Adani Ports & Special Economic Zone Ltd (ADANIPORTS) AI Stock Analysis

• Market Cap: ₹3.27T
• Dividend Yield: 0.47%
• Average Volume (3M): 157.20K
• Price to Earnings (P/E): 25.6
• Beta (1Y): 1.35
• Revenue Growth: 24.80%
• EPS Growth: 21.95%
• Country: IN
• Employees: 3,129
• Sector: Services
• Sector Strength: N/A
• Industry: Marine Shipping
• EPS (TTM): N/A
• Shares Outstanding: 2,303,959,000
• 10 Day Avg. Volume: 197,182
• 30 Day Avg. Volume: 157,200
• PEG Ratio: 0.78
• Price to Book (P/B): 4.06
• Price to Sales (P/S): 8.33
• P/FCF Ratio: 27.65
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹1,800.00
• Price Target Upside: 22.18% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: ₹1,425.00 ▼(-3.28% Downside)

The score is primarily supported by strong financial performance (high margins, solid ROE, and strong cash generation). This is tempered by weak technical conditions (price below major moving averages, negative MACD, and oversold momentum), while valuation appears moderately demanding with a low dividend yield.

Positive Factors

High Profitability & Margins

Very high gross and net margins indicate strong pricing power and operational efficiency across terminals. Durable margin levels support sustained internal funding for maintenance and growth, improving resilience to volume cycles and enabling consistent returns on equity over the medium term.

Robust Cash Generation

Above‑par cash conversion shows the business reliably turns earnings into cash, supporting capex, debt service and reinvestment. Strong OCF cushions against cyclical shipping swings, enabling steadier capital allocation and deleveraging capacity over multiple quarters.

Market Leadership & Integrated Port Network

Scale and an integrated SEZ/logistics footprint create durable competitive advantages: customer stickiness, bargaining leverage with shipping lines, and cross‑sell opportunities. These structural strengths support steady volume capture as India trade grows, insulating revenue over time.

Negative Factors

Elevated Absolute Debt Level

While debt ratios look manageable, a large absolute indebtedness raises refinancing and interest expense exposure, especially if macro rates rise. This limits strategic flexibility for acquisitions or capex and increases vulnerability to prolonged volume downturns.

EBITDA Margin Decline

A falling EBITDA margin, even marginal, signals rising input or operating costs or competitive pricing pressure. If the trend persists it will compress free cash flow and ROE, forcing either higher volumes to offset or cost restructuring that can take multiple quarters to implement.

Volatility in Free Cash Flow Growth

Inconsistent FCF growth complicates long‑term planning for dividends, capex and debt reduction. Such volatility raises execution risk for SEZ developments and expansions, and may force conservative capital allocation or higher liquidity buffers, restraining growth initiatives.

Adani Ports & Special Economic Zone Ltd Business Overview & Revenue Model

Company Description

Adani Ports and Special Economic Zone Limited, together with its subsidiaries, develops, operates, and maintains port infrastructure facilities in India. It also engages in the ports related infrastructure development activities; and development of infrastructure at contiguous Special Economic Zone at Mundra. The company operates 13 domestic ports, which handle dry cargo, liquid cargo, crude, and containers in Gujarat, Maharashtra, Goa, Kerala, Andhra Pradesh, Tamil Nadu, and Odisha. In addition, the company operates rail, cold storage, warehouse, inland waterways, trucking, air freight stations, and logistics parks. Further, the company is involved in power distribution, generation, and transmission infrastructure business; gas distribution; and ownership and operation of harbor tugs, barges, port crafts, ocean towage, and offshore support vessel. Additionally, the company offers non-scheduled passenger airline, dredging, and hospital and related services; and marine services, such as pilotage, laying, and maintenance of buoys. The company as incorporated in 1998 and is headquartered in Ahmedabad, India.

How the Company Makes Money

Adani Ports & Special Economic Zone Ltd generates revenue primarily through port operations and logistics services. Key revenue streams include port handling charges, which are fees for loading and unloading cargo, and storage charges for keeping goods in the port facilities. Additionally, the company earns income from leasing land and infrastructure within its special economic zones to various industries. Significant partnerships with shipping lines, logistics companies, and government entities further bolster its revenue. The growth in international trade and the expansion of its port capacity also contribute to increased earnings.

Adani Ports & Special Economic Zone Ltd Financial Statement Overview

Summary

Strong profitability (gross margin 66.93%, net margin 36.40%) and healthy operating efficiency support the score. Leverage appears manageable (debt-to-equity 0.82) with solid ROE (17.77%), and cash generation is robust (operating cash flow to net income 1.55). Offsetting factors include a slight EBITDA margin decline, elevated absolute debt noted as a risk, and variability in free cash flow growth.

Income Statement

Adani Ports & Special Economic Zone Ltd has demonstrated strong revenue growth with a 5.51% increase in the latest period, supported by robust gross and net profit margins of 66.93% and 36.40% respectively. The EBIT and EBITDA margins are also healthy, indicating efficient operations. However, the slight decline in EBITDA margin from the previous year suggests potential cost pressures.

Balance Sheet

The company maintains a solid balance sheet with a debt-to-equity ratio of 0.82, showing improved leverage management compared to previous years. Return on equity stands at 17.77%, reflecting effective use of equity capital. The equity ratio of 46.13% indicates a balanced asset structure, though the high total debt level remains a potential risk.

Cash Flow

Adani Ports exhibits strong cash flow management with significant free cash flow growth. The operating cash flow to net income ratio of 1.55 indicates robust cash generation relative to earnings. The free cash flow to net income ratio of 0.53 suggests good cash conversion, though the variability in free cash flow growth rates over the years highlights potential volatility.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	326.45B	304.75B	267.11B	208.52B	171.19B	125.50B
Gross Profit	216.29B	202.19B	175.25B	138.81B	113.94B	86.05B
EBITDA	190.30B	180.93B	156.64B	126.52B	103.66B	79.02B
Net Income	112.94B	110.92B	81.11B	53.09B	48.86B	49.94B
Balance Sheet
Total Assets	0.00	1.35T	1.19T	1.15T	996.86B	754.64B
Cash, Cash Equivalents and Short-Term Investments	60.73B	60.98B	49.81B	63.53B	93.24B	58.31B
Total Debt	0.00	514.54B	491.67B	532.68B	473.54B	350.43B
Total Liabilities	-649.73B	703.59B	643.75B	678.46B	573.05B	433.90B
Stockholders Equity	649.73B	624.35B	529.45B	455.56B	419.88B	306.08B
Cash Flow
Free Cash Flow	0.00	91.77B	76.01B	28.08B	60.51B	52.04B
Operating Cash Flow	0.00	172.26B	150.18B	119.33B	98.00B	75.56B
Investing Cash Flow	0.00	-97.87B	-69.47B	-196.04B	-52.82B	-141.43B
Financing Cash Flow	0.00	-69.16B	-78.00B	-27.34B	-5.86B	35.14B

Adani Ports & Special Economic Zone Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1473.25
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ADANIPORTS, the sentiment is Negative. The current price of 1473.25 is above the 20-day moving average (MA) of 1410.82, above the 50-day MA of 1461.64, and above the 200-day MA of 1409.44, indicating a bearish trend. The MACD of -22.18 indicates Negative momentum. The RSI at 46.99 is Neutral, neither overbought nor oversold. The STOCH value of 87.68 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ADANIPORTS.

Adani Ports & Special Economic Zone Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GPPL	75 Outperform	₹80.83B	16.95	―	4.98%	7.10%	29.89%
TCI	70 Outperform	₹81.15B	18.66	―	0.94%	9.97%	16.28%
SCI	70 Outperform	₹105.04B	13.06	―	4.43%	-7.39%	-21.53%
ADANIPORTS	68 Neutral	₹3.27T	25.61	―	0.47%	24.80%	21.95%
CONCOR	66 Neutral	₹382.52B	29.91	―	2.34%	0.87%	3.19%
JSWINFRA	61 Neutral	₹528.36B	33.30	―	0.47%	22.40%	25.69%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%

Adani Ports & Special Economic Zone Ltd Corporate Events

Adani Ports Says US Legal Summons Report Does Not Involve Company

Adani Ports and Special Economic Zone Ltd has informed Indian stock exchanges that a recent media report about a US regulator seeking measures to serve legal summons on Gautam and Sagar Adani does not involve the company itself. Reiterating an earlier clarification from November 2024, the company stated there are no allegations against it, it is not a party to the referenced proceedings, and the media report does not trigger any disclosure obligations under SEBI’s Listing Regulations, signalling that management does not see a direct regulatory or operational impact on the business from this development.

Adani Ports Announces Resignation of Non-Executive Director Rajkumar Beniwal

Adani Ports and Special Economic Zone Ltd has announced that Mr. Rajkumar Beniwal, IAS, Vice Chairman and Chief Executive Officer of the Gujarat Maritime Board, has resigned from his position as a non-executive director on the company’s board. His resignation, prompted by an order from the Government of Gujarat, took effect on 19 January 2026, resulting in a change in the company’s board composition that may modestly affect its linkage with state maritime administration but does not directly alter its core operations.

Adani Ports’ Statutory Auditor Converts to LLP with Tenure Unchanged

Adani Ports and Special Economic Zone Ltd has announced that its statutory auditor, M S K A & Associates, Chartered Accountants, has converted into a Limited Liability Partnership and will now operate as M S K A & Associates LLP under the Limited Liability Partnership Act, 2008, effective 13 January 2026. The company clarified that this represents only a change in the legal constitution of the audit firm, with no alteration to its existing appointment or responsibilities, and the auditors will continue to discharge their duties for the remainder of their approved tenure, signalling continuity in the company’s audit oversight and minimal operational disruption for stakeholders.

Adani Ports Announces EGM Notice via Newspaper Advertisements

Adani Ports and Special Economic Zone Ltd has notified stock exchanges that it has published newspaper advertisements regarding the electronic dispatch of the notice for an Extraordinary General Meeting scheduled for February 2, 2026. The communication, carried in English and Gujarati dailies, formally informs shareholders of the upcoming meeting and underscores the company’s adherence to regulatory disclosure and shareholder communication requirements.

Adani Ports Calls February 2026 EGM to Clear Material Related-Party Deals

Adani Ports and Special Economic Zone Ltd has convened an Extraordinary General Meeting (EGM) of shareholders on February 2, 2026, to be held via video conferencing, with electronic voting facilities provided in advance and during the meeting to enable wider participation. The key agenda is to seek shareholder approval for material related-party transactions in the 2025-26 financial year between its wholly owned subsidiary, Abbot Point Port Holdings Pte. Ltd., and related parties, allowing these dealings to exceed regulatory thresholds so long as they are conducted on an arm’s length basis and in the ordinary course of business, thereby ensuring compliance with SEBI requirements while providing operational flexibility for the group’s international port assets.

Adani Ports Receives ‘Aspiring’ ESG Rating from NSE Sustainability

Adani Ports & Special Economic Zone Ltd has been assigned an ESG score of 66 for FY2025 by NSE Sustainability Ratings & Analytics, placing it in the ‘Aspiring’ category. This independent rating, based on publicly available data, reflects the company’s ongoing efforts in environmental, social, and governance aspects, potentially influencing its market perception and stakeholder confidence.

Adani Ports Reports Strong Cargo Growth in November 2025

In November 2025, Adani Ports & Special Economic Zone Ltd reported handling 41 million metric tons (MMT) of cargo, marking a 14% year-over-year increase. This growth was driven by a 20% increase in container volumes and a 10% rise in dry cargo. For the year-to-date period ending November 2025, the company handled 325.4 MMT of port cargo, an 11% increase from the previous year. Despite a slight decline in logistics rail volume for the month, the year-to-date figures showed a 13% increase, highlighting the company’s robust operational performance and its significant role in the logistics sector.

Adani Ports’ Credit Ratings Reaffirmed by CRISIL

Adani Ports & Special Economic Zone Ltd announced that CRISIL Ratings Limited has reaffirmed its credit ratings, maintaining a CRISIL AAA/Stable rating for its bank facilities and non-convertible debentures, and a CRISIL A1+ rating for its commercial paper. This reaffirmation of credit ratings underscores the company’s strong financial position and operational stability, which is likely to enhance stakeholder confidence and support its continued growth in the logistics and infrastructure sector.