WatchTalking point
Cash conversion trending down
Cash conversion (CFO ÷ profit) has averaged 1.67× over the last 3 profit-making years versus 2.13× before that.
Importance 64 / 95 · cash quality
Adani Ports and Special Economic Zone · Research view
Adani Ports and Special Economic Zone Ltd
NSE: ADANIPORTSBSE: 532921ISIN INE742F01042Face value ₹2standalone
₹1,738
−4.40% · 2026-10-01 · 52-wk ₹1,304–₹1,883
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Profit lagging revenue
Revenue grew 24.6% but profit grew 15.6%, so the company kept less of each rupee of revenue as profit.
Importance 63 / 95 · growth
StrengthTalking point
Compounding revenue
Revenue compounded at 24.9% a year over 4 years (₹15,934 → ₹38,736).
Importance 61 / 95 · growth
Section 03 · The company
Who is this company?
Classified by the exchange under Services › Services › Transport Infrastructure › Port & Port services.
- Market cap
- ₹4.00 L cr
- FY2026 revenue
- ₹8,535 cr
- FY2026 net profit
- ₹1,793 cr
- Net worth
- ₹61,840 cr
- Total debt
- ₹47,903 cr
- EPS (basic)
- ₹8.15
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 2 transport infrastructure.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Revenue grew 24.6% but profit grew 15.6%, so the company kept less of each rupee of revenue as profit.
Rule PROFIT_SLOWER_THAN_REVENUE
- Revenue growth per year
- +19.4%over 4 years
- Revenue growth
- +6.6%vs last year
- Net profit growth
- −27.0%vs last year
- Change in net profit since FY22
- +503%
Revenue compounded at 24.9% a year over 4 years (₹15,934 → ₹38,736).
Net profit grew 15.6% year on year (FY2025 → FY2026).
Revenue grew 24.6% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 EBITDA margin was 68.3%, up 4.87 percentage points from 63.5% a year earlier.
Rule QTR_MARGIN_CHANGED_YOY
Strength
Q1 FY27 revenue was ₹10,821 cr, up 18.6% from ₹9,126 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹5,682 cr, up 25.3% from ₹4,536 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 7,067 | — | 2,413 | — | 34.1% |
| Q3 FY25 | 7,964 | +15.1% | 2,518 | +14.0% | 31.6% |
| Q4 FY25 | 8,488 | +23.1% | 3,023 | +50.0% | 35.6% |
| Q1 FY26 | 9,126 | +20.7% | 3,311 | +6.5% | 36.3% |
| Q2 FY26 | 9,167 | +29.7% | 3,120 | +29.3% | 34.0% |
| Q3 FY26 | 9,705 | +21.9% | 3,043 | +20.8% | 31.4% |
| Q4 FY26 | 10,738 | +26.5% | 3,308 | +9.4% | 30.8% |
| Q1 FY27 | 10,821 | +18.6% | 3,650 | +10.2% | 33.7% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹40,430 crTTM
- EBITDA
- ₹26,572 crTTM
- EBIT
- ₹20,598 crTTM
- PBT
- ₹15,496 crTTM
- Net profit
- ₹13,121 crTTM
C. Corporate actions
12 Jun 2026DividendFinal Dividend - Rs. - 7.5000 — ₹7.50/share
13 Jun 2025DividendFinal Dividend - Rs. - 7.0000 — ₹7.00/share
14 Jun 2024DividendDividend - Rs. - 6.0000 — ₹6.00/share
28 Jul 2023DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share
14 Jul 2022DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share
24 Jun 2021DividendDividend - Rs. - 5.0000 — ₹5.00/share
16 Mar 2020DividendInterim Dividend - Rs. - 3.2000 — ₹3.20/share
26 Jul 2019DividendFinal Dividend - Rs. - 0.2000 — ₹0.20/share
20 Jun 2019BuybackBuy Back of Shares
26 Jul 2018DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
31 Jul 2017DividendDividend - Rs. - 1.3000 — ₹1.30/share
22 Mar 2016DividendInterim Dividend - Rs. - 1.1000 — ₹1.10/share
22 May 2015DividendDividend - Rs. - 1.1000 — ₹1.10/share
31 Jul 2014DividendDividend - Rs. - 1.0000 — ₹1.00/share
30 Jul 2013DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
30 Jul 2012DividendFinal Dividend - Rs. - 0.7000 — ₹0.70/share
13 Feb 2012DividendInterim Dividend - Rs. - 0.3000 — ₹0.30/share
5 May 2011DividendInterim Dividend - Rs. - 0.4000 — ₹0.40/share
14 Feb 2011DividendInterim Dividend - Rs. - 0.5000 — ₹0.50/share
23 Sept 2010Stock splitStock Split From Rs.10/- to Rs.2/- — 10:2
9 Aug 2010DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share
3 Feb 2010DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
17 Aug 2009DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
18 Feb 2009DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share
12 Sept 2008DividendDividend - Rs. - 1.5000 — ₹1.50/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
ROE declined from 18.5% to 15.6% year on year.
Rule ROE_DETERIORATED_YOY
- EBITDA margin now
- 100.1%
- 5-year range
- 73.0–102.9%
- ROE FY2026
- 3.9%
- ROCE FY2026
- 8.2%
EBITDA margin has ranged from 59.9% to 69.2% over 4 years and sits at 64.5% now.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Watch
Cash conversion (CFO ÷ profit) has averaged 1.67× over the last 3 profit-making years versus 2.13× before that.
Rule CASH_CONVERSION_DETERIORATING
Operating cash flowNet profit
- Total debt
- ₹47,903 cr
- Operating cash flow ÷ net profit
- 3.33×FY2026
- Free cash flow
- ₹4,592 cr
- Current ratio
- 1.02×
Net worth compounded at 26.5% a year over 4 years (₹38,643 → ₹98,981) — though FY2026 saw a one-off step-change of 52% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Operating cash flow has matched or exceeded reported profit in 5 of the last 5 profit-making years (latest 1.59×).
Free cash flow has been positive in 5 of the last 5 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 2 transport infrastructure (FY2026, consolidated).
Not enough peers in this set report the underlying metrics yet for a ranking.
Context
Trades at 30.52× earnings — 62% below the transport infrastructure median of 80.54×.
Rule PE_BELOW_PEERS
- P / E
- 30.5×TTM to Jun 26
- P / B
- 4.0×latest book
- P / S
- 9.9×TTM sales
- Earnings yield
- 3.3%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 31.3× · P/S 9.8× · ROE 15.6%.
Section 09 · The stock
How has the stock performed?
Context
Over 4 years profit (27.8% a year) and the stock (28.2% a year) compounded at roughly the same rate — but FY2022 profit (₹4,795) was well below the through-cycle level (~₹8,104), so this rate is inflated by the recovery from a low base.
Rule STOCK_TRACKED_EARNINGS · recovery
- 1-year return
- +22.2%
- 3-year return
- +110.6%
- 5-year return
- +136.5%
- From 52-wk high
- −7.7%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Above₹1,726
- vs 200-day avg
- Above₹1,624
- RSI (14)
- 48.8neutral
- MACD histogram
- 0.9
- From 52-wk high
- −7.7%
- From 52-wk low
- +33.3%
- 30-day volatility
- 36.0%ann.
- 6-month return
- +29.3%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchCash conversion trending downCash conversion (CFO ÷ profit) has averaged 1.67× over the last 3 profit-making years versus 2.13× before that.CASH_CONVERSION_DETERIORATING · conviction 64
- WatchProfit lagging revenueRevenue grew 24.6% but profit grew 15.6%, so the company kept less of each rupee of revenue as profit.PROFIT_SLOWER_THAN_REVENUE · conviction 63
- ConcernReturns decliningROE declined from 18.5% to 15.6% year on year.ROE_DETERIORATED_YOY · conviction 42
- WatchUnusual tax rateEffective tax rate of 14.2% (FY2026) is well below the ~25% corporate norm — a one-off tax item may be flattering or depressing reported profit.EFFECTIVE_TAX_UNUSUAL · conviction 37
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,206 | 5,237 | 6,807 | 8,005 | 8,535 |
| Total income | 6,726 | 8,236 | 8,784 | 10,413 | 11,558 |
| EBITDA | 4,327 | 3,823 | 6,402 | 7,811 | 8,547 |
| Profit before tax | 622 | −1,028 | 2,532 | 3,560 | 2,229 |
| Net profit | 298 | −479 | 1,738 | 2,457 | 1,793 |
| EPS (₹) | 1.4 | −2.2 | 8.1 | 11.4 | 8.2 |
| Net worth | 26,582 | 28,703 | 29,354 | 30,437 | 61,840 |
| Total debt | 44,775 | 47,522 | 49,702 | 51,473 | 47,903 |
| Operating cash flow | 3,012 | 2,714 | 3,743 | 5,471 | 5,973 |
| Free cash flow | 2,379 | 176 | 3,137 | 3,971 | 4,592 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 24.5 | 30.0 | 17.6 | 6.6 |
| Profit growth YoY | — | -261.1 | — | 41.3 | -27.0 |
| Profitability | |||||
| EBITDA margin % | 102.9 | 73.0 | 94.1 | 97.6 | 100.1 |
| Net margin % | 4.4 | -5.8 | 19.8 | 23.6 | 15.5 |
| Return on equity % | 1.1 | -1.7 | 6.0 | 8.2 | 3.9 |
| Return on capital % | 5.2 | 4.4 | 7.4 | 8.9 | 8.2 |
| Leverage & cash | |||||
| Debt to equity | 1.68 | 1.66 | 1.69 | 1.69 | 0.77 |
| Cash flow ÷ profit | 10.12 | — | 2.15 | 2.23 | 3.33 |
| Current ratio | 1.29 | 1.07 | 0.83 | 0.67 | 1.02 |