At a Glance
Adani Ports & SEZ is India’s largest port operator, controlling 27% of cargo volume with 14 ports. With ₹30,475 Cr in FY25 revenue, 60% EBITDA margins, and ₹3 lakh Cr market cap, it’s running a monopoly cruise ship — and charging first-class fares on Dalal Street.
🧠 TL;DR
- 📦 India’s largest private port operator (Mundra to Krishnapatnam)
- 🚢 FY25 Revenue: ₹30,475 Cr | PAT: ₹11,061 Cr | EPS: ₹51.35
- 💸 ROE: 18.7% | OPM: 60% | Net profit CAGR (5Y): 23%
- 🏗️ Logistics + SEZ + MRO = 18% of topline
- 💰 Stock up 5x in 5 years; trades at 4.8x P/B, 28x P/E
- 🎯 Fair Value Range: ₹1,050 – ₹1,200
🚢 What Exactly Does Adani Ports Do?
If Indian ports were airports, APSEZ would be the Indigo + T3 + Emirates lounge combined.
Here’s the business breakdown:
| Segment | FY25 Revenue Share | Role |
|---|---|---|
| Ports & Terminals | 82% | Core business — 14 ports across east and west coast |
| Logistics | 8% | Rail, inland, warehousing, dry ports |
| SEZ + Industrial Infra | 6% | Mundra SEZ: GST-free heaven for exporters |
| O&M + Others | 4% | Tugboats, dredging, port security, and management |
Mundra Port is their flagship, but newer ports (like Dhamra, Kattupalli) are rising stars.
📈 Financials: The Cargo Train Never Stops
🧾 FY25 Snapshot (Consolidated)
| Metric | FY24 | FY25 | % Growth |
|---|---|---|---|
| Revenue | ₹26,711 Cr | ₹30,475 Cr | 🔼 +14% |
| EBITDA | ₹15,589 Cr | ₹18,141 Cr | 🔼 +16% |
| Net Profit | ₹8,104 Cr | ₹11,061 Cr | 🔼 +36% |
| EPS | ₹37.55 | ₹51.35 | 💣 Big jump |
| ROCE | 13% | 14% | Consistently solid |
| OPM | 58% | 60% | Monopolies be like… |
🚂 5-Year CAGR
- Revenue: 21%
- PAT: 23%
- Stock Price: 32%
That’s not a business — that’s a freight train with afterburners.
🔄 Latest Developments: Ports, Profits, and Promos
- 📦 Veracity JV Exit: Adani Logistics sold 49% stake in Veracity for ₹4.9 lakh (yes, lakhs), perhaps to focus on higher-value assets
- 🌍 Abbot Point Acquisition: Preferential issue of 14.38 Cr shares at ₹1,199/share for Australian port deal
- 🏅 ESG Score: 69 (no jokes please) — from NSE Sustainability Ratings
- 🛠️ Capex: ~₹10,000 Cr spent in FY25, including on Karanja, Dighi, and container expansion
🧮 Valuation: Premium Port, Premium Price
| Metric | Value |
|---|---|
| CMP | ₹1,390 |
| Market Cap | ₹3,00,273 Cr |
| P/E | 27.9x |
| P/B | 4.82x |
| Book Value | ₹288 |
| Dividend Yield | 0.5% |
Compared to Peers:
| Company | P/E | ROCE | OPM |
|---|---|---|---|
| Adani Ports | 27.9x | 13.8% | 60% |
| JSW Infra | 45x | 13.9% | ~50% |
| G. Pipavav | 19x | 24.9% | Lower topline |
| VMS / Starlog | Who? | 🪦 | 🫠 |
So yes, Adani Ports trades at a premium — but not without merit. It owns the coastline and the container.
📉 Risks: What Could Go Overboard?
- 🏦 High Leverage: ₹51,621 Cr debt as of FY25 — net debt/EBITDA ~2.8x
- 🌍 Geopolitical Exposure: Australia, Sri Lanka, Myanmar = unpredictable waters
- 📉 Capex Fatigue: ₹10K+ Cr annual capex = long gestation projects
- 🧾 Interest Cost Capitalization? Screener hint: Maybe… auditors, your move.
🧾 Shareholding Trends
| Category | Mar ’23 | Mar ’25 |
|---|---|---|
| Promoter | 61.0% | 65.9% |
| FIIs | 18.0% | 13.4% ⬇️ |
| DIIs | 13.0% | 14.7% ⬆️ |
| Public | 8.0% | 5.9% ⬇️ |
Retail has taken profits. Smart money (DIIs) are steady. Promoters have increased stake post-Hindenburg saga — confidence, or control?
🎯 Fair Value Estimate
Let’s go DCF-ish but simple:
- FY25 PAT = ₹11,061 Cr
- Growth = 15% CAGR for 3 years
- FY28E PAT = ~₹17,200 Cr
- Fair P/E = 20x (infra average)
FV = ₹17,200 Cr × 20 / 432 Cr shares = ₹796/share
Add:
- Premium for monopoly scale: +20%
- International asset base: +10%
- Brand Adani resilience bonus: +15%
🎯 EduInvesting FV Range = ₹1,050 – ₹1,200
🛳️ Verdict: The Adani Ark Floats On
Adani Ports isn’t just a company — it’s India’s logistical bloodstream. Yes, it’s richly priced. But when you control a quarter of the nation’s cargo, you can demand a little royalty.
Just make sure you’re boarding with eyes open — it’s a luxury liner, not a tugboat. And those earnings waves can get choppy.
Tags: Adani Ports, APSEZ, Mundra, Indian Ports, Logistics India, SEZ, Abbot Point, Adani Group, Infrastructure Stocks, NSE bluechip
✍️ Written by Prashant | 📅 June 24, 2025
