At a Glance
Adani Ports (APSEZ) delivered yet another quarter that screams “monopoly with style”. Revenue jumped 21% YoY to ₹9,126 crore, while net profit sailed to ₹3,311 crore (+2.4% YoY) despite higher finance costs. The company just approved a AUD 3.9 billion acquisition of Abbot Point Port, adding another jewel to its global crown. Stock at ₹1,358 trades at a P/E of 25.8x – not cheap, but hey, kings don’t come cheap.
Introduction
APSEZ isn’t just a port operator; it’s basically India’s logistical overlord. From Mundra to Haifa, it controls strategic gateways like it’s playing Monopoly on steroids. Q1 FY26 results reaffirm the dominance, with logistics revenue doubling and marine services nearly tripling. Gautam Adani stepped back to a non-executive role, but the empire continues its aggressive expansion, adding ports, SEZs, and now an Australian deepwater asset.
Business Model (WTF Do They Even Do?)
- Core Operations: Ports & cargo handling – 15 Indian ports with a 633 MMT capacity.
- Value Add: Integrated logistics (rail, warehouses) and SEZs.
- Global Presence: Haifa (Israel), Colombo (Sri Lanka), Dar es Salaam (Tanzania), and soon Abbot Point (Australia).
- Revenue Split: ~80% port services, 20% logistics & SEZ.
With this footprint, APSEZ practically dictates India’s import-export flows.
Financials Overview
Q1 FY26 Key Numbers:
- Revenue: ₹9,126 crore (+21% YoY)
- EBITDA: ₹5,495 crore (EBITDA margin ~60%)
- PAT: ₹3,311 crore (+2.4% YoY)
- EPS (Q1): ₹15.34
- TTM EPS: ₹52.28 → P/E: 25.8x
TTM Revenue: ₹32,645 crore | TTM PAT: ₹11,265 crore
Commentary: The numbers scream efficiency – 60% OPM is god-tier. Only concern? Leverage. Borrowings at ₹51,621 crore look chunky but manageable with cash flows.
Valuation
1. P/E Method:
- Industry average: 20–25x
- EPS
