Adani Ports and Special Economic Zone Ltd (APSEZ) Q4FY25 Result Analysis

Adani Ports and Special Economic Zone Ltd (APSEZ), a part of the globally diversified Adani Group, has evolved from a port company to an Integrated Transport Utility providing end to-end solutions from its port gate to customer gate. It is the largest port developer and operator in India with 7 strategically located ports and terminals on the west coast (Mundra, Tuna Tekra & Berth 13 in Kandla, Dahej, and Hazira in Gujarat, Mormugao in Goa, Dighi in Maharashtra and Vizhinjam in Kerala) and 8 ports and terminals on the East coast (Haldia in West Bengal, Dhamra and Gopalpur in Odisha, Gangavaram and Krishnapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu and Karaikal in Puducherry)

Result Analysis:   Adani Ports and Special Economic Zone Ltd (APSEZ)  (CMP: Rs. 1,270 )

Result Update: Q4FY25

---

---

Financial Performance:

Shareholding Pattern:

Particulars (In %)	Q4FY25	Q4FY24
Promoter	65.89	65.89
FIIs	13.66	15.13
DIIs	14.73	11.83
Public & Other	5.72	7.15

Management Commentary:

• The company Projects strong growth in FY26. Revenue and EBITDA guidance at ₹36,000-38,000 Cr and ₹21,000- 22,000 Cr respective.
• It has announced Rs 7 per share dividend for FY25.
• Adani ports has provided a capex guidance of ₹11,000–12,000 crore for FY26, with allocations including ₹6,000 crore towards domestic ports, ₹2,000 crore for international ports, ₹620 crore in marine, ₹2,000 crore for logistics, and ₹1,380 crore dedicated to technology upgrades and decarbonisation initiatives.

Outlook:

Adani Ports posted a strong financial performance in Q4FY25, with revenue rising 23.1% YoY to ₹8,488 crore and PAT increasing 50% YoY to ₹3,023 crore, setting a solid foundation for FY26. The company has guided for FY26 revenue of ₹36,000–38,000 crore and EBITDA of ₹21,000–22,000 crore. Capex guidance stands at ₹11,000–12,000 crore, allocated across domestic and international ports, logistics, marine infrastructure, and technology-led decarbonisation. Operational milestones including Vizhinjam Port and Colombo expansion, alongside a 27% national cargo market share. Adani Ports has recorded an EPS of ₹51.35 in FY25, based on that the company is trading at a P/E of 24.7x and P/B of 4.8x.

Results:

Particulars (In Rs. Cr.)	Q4FY25	Q4FY24	Q3FY25	YoY%	QoQ%	FY25	FY24	YoY%
Sales	8488.44	6896.5	7963.55	23.1	6.5912	31078.6	26710.56	16.4
Other Income	450.03	303.44	274.7	48.3	63.826	1446.04	1499.42	-3.6
Total Income	8938.47	7199.94	8238.25	24.1	8.4996	32524.64	28209.98	15.3
Total Expenditure	3506.89	3261.09	3189.34	7.5	9.9566	12303.42	11382.03	8.1
EBIDT	5431.58	3938.85	5048.91	37.9	7.5793	20221.22	16827.95	20.2
Interest	714.92	618.78	923.28	15.5	-22.567	2812.67	2845.76	-1.2
EBDT	4716.66	3320.07	4125.63	42.1	14.326	17408.55	13982.19	24.5
Depreciation	1184.73	979.09	1105.76	21	7.1417	4378.93	3888.46	12.6
EBT	3531.93	2340.98	3019.87	50.9	16.956	13029.62	10093.73	29.1
Tax	601.31	296.53	487.47	102.8	23.353	2221.87	1589.89	39.7
Deferred Tax	-92.48	29.68	14.01	-411.6	-760.1	-253.51	399.85	-163.4
PAT	3023.1	2014.77	2518.39	50	20.041	11061.26	8103.99	36.5

Segmental Revenue

Particulars (In Rs. Cr.)	Q4FY25	Q4FY24	Q3FY25	YoY%	QoQ%	FY25	FY24	VAR [%]
Port and SEZ activities	7277.57	6283.86	7413.27	15.8	-1.8	28051.21	24276.02	15.6
Others	1265.02	665.05	892.56	90.2	41.7	3492.13	2640.81	32.2

Source: Company website, EWL Research

 

Disclosure in pursuance of Section 19 of SEBI (RA) Regulation 2014

Elite Wealth Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only information in making their investment decision and must exercise their own judgment before making any investment decision.

For analyst certification and other important disclosures, see the Disclosure Appendix, or go to www.elitewealth.in. Analysts employed by Elite Wealth Limited are registered/qualified as research analysts with SEBI in India.( SEBI Registration No.: INH100002300)

Disclosure Appendix

Analyst Certification (For Reports)

Vindhyachal Prasad, Elite Wealth Limited, vindhyachal@elitestock.com

The analyst(s) certify that all of the views expressed in this report accurately reflect my/our personal views about the subject company or companies and its or their securities. I/We also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Elite Wealth Limited.

As to each individual report referenced herein, the primary research analyst(s) named within the report individually certify, with respect to each security or issuer that the analyst covered in the report, that:

• all of the views expressed in the report accurately reflect his or her personal views about any and all of the subject securities or issuers; and
• no part of any of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in the For individual analyst certifications, please refer to the disclosure section at the end of the attached individual notes.

Research Excerpts

This note may include excerpts from previously published research. For access to the full reports, including analyst certification and important disclosures, investment thesis, valuation methodology, and risks to rating and price targets, please visit www.elitewealth.in.

Company-Specific Disclosures

Important disclosures, including price charts, are available and all Elite Wealth Limited covered companies by visiting https://www.elitewealth.in, or emailing research@elitestock.com with your request. Elite Wealth Limited may screen companies based on Strategy, Technical, and Quantitative Research. For important disclosures for these companies, please e-mail research@elitestock.com.

Options related research:

If the information contained herein regards options related research, such information is available only to persons who have received the proper option risk disclosure documents. For a copy of the risk disclosure documents, please contact your Broker’s Representative or visit the OCC’s website at https://www.elitewealth.in

Other Disclosures

All research reports made available to clients are simultaneously available on our client websites. Not all research content is redistributed, e-mailed or made available to third-party aggregators. For all research reports available on a particular stock, please contact your respective broker’s sales person.

Ownership and material conflicts of interest Disclosure

Elite Wealth Limited policy prohibits its analysts, professionals reporting to analysts from owning securities of an y company in the analyst’s area of coverage. Analyst compensation: Analysts are salary based permanent employees of Elite Wealth Limited. Analyst as officer or director: Elite Wealth Limited policy prohibits its analysts, persons reporting to analysts from serving as an officer, director, board member or employee of any company in the analyst’s area of coverage.

Country Specific Disclosures

India – For private circulation only, not for sale. Legal Entities Disclosures

Mr. Ravinder Parkash Seth is the Managing Director of Elite Wealth  Ltd (EWL, henceforth), having its registered office at Casa Picasso, Golf Course Extension, Near Rajesh Pilot Chowk, Radha Swami, Sector-61, Gurgaon-122001 Haryana, is a SEBI registered Research Analyst and is regulated by Securities and Exchange Board of India. Telephone: 011-43035555, Facsimile: 011-22795783 and Website: www.elitewealth.in

EWL discloses all material information about itself including its business activity, disciplinary history, the terms and conditions on which it offers research report, details of associates and such other information as is necessary to take an investment decision, including the following:

1. Reports
2. a) EWL or his associate or his relative has no financial interest in the subject company and the nature of such financial interest;

• EWL or its associates or relatives, have no actual/beneficial ownership of one %. or more in the securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance;
• EWL or its associate or his relative, has no other material conflict of interest at the time of publication of the research report or at the time of public appearance;

2. Compensation

• EWL or its associates have not received any compensation from the subject company in the past twelve months;
• EWL or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months;
• EWL or its associates have not received any compensation for investment banking or merchant banking or brokerage  services from the subject company in the past twelve months;
• EWL or its associates have not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
• EWL or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research 3 In respect of Public Appearances
• EWL or its associates have not received any compensation from the subject company in the past twelve months;
• The subject company is not now or never a client during twelve months preceding the date of distribution of the research report and the types of services provided by EWL