Stock ADANIPORTS ADANI PORTS & SPECIAL ECONOMIC ZONE LIMITED
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Financials Adani Ports & Special Economic Zone Limited

Equities

ADANIPORTS

INE742F01042

Marine Port Services

Market Closed - NSE India S.E.
Other stock markets
 07:43:46 2024-04-26 am EDT 		5-day change 1st Jan Change
1,325 INR -0.45% Intraday chart for Adani Ports & Special Economic Zone Limited +1.11% +29.31%
Apr. 20 Adani Ports and Special Economic Zone Limited Announces Nirupama Rao Completing Her Term as Independent Director CI
Apr. 17 Deals of the day-Mergers and acquisitions RE

Valuation

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 783,130 510,579 1,427,102 1,635,399 1,364,992 2,861,320 - -
Enterprise Value (EV) 1 990,200 731,949 1,702,062 2,007,348 1,814,838 3,270,546 3,223,966 3,136,627
P/E ratio 19.6 x 13.7 x 28.6 x 34.6 x 25.7 x 32.9 x 27 x 22.9 x
Yield 0.53% 1.27% 0.71% 0.65% 0.79% 0.48% 0.6% 0.71%
Capitalization / Revenue 7.17 x 4.46 x 11.4 x 10.3 x 6.55 x 10.7 x 9.41 x 8.37 x
EV / Revenue 9.06 x 6.4 x 13.6 x 12.6 x 8.7 x 12.3 x 10.6 x 9.17 x
EV / EBITDA 15 x 12.3 x 19.6 x 22.6 x 14.1 x 20.4 x 17.4 x 14.9 x
EV / FCF 32.1 x 19.3 x 30.4 x 33.2 x 64.6 x 41.6 x 33 x 25.7 x
FCF Yield 3.12% 5.17% 3.29% 3.01% 1.55% 2.4% 3.03% 3.89%
Price to Book 3.19 x 1.99 x 4.66 x 4.28 x 2.99 x 5.43 x 4.65 x 3.99 x
Nbr of stocks (in thousands) 2,070,952 2,031,752 2,031,752 2,112,373 2,160,139 2,160,139 - -
Reference price 2 378.2 251.3 702.4 774.2 631.9 1,325 1,325 1,325
Announcement Date 5/27/19 5/5/20 5/4/21 5/25/22 5/30/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 109,254 114,388 125,496 159,340 208,519 266,376 303,943 341,945
EBITDA 1 65,916 59,390 86,840 88,789 128,334 160,434 185,014 210,597
EBIT 1 52,181 42,590 65,771 61,393 94,102 120,814 142,724 164,219
Operating Margin 47.76% 37.23% 52.41% 38.53% 45.13% 45.35% 46.96% 48.03%
Earnings before Tax (EBT) 1 51,263 42,439 62,920 55,412 54,891 104,336 128,562 154,560
Net income 1 39,902 37,631 49,943 47,281 53,102 86,174 105,120 125,529
Net margin 36.52% 32.9% 39.8% 29.67% 25.47% 32.35% 34.59% 36.71%
EPS 2 19.27 18.35 24.58 22.39 24.58 40.27 49.00 57.73
Free Cash Flow 1 30,889 37,868 56,023 60,510 28,085 78,571 97,780 122,166
FCF margin 28.27% 33.11% 44.64% 37.98% 13.47% 29.5% 32.17% 35.73%
FCF Conversion (EBITDA) 46.86% 63.76% 64.51% 68.15% 21.88% 48.97% 52.85% 58.01%
FCF Conversion (Net income) 77.41% 100.63% 112.17% 127.98% 52.89% 91.18% 93.02% 97.32%
Dividend per Share 2 2.000 3.200 5.000 5.000 5.000 6.297 7.956 9.345
Announcement Date 5/27/19 5/5/20 5/4/21 5/25/22 5/30/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2025 Q1
Net sales 1 51,952 37,465 36,079 45,568 35,324 37,971 38,450 46,380 52,108 106,289 47,862 57,968 62,476 63,513 128,940 69,648 68,576 71,872
EBITDA 1 - 24,880 23,050 22,310 22,600 24,310 18,588 30,050 32,600 65,510 30,110 32,713 37,536 38,028 76,341 40,272 43,098 -
EBIT 1 - 18,940 17,072 16,222 16,388 17,248 11,838 22,817 24,060 - 21,277 24,264 28,041 27,311 - 31,916 33,890 33,361
Operating Margin - 50.55% 47.32% 35.6% 46.39% 45.42% 30.79% 49.2% 46.17% - 44.46% 41.86% 44.88% 43% - 45.82% 49.42% 46.42%
Earnings before Tax (EBT) 1 - 20,125 15,390 15,127 11,873 17,395 11,704 10,304 19,004 - 15,639 9,195 24,907 25,060 50,114 27,033 29,976 -
Net income 1 - 15,615 12,878 13,067 9,517 14,723 10,240 10,724 16,775 28,358 13,155 11,589 21,147 20,625 38,626 21,925 23,234 -
Net margin - 41.68% 35.69% 28.68% 26.94% 38.77% 26.63% 23.12% 32.19% 26.68% 27.49% 19.99% 33.85% 32.47% 29.96% 31.48% 33.88% -
EPS 2 - 7.690 6.340 6.410 4.660 6.970 4.850 5.080 7.770 - 6.090 5.360 9.790 8.956 - 10.30 11.69 11.60
Dividend per Share - - 5.000 - - - - - - - - - - - - - 13.50 -
Announcement Date 11/3/20 2/9/21 5/4/21 8/3/21 10/27/21 2/1/22 5/25/22 8/8/22 11/1/22 11/1/22 2/7/23 5/30/23 8/8/23 - 11/9/23 - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 207,070 221,370 274,960 371,949 449,847 409,226 362,646 275,307
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3.141 x 3.727 x 3.166 x 4.189 x 3.505 x 2.551 x 1.96 x 1.307 x
Free Cash Flow 1 30,889 37,868 56,023 60,511 28,085 78,571 97,780 122,166
ROE (net income / shareholders' equity) 17.6% 15% 17.8% 13.7% 12.1% 17.5% 18.3% 18.6%
ROA (Net income/ Total Assets) 7.68% 6.34% 7.26% 5.55% 4.95% 7.9% 9% 9.75%
Assets 1 519,492 593,657 687,637 851,709 1,072,959 1,090,810 1,167,997 1,287,478
Book Value Per Share 2 118.0 126.0 151.0 181.0 211.0 244.0 285.0 332.0
Cash Flow per Share 2 29.10 36.10 37.20 46.40 55.20 62.60 69.90 82.90
Capex 1 29,405 36,150 19,535 37,492 91,248 72,629 75,939 66,708
Capex / Sales 26.91% 31.6% 15.57% 23.53% 43.76% 27.27% 24.98% 19.51%
Announcement Date 5/27/19 5/5/20 5/4/21 5/25/22 5/30/23 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Adani Ports & Special Economic Zone Limited

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
19
Last Close Price
1,325 INR
Average target price
1,461 INR
Spread / Average Target
+10.31%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Port Services

1st Jan change Capi.
ADANI PORTS & SPECIAL ECONOMIC ZONE LIMITED Stock Adani Ports & Special Economic Zone Limited
+29.31% 34.31B
SHANGHAI INTERNATIONAL PORT (GROUP) CO., LTD. Stock Shanghai International Port (Group) Co., Ltd.
+14.90% 18.09B
DP WORLD PLC Stock DP World PLC
0.00% 13.47B
MISC Stock MISC
+8.23% 7.39B
ABU DHABI PORTS COMPANY Stock Abu Dhabi Ports Company
-14.11% 7.59B
QINGDAO PORT INTERNATIONAL CO., LTD. Stock Qingdao Port International Co., Ltd.
+21.75% 6.85B
JSW INFRASTRUCTURE LIMITED Stock JSW Infrastructure Limited
+21.22% 6.19B
CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED Stock China Merchants Port Holdings Company Limited
-2.63% 5.56B
LIAONING PORT CO., LTD. Stock Liaoning Port Co., Ltd.
0.00% 4.12B
QUBE HOLDINGS LIMITED Stock Qube Holdings Limited
+0.31% 3.74B
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