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Every ratio from the Fundamental Analysis track, computed on a real company and annotated with what the number actually means. Then the three financial statements, so you can do the cash-flow check yourself.
Adani Ports and Special Economic Zone Limited, together with its subsidiaries, develops, operates, and maintains port infrastructure in India and internationally. The company is involved in the operation of ports and terminals, including bulk and break bulk, container, liquid, dry bulk, general, LPG/LNG, and crude cargo; terminal and ports related infrastructure development activities; and development of infrastructure at contiguous Special Economic Zone at Mundra. It also offers logistic services, which include logistic parks, container rail and bulk cargo logistic solutions, and warehousing, as well as auto, road, and agri logistic services. In addition, the company operates a fleet of dredging and reclamation service equipment comprising cutter suction, trailing suction hopper, water injection, grab, and specialized dredgers; split hopper, flat top, and jack up barges; and multi utility craft, survey vessels, floating crane, drag flow unit, and floating booster, as well as dozers, excavators, loaders, and other equipment. Further, it provides non-scheduled passenger airline services; hospital and related services; and marine services, such as pilotage, laying, mooring of vessels at berth and mid-stream, and maintenance of buoys. Additionally, the company engages in the development, construction, operation, and maintenance of railway corridors; land development activities; integrated textile park and container freight station businesses; develops inland container depots; owns and operates harbour tugs, barges, other port crafts, ocean towage and offshore support vessels; warehousing and storage facilities, hospital, and other related services; and provision of cargo storage-cum logistics services. Adani Ports and Special Economic Zone Limited was incorporated in 1998 and is headquartered in Ahmedabad, India.
How the price compares to earnings, assets and cash generation.
You are paying 30.7 years of current profit for each share. The earnings yield is 3.3%. The tracked Power & Utilities median is 29.7× (n=5), so this trades richer than its peers.
The market values the company at 4.2× its accounting net worth. High is normal for asset-light businesses and unusual for banks.
This is the only common multiple that accounts for debt — it is what an actual acquirer would look at, because they would inherit the borrowings.
Pays 0.42% of the current price out each year. Remember that yield rises when price falls — check the dividend is covered by cash flow.
Based on the next-year earnings estimate — 22.2× against 30.7× trailing. A forward P/E well below trailing is pricing in an earnings jump; treat the forecast with caution.
You pay 9.9× annual sales. Useful when earnings are depressed or negative and P/E breaks down — but a high multiple needs high margins to justify it.
Returns on capital and margins, the numerical shadow of a moat.
Not available.
Not available.
Keeps ₹44.6 of operating profit from every ₹100 of sales. Compare only against companies in the same industry.
Sustained high net margins are evidence that something is stopping competitors from competing the profits away.
Keeps ₹64.4 of gross profit per ₹100 of sales, before operating costs. A high, stable gross margin is the clearest single sign of pricing power.
Leverage and liquidity. This is where fragility shows up first.
A conservative balance sheet that can absorb a downturn without a crisis.
Not available.
Not available.
Against cash of ₹7284.73 Cr. Net debt is what matters, not gross borrowings.
Not available.
Revenue and earnings momentum, and how the two compare.
Ask where the growth came from: more volume, higher prices, or an acquisition. They are very different in quality.
Profits are growing slower than sales, meaning margins are compressing. The company may be buying its growth.
EBITDA of ₹23293.37 Cr and operating cash flow of —.
Not available.
The figures quoted per share, and how much profit is handed back to owners.
₹56.65 of profit earned per share over the last twelve months. Price divided by this is the trailing P/E.
The accounting net worth behind each share is ₹416.50; price-to-book compares the market price with this.
Pays out 13% of profit as dividends and retains the rest. Above roughly 85% leaves little to reinvest and is hard to sustain through a weak year.
Market cap plus net debt — closer to what an acquirer actually pays. Against a market cap of ₹4,00,382 Cr.
Nine yes/no tests of profitability, funding and efficiency across the last two years; higher is stronger. A test is dropped only where the data is missing, so the score is out of 9.
NOPAT ÷ invested capital. What the business earns on all its capital, debt and equity — harder to flatter with leverage than ROE.
A company creates value only when ROIC clears its cost of capital (WACC) — judge this figure against the company’s cost of capital, and watch the trend across years.
Five weighted ratios in one bankruptcy early-warning number. Read the zone and, over time, the trend.
Comfortably in the safe zone — low near-term distress risk on this measure. Still worth tracking the trend.
Reported figures, most recent year first. All values in rupees.
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | ₹38735.77 Cr | ₹30475.33 Cr | ₹26710.56 Cr | ₹20851.91 Cr |
| Cost of revenue | ₹15302.63 Cr | ₹12090.95 Cr | ₹11311.79 Cr | ₹9061.76 Cr |
| Gross profit | ₹23433.14 Cr | ₹18384.38 Cr | ₹15398.77 Cr | ₹11790.15 Cr |
| Operating expenses | ₹5982.32 Cr | ₹4267.48 Cr | ₹3245.57 Cr | ₹2277.40 Cr |
| Operating income | ₹17450.82 Cr | ₹14116.90 Cr | ₹12153.20 Cr | ₹9512.75 Cr |
| Interest expense | ₹3751.37 Cr | ₹2686.68 Cr | ₹2711.51 Cr | ₹2557.06 Cr |
| Pre-tax income | ₹14848.56 Cr | ₹13029.62 Cr | ₹10093.73 Cr | ₹5486.89 Cr |
| Tax | ₹2066.53 Cr | ₹1968.36 Cr | ₹1534.58 Cr | ₹96.04 Cr |
| Net profit | ₹12806.21 Cr | ₹11092.31 Cr | ₹8110.64 Cr | ₹5308.85 Cr |