 on 6 Nov 2026.
Performance Over six months the shares gained 11.8%, against +4.9% for the median peer and 0.0% for the India market (cap-weighted) — 3rd highest of 9 in its peer set.
Growth Revenue grew 22.6% over the last twelve months (peer median +6.9%); the operating margin is 44.0% (peer median 26.8%).
Valuation It trades at 29.4× forward earnings against a peer median of 16.9× (2nd most expensive of 9).
Price implies For today's price to make sense, revenue must grow about 35% a year for seven years (Req g). Recent delivered growth is +25%, so the hurdle is +9 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.7 points below its cost of capital (15.2% WACC).
Credit Adani Ports & Special Economic Zone has 5 bonds outstanding ($2.58B), rated BBB by the agencies and trading like BB at a weighted spread of 169 bp.
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹426B | ₹387B | ₹299B | ₹267B | ₹209B |
| Revenue growth | — | +30% | +12% | +28% | — |
| Gross profit | ₹212B | ₹196B | ₹154B | ₹138B | ₹106B |
| EBITDA | ₹252B | ₹233B | ₹180B | ₹160B | ₹130B |
| Net income | ₹136B | ₹128B | ₹111B | ₹81.1B | ₹53.1B |
| Free cash flow | n/a | ₹28.9B | ₹74.7B | ₹59.8B | ₹18.5B |
| Capital expenditure | n/a | ₹153B | ₹80.5B | ₹74.2B | ₹91.4B |
| Total debt | ₹660B | ₹634B | ₹515B | ₹493B | ₹533B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Adani Ports & Special Economic Zone ADANIPORTS.NS | $47.2B | +12% | +23% | 44% | 29.4× | 34.5% |
| JSW Infrastructure JSWINFRA.NS | $8.33B | +20% | +17% | 36% | 46.8× | n/a |
| Gujarat Pipavav Port GPPL.NS | $851M | +4% | +25% | 52% | 14.7× | 16.2% |
| Container Corporation of India CONCOR.NS | $3.55B | -16% | +1% | 14% | 25.4× | 33.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ADANIPORTS.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.7% | +13.7% | 4th lowest of 9 |
| 6-month return | +11.8% | +4.9% | 3rd highest of 9 |
| Distance from 52-week high | -0.6% | -9.7% | highest of 9 |
| Revenue growth (TTM) | +22.6% | +6.9% | highest of 9 |
| Operating margin | 44.0% | 26.8% | 2nd highest of 9 |
| Forward P/E | 29.4× | 16.9× | 2nd most expensive of 9 |
| Growth the price implies (Req g, 7 yrs) | 34.5% | 8.2% | most demanding of 8 |
| Growth delivered (Del g) | +25.3% | +23.6% | 4th highest of 8 |
| Hurdle (Req g minus delivered) | +9.2 pp | -16.6 pp | 2nd most demanding of 8 |
| ROIC minus cost of capital | -6.7 pp | +0.9 pp | lowest of 9 |
| EV / EBITDA | 20.1× | 13.0× | 3rd most expensive of 8 |
| Net debt / EBITDA | 2.2× | 3.2× | 4th least indebted of 8 |
| Bond spread | 169 bp | 98 bp | widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Adani Ports & Special Economic Zone ADANIPORTS.NS | India | $47.2B | +12% | +23% | 44% | 29.4× | 34.5% | +25.3% |
| Aena SME AENA.MC | Spain | $47.6B | +21% | +11% | 46% | 18.1× | 7.0% | +23.6% |
| Transurban TCL.AX | Australia | $31.6B | +1% | 0% | 30% | 84.3× | 27.8% | +5.9% |
| Mtr 0066.HK | Hong Kong | $27.2B | +1% | -6% | 15% | 10.8× | n/a | n/a |
| Central Japan Railway 9022.T | Japan | $25.1B | +11% | +5% | 40% | 8.0× | -6.8% | +19.5% |
| Shanghai International Port (Group) 600018.SS | China | $19.7B | +14% | +9% | 23% | 8.6× | -3.6% | +9.0% |
| Uber UBER | United States | $140B | -9% | +14% | 13% | 16.8× | 13.9% | +36.1% |
| Grupo Aeroportuario del Pacifico SAB de CV Sponsored ADR PAC | United States | $14.5B | +1% | +20% | 44% | 17.1× | 8.2% | +31.3% |
| Aeroports de Paris ADP.PA | France | $13.0B | +9% | +5% | 18% | 18.1× | 11.5% | +25.7% |
Adani Ports & Special Economic Zone has 5 bonds outstanding with $2.58B face value. The agencies rate it BBB; its bonds trade like BB. Weighted yield 6.37%, a spread of 169 bp over government bonds.