Adani Ports and Special Economic Zone Ltd.
ADANIPORTSNSELogisticsPortLarge Cap
₹1,835.3
▼ 0.37%
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66
Composite
APSEZ is India's largest Integrated Transport Utility company with global presence across the verticals. As a key player in the industry, APSEZ is backed by the Adani Group and has port operations across nine maritime states and union teritorries including Gujarat, Maharashtra, Goa, Kerala, Tamil Nadu, Andhra Pradesh, Puducherry, Odisha and West Bengal. APSEZ operates India’s largest port-based manufacturing hub in Mundra, Gujarat, covering over thousands of hectares along the Gulf of Kachchh. APSEZ also provides specialised dredging and reclamation solutions for port and harbour construction.
Q-DITS fundamental score
66Composite
Growth
63
Profitability
68
Valuation
49
Quality
63
Solvency
55
Earnings
90
Key metrics
MCap
₹4.23L Cr
TTM PE
33x
Industry PE
33.3x
TTM EPS
₹55.58
Book Value
₹416.5
Face Value
₹2
Div Yield
0.41%
PEG
1.29x
PB
3.2x
ROE
16.2%
ROCE
15%
EBITDA mgn
64.5%
D/E
0.57
Int. Cover
4.2x
Curr. Ratio
1.39x
EPS
₹55.58
Growth — CAGR across horizons
| Metric | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|
| Net Sales | 27.1% | 22.9% | 25.3% | 18.5% |
| EBITDA | 25.9% | 27.8% | 21.3% | 17.5% |
| Net Profit | 14.9% | 25.6% | 21.1% | 16.2% |
Score snapshot
Piotroski
7/9
Altman Z
1.39
Quality
63.4
Growth
63
Valuation
49
Earn. Qual
89.8
PEAD
+2
SURGE
+1
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Revenue, profitability & returns
Revenue & Net Profit (₹ Cr)
RevenueNet Profit
Margins (%)
EBITDA%PAT%
Return ratios (%)
ROEROCEROA
Annual financials — last 10 years
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| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ›RevenueCr | 8,439 | 11,323 | 10,925 | 11,439 | 12,550 | 17,119 | 20,852 | 26,711 | 30,475 | 38,736 | |
| ›EBITDACr | 6,732 | 7,680 | 7,928 | 7,879 | 10,669 | 11,359 | 13,344 | 17,041 | 20,326 | 24,762 | |
| ›EBITDA margin | 79.8% | 69.2% | 73.2% | 69.4% | 85% | 68.7% | 70.1% | 65.2% | 67.5% | 64.5% | |
| ›Net profitCr | 3,892 | 3,690 | 4,045 | 3,785 | 5,049 | 4,953 | 5,391 | 8,104 | 11,061 | 12,782 | |
| ›PAT margin | 46.1% | 32.6% | 37% | 33.1% | 40.2% | 28.9% | 25.9% | 30.3% | 36.3% | 33% | |
| ›EPS₹ | ₹18.89 | ₹17.74 | ₹19.27 | ₹18.52 | ₹24.58 | ₹23.13 | ₹24.58 | ₹37.55 | ₹51.35 | ₹55.58 | |
| ›Revenue growth | 18.7% | 34.2% | -3.5% | 4.7% | 9.7% | 36.4% | 21.8% | 28.1% | 14.1% | 27.1% | |
| ›PAT growth | 37.2% | -5.2% | 9.6% | -6.4% | 33.4% | -1.9% | 8.8% | 50.3% | 36.5% | 15.6% | |
| ›ROE | 25.4% | 19.3% | 17.8% | 15.1% | 18.1% | 14.4% | 12.9% | 16.5% | 19.2% | 16.2% | |
| ›ROCE | 14.7% | 15.6% | 13.7% | 11.5% | 14.1% | 10.8% | 10.8% | 13.3% | 15.5% | 15% | |
| ›ROA | 9.9% | 8.4% | 8% | 6.5% | 7.4% | 5.7% | 5.1% | 7.1% | 8.8% | 8.1% | |
| ›P/E | 18x | 20x | 19.6x | 13.6x | 28.6x | 33.5x | 25.7x | 35.7x | 23x | 23.6x | |
| ›P/B | 4.1x | 3.5x | 3.2x | 2x | 4.7x | 4.3x | 3x | 5.5x | 4.1x | 3.2x | |
| ›D/E | 1.3 | 1.1 | 1.1 | 1.2 | 1.1 | 1.2 | 1.1 | 0.9 | 0.7 | 0.6 | |
| ›Current ratio | 1.8x | 3.6x | 1.4x | 1.9x | 1.8x | 1.5x | 1.4x | 1.1x | 0.9x | 1.4x | |
| ›Interest cover | 4x | 5.2x | 4.6x | 3.2x | 3.8x | 3.2x | 2.2x | 4.5x | 5.3x | 4.2x |
Quarterly results
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| Metric | Trend | 2023-12 | 2024-03 | 2024-06 | 2024-09 | 2024-12 | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ›RevenueCr | 6,920 | 6,897 | 7,560 | 7,067 | 7,964 | 8,488 | 9,126 | 9,167 | 9,705 | 10,738 | |
| ›Rev growth YoY | 44.6% | 19% | 21% | 6.3% | 15.1% | 23.1% | 20.7% | 29.7% | 21.9% | 26.5% | |
| ›EBITDACr | 4,186 | 4,029 | 4,817 | 4,369 | 4,778 | 4,913 | 5,495 | 5,550 | 5,868 | 5,818 | |
| ›EBITDA margin | 60.5% | 58.4% | 63.7% | 61.8% | 60% | 57.9% | 60.2% | 60.5% | 60.5% | 54.2% | |
| ›Net profitCr | 2,306 | 2,050 | 3,184 | 2,414 | 2,467 | 2,854 | 3,153 | 3,330 | 2,942 | 3,099 | |
| ›PAT growth YoY | 75.1% | 81.1% | 45.1% | 40.7% | 7% | 39.3% | -1% | 38% | 19.3% | 8.6% | |
| ›EPS₹ | ₹10.22 | ₹9.44 | ₹14.41 | ₹11.32 | ₹11.67 | ₹13.95 | ₹15.34 | ₹14.39 | ₹13.25 | ₹14.45 |
Balance sheet — last 10 years (₹ Cr)
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| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ›Shareholders' equityCr | 17,526 | 21,069 | 24,538 | 25,623 | 30,608 | 41,988 | 45,556 | 52,945 | 62,435 | 96,125 | |
| ›ReservesCr | 16,946 | 20,489 | 24,124 | 25,051 | 30,035 | 37,794 | 44,957 | 52,346 | 61,837 | 95,498 | |
| ›Total borrowingsCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| ›InvestmentsCr | 5,028 | 5,082 | 8,777 | 10,255 | 10,825 | 13,712 | 20,052 | 14,105 | 13,928 | 18,037 | |
| ›Total assetsCr | 36,813 | 43,224 | 45,960 | 54,220 | 67,139 | 85,612 | 1,00,330 | 98,333 | 1,09,741 | 1,61,991 | |
| ›Current assetsCr | 11,907 | 14,287 | 14,631 | 14,820 | 12,553 | 16,190 | 15,655 | 17,286 | 18,757 | 21,975 | |
| ›Current liabilitiesCr | 6,556 | 4,009 | 10,352 | 7,696 | 7,121 | 11,063 | 11,009 | 16,415 | 20,938 | 15,760 | |
| ›Trade payablesCr | 456 | 490 | 572 | 729 | 1,014 | 1,160 | 2,296 | 1,912 | 2,721 | 2,736 | |
| ›Gross blockCr | 23,463 | 26,469 | 33,252 | 39,537 | 57,070 | 74,076 | 85,628 | 91,660 | 1,09,756 | 1,57,353 |
Cash flow statement (₹ Cr)
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| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ›Operating CF (CFO)Cr | 4,063 | 5,608 | 6,029 | 7,402 | 7,556 | 10,420 | 11,900 | 15,018 | 17,226 | 20,356 | |
| ›Investing CF (CFI)Cr | -2,639 | -3,846 | -4,424 | -750 | -14,143 | -5,282 | -19,560 | -6,947 | -9,787 | -13,191 | |
| ›Financing CF (CFF)Cr | -1,325 | -1,889 | 2,313 | -4,256 | 3,514 | -586 | -2,734 | -7,800 | -6,916 | -5,483 | |
| ›Net cash changeCr | 98 | -127 | 3,919 | 2,396 | -3,073 | 4,553 | -10,394 | 271 | 523 | 1,682 | |
| ›Closing cashCr | 950 | 823 | 4,798 | 7,195 | 4,201 | 8,676 | 1,126 | 1,576 | 3,406 | 5,162 |
Cash flow components
CFO · CFI · CFF (₹ Cr)
CFOCFICFF
Q-DITS scorecard
Composite score
66
Quality (25%)63.4
Growth (25%)63
Valuation (20%)49
Piotroski (15%)78
Earnings Quality (10%)89.8
Momentum (5%)—
Weighted blend, rescaled to the components available for this stock.
Piotroski F-Score
7/9
✓ROA positiveROA 8.08%
✓CFO positiveCFO ₹20356.25 Cr
✗ROA improving8.83% → 8.08%
✓CFO > PAT (low accruals)CFO 20356.25 vs PAT 12782.03
✓Leverage decreasedD/E 0.73 → 0.57
✓Liquidity improvedCR 0.9 → 1.39
✓No share dilutionEPS 51.35 → 55.58
✗Margin improvedEBITDA mgn 67.51% → 64.46%
✓Asset turnover upAsset TO 0.24 → 0.24
Altman Z-Scoregrey
1.39
X1
0.038
X2
0.59
X3
0.12
X4
0.593
X5
0.239
>2.9 safe · 1.23–2.9 grey · <1.23 distress
Quality
63.4/100
ROE
16.2%
ROCE
15%
Margin
33%
Debt
0.6
Int. cover
4.2x
Growth
63/100
Revenue 3Y
22.9%
Profit 3Y
25.6%
EPS
8.2%
Valuation
49/100
PE
23.6x
PB
3.2x
EV/EBITDA
14x
vs universe median: PE 25.6x · PB 2.81x · EV 13.41x
Earnings quality
89.8/100
CFO₹20,356 Cr
PAT₹12,782 Cr
Accrual ratio-0.047
CFO/PAT1.59x
PEAD · SURGE
+2 / +1
Revenue SUE0.42
EPS SUE0.91
Latest quarter2026-03
Rev growth YoY26.5%
Documents & filings
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Peer comparison
| Company | MCap (Cr) | Revenue | PAT | PE | PB | ROE% | ROCE% | D/E |
|---|---|---|---|---|---|---|---|---|
| JSW Infrastructure Ltd. | 64,817 | 5,361 | 1,547 | 42.5x | 6x | 17.6 | 16 | 0.49 |
| Gujarat Pipavav Port Ltd. | 7,406 | 1,159 | 494 | 14.4x | 3.1x | 17.1 | 24 | 0 |
| Paradeep Parivahan Ltd. | 332 | 386 | 31 | 10.8x | 2.6x | 26.2 | 23.7 | 0.59 |