Adani Ports and Special Economic Zone Limited (ADANIPORTS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+147.8%

₹4,612.17

vs ₹1,861.40 price

Levered DCF

₹3,741.14

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

3.33

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	22.54×	22.88×	34.7×	25.71×	34.23×	28.58×	13.69×	19.88×
P/B	3×	4.06×	5.32×	3×	3.98×	4.66×	2.01×	3.23×
P/S	7.45×	8.33×	10.54×	6.55×	9.77×	11.37×	4.51×	7.26×
EV / EBITDA	14.2×	16.21×	20.67×	14.64×	19.61×	21.66×	10.39×	14.33×
Gross margin	50.7%	66.3%	65.6%	66.6%	66.6%	68.6%	67.6%	69.3%
Operating margin	44.7%	65.7%	65.2%	66.3%	66.3%	68.4%	67.4%	68.8%
Net margin	33.1%	36.4%	30.4%	25.5%	28.5%	39.8%	32.9%	36.5%
Current ratio	1.39×	0.9×	1.06×	1.4×	1.59×	1.78×	1.93×	1.41×
Debt / equity	0.66×	0.82×	0.93×	1.17×	1.13×	1.14×	1.17×	1.1×
Interest coverage	4.52×	7.21×	6.25×	5.33×	4.43×	4.03×	3.95×	5.27×
Dividend yield	0.5%	0.5%	0.4%	0.8%	0.6%	0.0%	1.6%	0.5%
Payout ratio	12.0%	12.0%	13.3%	20.6%	21.0%	0.0%	22.4%	10.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.3%	17.8%	15.3%	11.7%	11.6%	16.3%	14.7%	16.3%
Return on invested capital	8.5%	13.7%	13.3%	12.8%	10.4%	9.9%	11.9%	11.1%
Return on assets	6.9%	8.2%	6.8%	4.6%	4.9%	6.6%	6.0%	7.1%
Free cash flow yield	1.0%	3.6%	2.7%	2.1%	3.6%	3.6%	7.3%	3.9%
Earnings yield	4.4%	4.4%	2.9%	3.9%	2.9%	3.5%	7.3%	5.0%
Enterprise value	₹3.4T	₹3T	₹3.3T	₹1.9T	₹2.1T	₹1.7T	₹743.2B	₹1T
Net debt / EBITDA	2.27×	2.43×	2.99×	4.05×	3.69×	3.85×	3.19×	3.14×
Cash conversion cycle (days)	22	-133	-86	-96	-26	-22	-194	129