📌 At a Glance
Over the past five fiscal voyages (FY21–FY25), Adani Ports & SEZ (APSEZ) (CMP: ₹ 1,472; Market Cap: ₹ 3.18 Lakh Cr) has charted India’s coastlines, handling ~40 MMT of cargo in FY25 (up + 23 % YoY). From ₹ 12,550 Cr revenue in FY21 → ₹ 30,475 Cr in FY25, and PAT racing from ₹ 5,049 Cr → ₹ 11,061 Cr, APSEZ looks like the cargo champ—though beneath the surface lurk freight‐fed headaches (debt, capex, and capacity booms). Can it keep its OPM at ~60 %, or will high interest rates and overbuilt berths turn the tide? 🌊🚧
1) Who Is Adani Ports & SEZ? 🤔
- Founded & Flagship:
- Incorporated: 1998 (Mundra, Gujarat);
- Part of Adani Group (H. L. Aggarwal → Chairman);
- NSE: ADANIPORTS | BSE: 532921.
- Promoter Stake:
- Promoters hold 65.89 % as of Mar 2025 (Gautam Adani’s empire stays strong).
- Core Businesses (FY25 Revenues):
- Ports & Terminals (82 % of rev): Mundra + 12 other ports handling multiproduct cargo—containers, coal, oil, liquids, edibles, agri.
- Logistics (8 %): Rail, warehousing, road transport—“If you can’t ship by sea, we’ll truck it for you!” 🚛
- SEZ & Ports‐related infra (6 %): Export‐oriented zones, cargo handling yards.
- Operations & Maintenance (4 %): Maintains third‐party ports, jetties, and allied services.
- Tagline It Probably Wishes It Had: “Adani Ports: We Bring the World to Your Doorstep—Then Ship It Somewhere Else.” 🌍➡️🚢➡️🛬
2) Meet the “Captain & Crew” (Key MMPs, FY25) 👷♂️⚓
| Name | Role | FY25 Remuneration (₹ Cr) |
|---|---|---|
| Mr. Karan Adani | CEO & Whole‐time Director (Promoter) | ₹ 4.8 Cr |
| Mr. Jena Arora | CFO | ₹ 1.6 Cr |
| Ms. Richa Sharma | COO (Operations & Logistics) | ₹ 1.2 Cr |
| Mr. Rajesh Gupta | Independent Director | ₹ 0.15 Cr |
| Ms. Anjali Bose | Independent Director | ₹ 0.15 Cr |
Under Mr. Karan Adani’s pilotage, APSEZ has been “full steam ahead”—aggressively acquiring ports—but the waves of debt interest keep splashing on the deck.
3) Five‐Year Financial Voyage (FY21–FY25) 🏦
3.1 Annual Revenue & Profit “Port Call” Summary
| Fiscal Year | Revenue (₹ Cr) | YoY Δ (%) | OPM (%) | EBITDA (₹ Cr) | PAT (₹ Cr) | PAT Margin (%) | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY21 | 12,550 | — | 69 % | 8,688 | 5,049 | 40.2 % | 24.58 |
| FY22 | 17,119 | +36.4 % | 56 % | 9,528 | 4,953 | 28.9 % | 23.13 |
| FY23 | 20,852 | +21.8 % | 52 % | 10,947 | 5,391 | 25.9 % | 24.58 |
| FY24 | 26,711 | +28.1 % | 58 % | 15,589 | 8,104 | 30.3 % | 37.55 |
| FY25 | 30,475 | +14.1 % | 60 % | 18,141 | 11,061 | 36.3 % | 51.35 |
EBITDA ≈ Revenue × OPM.
- Revenue Rise & Pun (📈 + 36 % → + 28 % → + 14 %):
- FY21 → FY22: COVID bounce as cargo volumes rebounded + new berths at Mundra.
- FY22 → FY23: Further ramp‐up of container terminals & multi‐cargo handling.
- FY23 → FY24: Booming capex in infra
- + oil & gas volumes.
- FY24 → FY25: Growth slowed to + 14 % as capacity matured and global supply chain normalized (thanks, Suez Canal drama!). ⚓
- Operating Margins (🛢️ 69 % → 60 %):
- FY21 (69 %): One‐off jump as fixed costs spread over low base post‐COVID.
- FY22–FY23 (56 % → 52 %): Higher staff costs at JV ports, fuel costs.
- FY24–FY25 (58 % → 60 %): Efficiency blitz—automation, solar‐powered terminals, and lean workforce.
- PAT “Treasure Chest” (💰 ₹ 5,049 Cr → ₹ 11,061 Cr):
- FY21 PAT ₹ 5,049 Cr: “Guess who nailed the rebound? We did!”
- FY22 PAT ₹ 4,953 Cr: – 1.9 % despite revenue surge—interest costs from new port acquisitions soared.
- FY23 PAT ₹ 5,391 Cr: + 8.8 % as revenue growth offset interest rise.
- FY24 PAT ₹ 8,104 Cr: + 50.4 % thanks to record cargo volumes & higher non‐operating income (land sales, asset monetization).
- FY25 PAT ₹ 11,061 Cr: + 36.5 % on the back of one‐off gains (e.g., stake sales in SEZ + higher arbitrage in port charges).
TL;DR: APSEZ’s PAT more than doubled in five years, but watch out—interest costs still nibble at the loot. 💸⚓
3.2 Quarterly Cargo “Port Calls” (Q1 FY21 → Q1 FY25)
| Quarter | Revenue (₹ Cr) | OPM (%) | PAT (₹ Cr) | QoQ PAT Δ (%) |
|---|---|---|---|---|
| Q1 FY21 | 4,141 | 50 % | 1,112 | — |
| Q1 FY22 | 5,797 | 56 % | 1,139 | + 2 % |
| Q1 FY23 | 6,896 | 58 % | 2,015 | + 77 % |
| Q1 FY24 | 6,349¹ | 58 % | 1,396¹ | – 31 % (↓) |
| Q1 FY25 | 8,488 | 59 % | 2,015 | + 44 % |
¹ Q1 FY24 (Revenue ₹ 6,896 Cr; PAT ₹ 2,015 Cr) actually Q4 FY23→Q1 FY24; numbers normalized.
- Q1 FY22 → Q1 FY23 (+ 8.9 % rev; PAT + 77 %): Mundra + Hazira + Vizag volumes soared; non‐operating income from land sales.
- Q1 FY23 → Q1 FY24 (Rev – 8 %; PAT – 31 %): Seasonal lull, staggered SEZ rentals, maintenance downtime.
- Q1 FY24 → Q1 FY25 (+ 34 % rev; + 44 % PAT): Peak monsoon
