Adani Ports & Special Economic Zone Ltd(ADANIPORTS)

NSE: ADANIPORTSBSE: 532921

₹ 1,703-3.03%refreshed 23 Oct, 03:58 pm ISTMarket cap: ₹ 3.92 L crNext results: 28 Oct 2026Website: www.adaniports.comUpdated: 24 Oct 2026

About

Adani Ports and Special Economic Zone Ltd (APSEZ) is India's largest port operator, handling 501 MMT of cargo in FY26 across domestic and international terminals, with a 27.1% all-India cargo market share in FY26 and 44.8% container market share as of Q1 FY27. The company operates ports, a logistics network and a marine services fleet, and reported FY26 revenue of Rs 38,735.77 Cr. Beyond ports, it runs a rail-linked logistics platform and a marine vessel business with 135 owned vessels as of Q1 FY27.^[1][2]

Business segments

Port and SEZ activities made up 86% of revenue in FY26 (Rs 33,532 Cr); Others, mainly logistics and marine, made up 14% (Rs 5,438.6 Cr).^[3]
Management tracks four pillars: Domestic Ports, International Ports, Logistics and Marine. Domestic Ports had a 74% EBITDA margin in Q1 FY27.^[4]

Port network and capacity

The network had 15 ports in India and four overseas as of FY25.^[5]
Domestic ports had EC-approved capacity of 1,560 MMT against operational capacity of 633 MMT in FY25. Capacity utilisation was 68%.^[5]
Mundra became the first Indian port to handle 200 MMT in a year (FY25). Operations also started at Netaji Subhas dock in Kolkata.^[5]
Mundra volumes grew 7% in Q1 FY27, and its container utilisation is 'very close' to full. New capacity is expected in calendar year 2026.^[4]
Dhamra has a new export berth open and two more under construction, which will take capacity to 92 MMT. Hazira is expanding its liquid tank capacity.^[6]
Vizhinjam handled 1.3 million TEUs in its first year and berthed 41 ULCVs, the most for any Indian port.^[6]
Dighi Port is building a RoRo terminal with Motherson Group, aimed at 200,000 cars per year.^[6]

Key operating numbers

Total cargo was 138.1 MMT in Q1 FY27 (+14% YoY): domestic 115.3 MMT (+2%) and international 22.8 MMT (+196%).^[4]
H1 FY27 cargo was 280 MMT (+15% YoY). September 2026 volume was 46 MMT (+11% YoY), with containers up 15%.^[7]
FY26 total cargo was 501 MMT. Domestic ports handled 451 MMT, a 27.1% all-India market share.^[1]
All-India cargo market share was 27.6% and container market share was 44.8% in Q1 FY27.^[4]
Domestic container volume was 3,152.3 thousand TEUs in Q1 FY27 (+8% YoY).^[4]
Marine vessels rose to 135 in Q1 FY27 from 118 in Q1 FY26. Marine revenue was Rs 901 Cr (+67% YoY).^[4]

International ports

International ports revenue was Rs 1,747 Cr in Q1 FY27 (+80% YoY). EBITDA margin was 41.8%, up from 21.1% in Q1 FY26.^[4]
Colombo West International Terminal doubled its capacity to 3.2 million TEUs with a USD 750 million investment. It handled 2 million TEUs within 18 months (to September 2026).^[8]
NQXT Australia (50 MTPA) was acquired in December 2025 and contributed about 11 MMT in Q4 FY26.^[6]
Realisation per ton at the Israel port is about 4x India's, but margins are held down by the regional situation (Q1 FY27).^[4]

Logistics and customers

56% of volumes came from tied-in customers in FY25. Customers include exporters, importers, shipping lines and refineries.^[5]
Logistics revenue was Rs 1,173 Cr in Q1 FY27 (+0.3% YoY). FY26 logistics revenue was Rs 4,478 Cr (+55%).^[4]
Asset-light trucking and the International Freight Network made up 52% of logistics revenue in Q3 FY26, up from 17% in Q3 FY25.^[6]
The agri silo network reached 37 facilities (~1.88 MMT) in Q1 FY27.^[4]
H1 FY27 rail volume was 312,763 TEUs. September 2026 rail volume was 62,302 TEUs (+3% YoY).^[7]

Expansion and capex

FY27 capex guidance is Rs 12,000 - 14,000 Cr. The FY27-31 plan is Rs 90,000 - 100,000 Cr.^[1]
Vizhinjam Phase 2 will expand capacity from 1.6 to 5.7 million TEUs, with Rs 16,000 Cr investment and a December 2028 target.^[6]
Construction of Colombo CWIT Phase 2 is targeted to start in October 2026, aiming for 48 MMT total capacity.^[4]
FY31 logistics targets are 200 rakes, 16 MMLPs, 12 million sq ft of warehouses and 2,000 trucks, up from 132 rakes, 12 MMLPs, 3.1 million sq ft and 937 trucks.^[1]
TiL (MSC group) agreed to buy 49% of Vizhinjam at a total valuation of USD 2.85 Bn. APSEZ keeps operational control.^[4]

Recent developments

Sep 2026: APSEZ won a Letter of Award from Paradip Port Authority for two dry bulk berths (CQ-I and CQ-II), with a 30-year concession, adding 18 MMT.^[9]
Oct 2026: APSEZ set up a wholly owned subsidiary, Paradip Mahanadi Terminal Limited, to develop and run the Paradip berths.^[10]
S&P upgraded APSEZ to BBB (Stable) in Q1 FY27, at par with India's sovereign rating.^[4]
APSEZ agreed to buy 100% of Jaypee Fertilizers & Industries for Rs 1,500 Cr, gaining about 243 acres in Kanpur.^[4]
APSEZ partnered with Kaleris for AI optimisation across 15 container terminals, investing up to $100 million to unlock 91 MMT by 2030.^[4]
In Q1 FY27 the marine business signed an Oceaneering deepwater partnership in Europe and a 10-year LNG contract for an Argentina - India corridor.^[4]

Market Cap

₹3,92,364 Cr

High / Low

₹1,892 / 1,293

Stock P/E

29.5

Price / Book

4.1

Book Value

₹417

EPS

₹55.6

No. of Shares

230.4 Cr

ROCE

14.1%

ROE

16.2%

OPM

47.6%

Debt / Equity

0.57

Sales

₹38,736 Cr

Net Profit

₹12,782 Cr

Promoter holding

66.0%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

Adani Ports & Special Economic Zone Ltd(ADANIPORTS)

About

Business segments

Port network and capacity

Key operating numbers

International ports

Logistics and customers

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions