KIRA
KIRA Research · Infrastructure / Logistics · Ports & Logistics

Adani Ports and Special Economic Zone Limited

NSE: ADANIPORTS · BSE: 532921 · ISIN INE742F01042 · Data as of 2026-09-26
Research: READYConfidence: MEDIUMKIRA Score: Not yet scoredLargeFigures: INR crore; basis shown per row

KIRA view

Strong operating delivery in FY26: revenue +25%, EBITDA +20%, and PAT ₹12,782 crore. Major strength: dominant port network. Major risk: group-level governance overhang; governance events are tracked separately with dated sources. ANALYSIS

Pillar 1 — Business Quality & Moat

Business overview, segments, revenue drivers, competitive position and industry standing.

Revenue drivers

  • Cargo volumes (>500 MMT FY26) ANALYSIS
  • Logistics rail/warehousing ANALYSIS
  • International ports ANALYSIS

Competitive position — peers

  • JSW Infrastructure ANALYSIS
  • Concor (adjacent) ANALYSIS
  • PSA / DP World (global, unlisted) ANALYSIS

Pillar 2 — Growth Quality

Revenue/AUM and profit growth, multi-year CAGR, growth consistency, growth drivers and relevant recent developments.

MetricPeriodValueBasisProvenanceSource
RevenueFY26₹38,736 crConsol.SOURCEDS10
Revenue growth (YoY)FY2625%Consol.SOURCEDS10
EBITDAFY26₹22,851 crConsol.SOURCEDS10
EBITDA growth (YoY)FY2620%Consol.SOURCEDS10
Dividend per shareFY26₹7.5Consol.SOURCEDS10
Net profit (PAT)FY26₹12,782 crConsol.SOURCEDS10
Net profit (PAT)FY25₹11,061 crConsol.SOURCEDS10
RevenueFY25₹31,079 crConsol.SOURCEDS10
EBITDAFY25₹19,025 crConsol.SOURCEDS10
Net profit (PAT)Q4FY26₹3,308 crConsol.SOURCEDS10

Growth drivers

  • Volume growth (>500 MMT) ANALYSIS
  • Logistics integration ANALYSIS
  • International port expansion ANALYSIS

Recent developments

  • FY26 results (30 Apr 2026): revenue +25%, EBITDA +20%; ₹7.5 dividend per share proposed (record date 12 Jun 2026). SOURCED S10

Pillar 3 — Profitability & Return Ratios

Margins, ROE, ROCE, and ROA/NIM for financial companies.

NOT VERIFIED — no verified data for this pillar yet.

Pillar 4 — Balance Sheet Strength

Debt, leverage, liquidity, capital adequacy and asset quality where applicable.

Notes

  • note: Detail pending ANALYSIS

Pillar 5 — Cash Flow & Earnings Quality

CFO, FCF, CFO/PAT, working capital and, for lenders, credit-cost quality.

Notes

  • note: Detail pending ANALYSIS

Pillar 6 — Governance & Shareholding

Promoter holding and pledge, FII/DII/public holding, auditor, board, regulatory actions and material litigation.

Governance, regulatory & litigation

  • 18 Sep 2025 — SEBI order WTM/KV/CFID/CFID-SEC1/31672/2025-26 (Milestone Tradelinks / Rehvar Infrastructure matter): APSEZ was Noticee No. 1 among eight noticees; SEBI disposed of the proceedings against all noticees 'without any direction'. [Established regulatory action — concluded] SOURCED S12
  • 22 Sep 2026 — five Adani group companies settled SEBI disclosure-related proceedings (₹1.51 crore in total); APSEZ is not among them. [Media report of a regulatory settlement — not an APSEZ matter] SOURCED S13
  • SEBI settlement (reported Sep 2026) — Karan Adani (described as CEO) and B. Ravi (CFO) settled adjudication proceedings over alleged non-compliance with SEBI LODR Regulation 17(8) (CEO/CFO certification) relating to transactions with PMC Projects (India) Pvt Ltd. ₹13.65 lakh each; settlement approved 13 Aug 2026, amounts remitted 5 Sep 2026. APSEZ itself was not a noticee. [Regulatory settlement — concluded; per legal/news reports of the order, SEBI order text not yet retrieved] SOURCED S16, S17

Pillar 7 — Valuation Comfort

P/E, P/B, EV/EBITDA, dividend yield, historical and peer context — descriptive only; no price target.

NOT VERIFIED — no verified data for this pillar yet.

Pillar 8 — Technical Confirmation

Informational only: long-term trend context when properly sourced. No entry levels, targets, stop-losses or calls.

No sourced technical data. This pillar is informational only and never carries entry levels, targets, stop-losses or buy/sell/hold calls.

Material risks

  • Group-level sentiment/governance overhang ANALYSIS
  • Promoter-group concentration ANALYSIS
  • Regulatory proceedings outcomes ANALYSIS

Key questions to monitor

  • Supreme Court proceedings connected with the January 2023 short-seller report: current status not yet recorded from court records; to be added as a separate, dated item. ANALYSIS

Sources

IDDocumentPublisherTypeDateAuthority
S10APSEZ FY26 revenue grows 25%, outperforms guidanceAdani Ports and Special Economic Zone Limitedcompany results media release2026-04-30PRIMARY
S11Adani Ports Q4 PAT climbs 10% YoY to Rs 3,329 crBusiness Standard (Capital Market)news report of results2026-04-30SECONDARY
S12SEBI order WTM/KV/CFID/CFID-SEC1/31672/2025-26 in the matter of Milestone Tradelinks Pvt Ltd and Rehvar Infrastructure Pvt LtdSecurities and Exchange Board of Indiaregulatory order2025-09-18PRIMARY
S13Five Adani group companies settle Sebi proceedings for ₹1.51 croreBusiness Standardnews report2026-09-22SECONDARY
S14NSE equity quote — Adani Ports and Special Economic Zone Limited (ADANIPORTS)National Stock Exchange of Indiaexchange listing page (name/symbol in indexed page title; body not machine-retrievable)2026-09-28PRIMARY
S15Disclosure under Chapter XIV of SEBI operational circular (letterhead with BSE scrip code 532921)Adani Ports and Special Economic Zone Limitedstock exchange disclosure2025-06-03PRIMARY
S16SEBI settles adjudication proceedings against B Ravi, Karan Adani — PMC Projects proceedingsLiveLaw (Business)legal news report of a SEBI settlement order2026-09SECONDARY
S17Adani Ports executives settle Sebi proceedings in PMC Projects matterBusiness Standardnews report2026-09-10SECONDARY
S18NSE list of equity securities (EQUITY_L.csv) — row for symbol ADANIPORTS: 'ADANIPORTS,Adani Ports and Special Economic Zone Limited,EQ,27-NOV-2007,2,1,INE742F01042,2'National Stock Exchange of Indiaexchange securities master list (CSV)2026-09-28PRIMARY

Research status

Status
READY
Confidence
MEDIUM
Data as of
2026-09-26
KIRA Score
Not yet scored — no verified KIRA Score registry match
Method
Primary filings first; aggregators for cross-check only. SOURCED = from a cited document; ANALYSIS = KIRA interpretation; UNVERIFIED = not yet checked against a primary source.
Withheld
7 item(s) not yet verified are not shown.

Data conflicts

  • Resolved · financials.PAT.FY26
    FY26 PAT NOT VERIFIED in the Kimi export.
    Company results release (S10): FY26 consolidated PAT ₹12,782 crore vs ₹11,061 crore in FY25 (+15.6%). S10
  • Resolved · financials.PAT.Q4FY26
    Q4 FY26 PAT: company ₹3,308 crore (S10) vs news report ₹3,329 crore (S11).
    The primary company figure is canonical. The ₹21 crore gap most likely reflects PAT attributable to owners vs total PAT (unconfirmed); both values are recorded. S10, S11