# Adani Ports and Special Economic Zone (ADANIPORTS.NSE)

Canonical: https://gigainvestors.com/s/ADANIPORTS.NSE

Analysis as of: 2026-10-16T07:33:23.044Z. Financial observations: FY2012–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 1,743.20 per share; close as of 2026-10-15.

Estimated value: low INR 649.74 per share, central INR 888.77 per share, high INR 1,010.53 per share. Buy at or below the central value INR 888.77 per share. Valuation as of 2026-10-16T07:33:23.044Z; scenarios are not confidence intervals.

Expected annual return: 7.3% at the stated quote. About 7.3% a year at today's price (required return 11.4%). required return 11.4% a year (IN 10-year bond 7.4% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.50×

- FY2018: 0.53×

- FY2019: 0.48×

- FY2020: 0.36×

- FY2021: 0.52×

- FY2022: 0.38×

- FY2023: 0.36×

- FY2024: 0.44×

- FY2025: 0.46×

- FY2026: 0.45×

### moat: fail

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.6%

- ROIC, second-lowest year: 8.4%

- Conservative return floor, median: 9.0%

- Conservative return floor, second lowest: 7.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 27.3%

- ROIC including acquisitions, ten-year median: 8.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: 7.7%

- FY2023: 8.4%

- FY2024: 11.2%

- FY2025: 11.9%

- FY2026: 10.6%

### economics: pass

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 414B

- Net income, five-year total: INR 422B

- Return on incremental invested capital: 35.1%

- Working capital / revenue, annual change: -3.5 pp

- Working capital / revenue, change between three-year averages: -24.5 pp

- Working capital / revenue, final three-year average: 8.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.99×

- FY2023: 0.99×

- FY2024: 0.99×

- FY2025: 1.00×

- FY2026: 0.95×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 17.74 to 51.35 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.6%

- Ordinary dilution, 5-year annual growth: 1.6%

- Market cap gain: INR 2.18T

- Cumulative retained earnings: INR 512B

- Diluted shares, 10-year annual growth: 0.6%

- Diluted shares, 5-year annual growth: 1.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 14.2%

- Per-share value change: INR 33.61

- Per-share value, starting three-year median: INR 17.74

- Per-share value, ending three-year median: INR 51.35

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.7%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: INR 625B

- ROIC, last three-year median: 11.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 18.89

- FY2018: INR 17.74

- FY2019: INR 19.27

- FY2020: INR 18.35

- FY2021: INR 24.58

- FY2022: INR 22.39

- FY2023: INR 24.58

- FY2024: INR 37.55

- FY2025: INR 51.35

- FY2026: INR 58.23

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -4.1%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.59×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.29×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.3%

- FY2018: -4.1%

- FY2019: -3.6%

- FY2020: -5.9%

- FY2021: -3.4%

- FY2022: -5.6%

- FY2023: -5.9%

- FY2024: -5.9%

- FY2025: -4.6%

- FY2026: -4.1%

## Holders

## Price story

Price needs cash profits to grow 15.6% a year for ten years · sales +27.1%

Story as of 2026-10-16T09:59:55.855Z; price observation 2026-10-15.

Price needs cash profits to grow 15.6% a year for ten years

### Sales · FY2025–2026

sales +27.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 84B 

- FY2018: INR 113B 

- FY2019: INR 109B 

- FY2020: INR 119B 

- FY2021: INR 126B 

- FY2022: INR 171B 

- FY2023: INR 209B 

- FY2024: INR 267B 

- FY2025: INR 305B 

- FY2026: INR 387B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in port & port services; annual sales are INR 387.4 billion.

- Source: https://www.screener.in/company/ADANIPORTS/consolidated/ (filed 2026-10-16T07:33:23.044Z); FY2026: revenue 387360000000; operatingIncome 173510000000; margin = operatingIncome / revenue.

### Why customers stay

Margins ranged from 43.8% to 46.1% during 2024–26; it earns 10.6% on its capital.

- Source: https://www.screener.in/company/ADANIPORTS/consolidated/ (filed 2026-10-16T07:33:23.044Z); FY2024: operatingIncome / revenue = 43.8%.

- Source: https://www.screener.in/company/ADANIPORTS/consolidated/ (filed 2026-10-16T07:33:23.044Z); FY2025: operatingIncome / revenue = 46.1%.

- Source: https://www.screener.in/company/ADANIPORTS/consolidated/ (filed 2026-10-16T07:33:23.044Z); FY2026: operatingIncome / revenue = 44.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.044Z); 10-year return on capital observations [[2022,0.07727849940250826],[2023,0.08422175911961757],[2024,0.11206184263497493],[2025,0.1191301642542435],[2026,0.10560023348047114]]; median 0.10560023348047114. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 81.1% of cash earnings; earns 35.1% on new investment.

- Source: https://www.screener.in/company/ADANIPORTS/consolidated/ (filed 2026-10-16T07:33:23.044Z); FY2017: growth capex 25880000000; upkeep 11600000000; owner earnings 39120000000. Growth capex / owner earnings = 0.6615541922290389.

- Source: https://www.screener.in/company/ADANIPORTS/consolidated/ (filed 2026-10-16T07:33:23.044Z); FY2018: growth capex 15440000000; upkeep 11880000000; owner earnings 36740000000. Growth capex / owner earnings = 0.4202504082743604.

- Source: https://www.screener.in/company/ADANIPORTS/consolidated/ (filed 2026-10-16T07:33:23.044Z); FY2019: growth capex 0; upkeep 29400000000; owner earnings 24230000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/ADANIPORTS/consolidated/ (filed 2026-10-16T07:33:23.044Z); FY2020: growth capex 19410000000; upkeep 16800000000; owner earnings 37630000000. Growth capex / owner earnings = 0.5158118522455488.

- Source: https://www.screener.in/company/ADANIPORTS/consolidated/ (filed 2026-10-16T07:33:23.044Z); FY2021: growth capex 2450000000; upkeep 21070000000; owner earnings 49940000000. Growth capex / owner earnings = 0.04905887064477373.

- Source: https://www.screener.in/company/ADANIPORTS/consolidated/ (filed 2026-10-16T07:33:23.044Z); FY2022: growth capex 7150000000; upkeep 30990000000; cash acquisitions 26238400000; owner earnings 48261500000. Growth capex plus acquisitions / owner earnings = 0.6918226743884878.

- Source: https://www.screener.in/company/ADANIPORTS/consolidated/ (filed 2026-10-16T07:33:23.044Z); FY2023: growth capex 57160000000; upkeep 34250000000; cash acquisitions 103438600000; owner earnings 52559900000. Growth capex plus acquisitions / owner earnings = 3.0555347327525357.

- Source: https://www.screener.in/company/ADANIPORTS/consolidated/ (filed 2026-10-16T07:33:23.044Z); FY2024: growth capex 35280000000; upkeep 38880000000; cash acquisitions 29227400000; owner earnings 80634700000. Growth capex plus acquisitions / owner earnings = 0.7999955354208548.

- Source: https://www.screener.in/company/ADANIPORTS/consolidated/ (filed 2026-10-16T07:33:23.044Z); FY2025: growth capex 36700000000; upkeep 43790000000; cash acquisitions 40925500000; owner earnings 110920000000. Growth capex plus acquisitions / owner earnings = 0.6998332131265778.

- Source: https://www.screener.in/company/ADANIPORTS/consolidated/ (filed 2026-10-16T07:33:23.044Z); FY2026: growth capex 98030000000; upkeep 55170000000; cash acquisitions 730800000; owner earnings 121735200000. Growth capex plus acquisitions / owner earnings = 0.811275621184341.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.044Z); Incremental return on capital 0.35097952341037003, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.044Z); Dividend observations: [[2017,10000000],[2018,2690000000],[2019,4180000000],[2020,7000000000],[2022,10270000000],[2023,10930000000],[2024,10800000000],[2025,13360000000],[2026,15350000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 15.6% yearly over ten years; actual growth was 14.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.044Z); Ten-year compound average after fade. Initial solved rate 0.21226617473398324. Price 1743.2; FX 1; discount 0.11391000000000001; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 13.99 → FY2026 55.354058222708105. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 277.90 per share

- 2016-12: INR 268.45 per share

- 2017-01: INR 293.35 per share

- 2017-02: INR 301.75 per share

- 2017-03: INR 339.60 per share

- 2017-04: INR 327.70 per share

- 2017-05: INR 339.00 per share

- 2017-06: INR 363.05 per share

- 2017-07: INR 395.90 per share

- 2017-08: INR 392.95 per share

- 2017-09: INR 376.75 per share

- 2017-10: INR 430.35 per share

- 2017-11: INR 398.00 per share

- 2017-12: INR 405.65 per share

- 2018-01: INR 428.85 per share

- 2018-02: INR 408.35 per share

- 2018-03: INR 354.10 per share

- 2018-04: INR 407.30 per share

- 2018-05: INR 392.15 per share

- 2018-06: INR 373.15 per share

- 2018-07: INR 399.75 per share

- 2018-08: INR 383.15 per share

- 2018-09: INR 328.90 per share

- 2018-10: INR 318.85 per share

- 2018-11: INR 365.65 per share

- 2018-12: INR 387.70 per share

- 2019-01: INR 338.65 per share

- 2019-02: INR 325.85 per share

- 2019-03: INR 378.15 per share

- 2019-04: INR 392.80 per share

- 2019-05: INR 416.40 per share

- 2019-06: INR 410.20 per share

- 2019-07: INR 377.55 per share

- 2019-08: INR 365.70 per share

- 2019-09: INR 413.95 per share

- 2019-10: INR 395.80 per share

- 2019-11: INR 382.05 per share

- 2019-12: INR 366.00 per share

- 2020-01: INR 369.40 per share

- 2020-02: INR 342.20 per share

- 2020-03: INR 251.30 per share

- 2020-04: INR 290.10 per share

- 2020-05: INR 323.80 per share

- 2020-06: INR 343.90 per share

- 2020-07: INR 315.20 per share

- 2020-08: INR 355.75 per share

- 2020-09: INR 341.75 per share

- 2020-10: INR 359.85 per share

- 2020-11: INR 411.55 per share

- 2020-12: INR 483.75 per share

- 2021-01: INR 509.70 per share

- 2021-02: INR 675.90 per share

- 2021-03: INR 702.40 per share

- 2021-04: INR 730.05 per share

- 2021-05: INR 769.55 per share

- 2021-06: INR 703.70 per share

- 2021-07: INR 674.50 per share

- 2021-08: INR 748.30 per share

- 2021-09: INR 737.90 per share

- 2021-10: INR 693.00 per share

- 2021-11: INR 683.85 per share

- 2021-12: INR 730.30 per share

- 2022-01: INR 716.30 per share

- 2022-02: INR 707.50 per share

- 2022-03: INR 774.20 per share

- 2022-04: INR 856.40 per share

- 2022-05: INR 739.85 per share

- 2022-06: INR 672.05 per share

- 2022-07: INR 763.70 per share

- 2022-08: INR 842.15 per share

- 2022-09: INR 820.65 per share

- 2022-10: INR 823.55 per share

- 2022-11: INR 881.00 per share

- 2022-12: INR 818.10 per share

- 2023-01: INR 612.65 per share

- 2023-02: INR 592.45 per share

- 2023-03: INR 631.90 per share

- 2023-04: INR 681.30 per share

- 2023-05: INR 738.85 per share

- 2023-06: INR 739.25 per share

- 2023-07: INR 777.85 per share

- 2023-08: INR 792.20 per share

- 2023-09: INR 825.15 per share

- 2023-10: INR 784.75 per share

- 2023-11: INR 825.50 per share

- 2023-12: INR 1,024.35 per share

- 2024-01: INR 1,207.65 per share

- 2024-02: INR 1,320.50 per share

- 2024-03: INR 1,341.85 per share

- 2024-04: INR 1,324.90 per share

- 2024-05: INR 1,437.40 per share

- 2024-06: INR 1,478.10 per share

- 2024-07: INR 1,569.90 per share

- 2024-08: INR 1,481.90 per share

- 2024-09: INR 1,448.20 per share

- 2024-10: INR 1,375.95 per share

- 2024-11: INR 1,190.05 per share

- 2024-12: INR 1,231.10 per share

- 2025-01: INR 1,099.35 per share

- 2025-02: INR 1,069.40 per share

- 2025-03: INR 1,182.95 per share

- 2025-04: INR 1,216.50 per share

- 2025-05: INR 1,432.80 per share

- 2025-06: INR 1,450.20 per share

- 2025-07: INR 1,373.10 per share

- 2025-08: INR 1,312.80 per share

- 2025-09: INR 1,403.50 per share

- 2025-10: INR 1,451.50 per share

- 2025-11: INR 1,516.90 per share

- 2025-12: INR 1,469.80 per share

- 2026-01: INR 1,419.80 per share

- 2026-02: INR 1,521.00 per share

- 2026-03: INR 1,312.60 per share

- 2026-04: INR 1,657.30 per share

- 2026-05: INR 1,804.60 per share

- 2026-06: INR 1,810.20 per share

- 2026-07: INR 1,696.50 per share

- 2026-08: INR 1,593.10 per share

- 2026-09: INR 1,798.30 per share

- 2026-10: INR 1,743.20 per share

## Annual estimated value (INR per share)

- FY2019: low INR 213.61 per share, central INR 234.92 per share, high INR 261.94 per share

- FY2020: low INR 210.43 per share, central INR 230.60 per share, high INR 256.18 per share

- FY2021: low INR 209.59 per share, central INR 231.11 per share, high INR 258.40 per share

- FY2022: low INR 280.14 per share, central INR 306.83 per share, high INR 340.69 per share

- FY2023: low INR 273.01 per share, central INR 302.23 per share, high INR 339.29 per share

- FY2024: low INR 382.44 per share, central INR 422.51 per share, high INR 473.34 per share

- FY2025: low INR 520.11 per share, central INR 711.57 per share, high INR 809.10 per share

- FY2026: low INR 649.74 per share, central INR 888.77 per share, high INR 1,010.53 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:08.648Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Adani Ports and Special Economic Zone

ADANIPORTS · NSE

Nifty 50

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: INR 1,743.20
Buy up to: INR 888.77
Expected / yr: 7.3% at today's price (11.4% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 13.6% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 45.4%
Worst year: 35.9%
Latest · 2026: 44.8%

Capital return excluding acquisitions: median 10.6% (minimum 15%), and the second-worst year 8.4% (minimum 10%).

ROIC excluding acquisitions

5y median: 10.6%
Worst year: 7.7%
Latest · 2026: 10.6%

Each $1 of profit left $0.98 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.98×
Annual median: 0.99×
Latest · 2026: 0.95×

Per-share value rose from 17.74 to 51.35, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: INR 23.49
Worst year: INR 17.74
Latest · 2026: INR 58.23

Profits were backed by cash: accruals were -4.1% of assets (limit 10%).

Sloan accruals

10y median: -4.4%
Worst year: -0.3%
Latest · 2026: -4.1%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 44.8%, three-year average owner earnings per share 48.01 INR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price INR 277.90; 2016-12 · Price INR 268.45; 2017-01 · Price INR 293.35; 2017-02 · Price INR 301.75; 2017-03 · Price INR 339.60; 2017-04 · Price INR 327.70; 2017-05 · Price INR 339.00; 2017-06 · Price INR 363.05; 2017-07 · Price INR 395.90; 2017-08 · Price INR 392.95; 2017-09 · Price INR 376.75; 2017-10 · Price INR 430.35; 2017-11 · Price INR 398.00; 2017-12 · Price INR 405.65; 2018-01 · Price INR 428.85; 2018-02 · Price INR 408.35; 2018-03 · Price INR 354.10; 2018-04 · Price INR 407.30; 2018-05 · Price INR 392.15; 2018-06 · Price INR 373.15; 2018-07 · Price INR 399.75; 2018-08 · Price INR 383.15; 2018-09 · Price INR 328.90; 2018-10 · Price INR 318.85; 2018-11 · Price INR 365.65; 2018-12 · Price INR 387.70; 2019-01 · Price INR 338.65 · Value 234.92 · Buy at or below 234.92; 2019-02 · Price INR 325.85 · Value 234.92 · Buy at or below 234.92; 2019-03 · Price INR 378.15 · Value 234.92 · Buy at or below 234.92; 2019-04 · Price INR 392.80 · Value 234.92 · Buy at or below 234.92; 2019-05 · Price INR 416.40 · Value 234.92 · Buy at or below 234.92; 2019-06 · Price INR 410.20 · Value 234.92 · Buy at or below 234.92; 2019-07 · Price INR 377.55 · Value 234.92 · Buy at or below 234.92; 2019-08 · Price INR 365.70 · Value 234.92 · Buy at or below 234.92; 2019-09 · Price INR 413.95 · Value 234.92 · Buy at or below 234.92; 2019-10 · Price INR 395.80 · Value 234.92 · Buy at or below 234.92; 2019-11 · Price INR 382.05 · Value 234.92 · Buy at or below 234.92; 2019-12 · Price INR 366.00 · Value 234.92 · Buy at or below 234.92; 2020-01 · Price INR 369.40 · Value 234.92 · Buy at or below 234.92; 2020-02 · Price INR 342.20 · Value 230.60 · Buy at or below 230.60; 2020-03 · Price INR 251.30 · Value 230.60 · Buy at or below 230.60; 2020-04 · Price INR 290.10 · Value 230.60 · Buy at or below 230.60; 2020-05 · Price INR 323.80 · Value 230.60 · Buy at or below 230.60; 2020-06 · Price INR 343.90 · Value 230.60 · Buy at or below 230.60; 2020-07 · Price INR 315.20 · Value 230.60 · Buy at or below 230.60; 2020-08 · Price INR 355.75 · Value 230.60 · Buy at or below 230.60; 2020-09 · Price INR 341.75 · Value 230.60 · Buy at or below 230.60; 2020-10 · Price INR 359.85 · Value 230.60 · Buy at or below 230.60; 2020-11 · Price INR 411.55 · Value 230.60 · Buy at or below 230.60; 2020-12 · Price INR 483.75 · Value 230.60 · Buy at or below 230.60; 2021-01 · Price INR 509.70 · Value 230.60 · Buy at or below 230.60; 2021-02 · Price INR 675.90 · Value 231.11 · Buy at or below 231.11; 2021-03 · Price INR 702.40 · Value 231.11 · Buy at or below 231.11; 2021-04 · Price INR 730.05 · Value 231.11 · Buy at or below 231.11; 2021-05 · Price INR 769.55 · Value 231.11 · Buy at or below 231.11; 2021-06 · Price INR 703.70 · Value 231.11 · Buy at or below 231.11; 2021-07 · Price INR 674.50 · Value 231.11 · Buy at or below 231.11; 2021-08 · Price INR 748.30 · Value 231.11 · Buy at or below 231.11; 2021-09 · Price INR 737.90 · Value 231.11 · Buy at or below 231.11; 2021-10 · Price INR 693.00 · Value 231.11 · Buy at or below 231.11; 2021-11 · Price INR 683.85 · Value 231.11 · Buy at or below 231.11; 2021-12 · Price INR 730.30 · Value 231.11 · Buy at or below 231.11; 2022-01 · Price INR 716.30 · Value 231.11 · Buy at or below 231.11; 2022-02 · Price INR 707.50 · Value 306.83 · Buy at or below 306.83; 2022-03 · Price INR 774.20 · Value 306.83 · Buy at or below 306.83; 2022-04 · Price INR 856.40 · Value 306.83 · Buy at or below 306.83; 2022-05 · Price INR 739.85 · Value 306.83 · Buy at or below 306.83; 2022-06 · Price INR 672.05 · Value 306.83 · Buy at or below 306.83; 2022-07 · Price INR 763.70 · Value 306.83 · Buy at or below 306.83; 2022-08 · Price INR 842.15 · Value 306.83 · Buy at or below 306.83; 2022-09 · Price INR 820.65 · Value 306.83 · Buy at or below 306.83; 2022-10 · Price INR 823.55 · Value 306.83 · Buy at or below 306.83; 2022-11 · Price INR 881.00 · Value 306.83 · Buy at or below 306.83; 2022-12 · Price INR 818.10 · Value 306.83 · Buy at or below 306.83; 2023-01 · Price INR 612.65 · Value 306.83 · Buy at or below 306.83; 2023-02 · Price INR 592.45 · Value 302.23 · Buy at or below 302.23; 2023-03 · Price INR 631.90 · Value 302.23 · Buy at or below 302.23; 2023-04 · Price INR 681.30 · Value 302.23 · Buy at or below 302.23; 2023-05 · Price INR 738.85 · Value 302.23 · Buy at or below 302.23; 2023-06 · Price INR 739.25 · Value 302.23 · Buy at or below 302.23; 2023-07 · Price INR 777.85 · Value 302.23 · Buy at or below 302.23; 2023-08 · Price INR 792.20 · Value 302.23 · Buy at or below 302.23; 2023-09 · Price INR 825.15 · Value 302.23 · Buy at or below 302.23; 2023-10 · Price INR 784.75 · Value 302.23 · Buy at or below 302.23; 2023-11 · Price INR 825.50 · Value 302.23 · Buy at or below 302.23; 2023-12 · Price INR 1024.35 · Value 302.23 · Buy at or below 302.23; 2024-01 · Price INR 1207.65 · Value 302.23 · Buy at or below 302.23; 2024-02 · Price INR 1320.50 · Value 422.51 · Buy at or below 422.51; 2024-03 · Price INR 1341.85 · Value 422.51 · Buy at or below 422.51; 2024-04 · Price INR 1324.90 · Value 422.51 · Buy at or below 422.51; 2024-05 · Price INR 1437.40 · Value 422.51 · Buy at or below 422.51; 2024-06 · Price INR 1478.10 · Value 422.51 · Buy at or below 422.51; 2024-07 · Price INR 1569.90 · Value 422.51 · Buy at or below 422.51; 2024-08 · Price INR 1481.90 · Value 422.51 · Buy at or below 422.51; 2024-09 · Price INR 1448.20 · Value 422.51 · Buy at or below 422.51; 2024-10 · Price INR 1375.95 · Value 422.51 · Buy at or below 422.51; 2024-11 · Price INR 1190.05 · Value 422.51 · Buy at or below 422.51; 2024-12 · Price INR 1231.10 · Value 422.51 · Buy at or below 422.51; 2025-01 · Price INR 1099.35 · Value 422.51 · Buy at or below 422.51; 2025-02 · Price INR 1069.40 · Value 711.57 · Buy at or below 711.57; 2025-03 · Price INR 1182.95 · Value 711.57 · Buy at or below 711.57; 2025-04 · Price INR 1216.50 · Value 711.57 · Buy at or below 711.57; 2025-05 · Price INR 1432.80 · Value 711.57 · Buy at or below 711.57; 2025-06 · Price INR 1450.20 · Value 711.57 · Buy at or below 711.57; 2025-07 · Price INR 1373.10 · Value 711.57 · Buy at or below 711.57; 2025-08 · Price INR 1312.80 · Value 711.57 · Buy at or below 711.57; 2025-09 · Price INR 1403.50 · Value 711.57 · Buy at or below 711.57; 2025-10 · Price INR 1451.50 · Value 711.57 · Buy at or below 711.57; 2025-11 · Price INR 1516.90 · Value 711.57 · Buy at or below 711.57; 2025-12 · Price INR 1469.80 · Value 711.57 · Buy at or below 711.57; 2026-01 · Price INR 1419.80 · Value 711.57 · Buy at or below 711.57; 2026-02 · Price INR 1521.00 · Value 888.77 · Buy at or below 888.77; 2026-03 · Price INR 1312.60 · Value 888.77 · Buy at or below 888.77; 2026-04 · Price INR 1657.30 · Value 888.77 · Buy at or below 888.77; 2026-05 · Price INR 1804.60 · Value 888.77 · Buy at or below 888.77; 2026-06 · Price INR 1810.20 · Value 888.77 · Buy at or below 888.77; 2026-07 · Price INR 1696.50 · Value 888.77 · Buy at or below 888.77; 2026-08 · Price INR 1593.10 · Value 888.77 · Buy at or below 888.77; 2026-09 · Price INR 1798.30 · Value 888.77 · Buy at or below 888.77; 2026-10 · Price INR 1743.20 · Value 888.77 · Buy at or below 888.77; 2026-10 · Price INR 1743.20 · Value 888.77 · Buy at or below 888.77

INR per share · annual estimates

Price & return math
Value range	INR 649.74 – INR 1,010.53
Buy at or below	Central value INR 888.77
Discount to value	1 − 1743.20 / 888.77 = -96.1%
Return / year	About 7.3% a year at today's price (required return 11.4%)
Cash-flow inputs	Owner cash INR 53.17/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash INR 35.05/share today.
Required return	11.4% / year, earned by construction at the central value

RevenueINR 387B

Revenue

Owner earningsINR 122B

Owner earnings

Operating margin44.8%

Operating margin

Net cash / debtINR -571B

Net cash / debt

Diluted shares2.2B

Diluted shares

Prices 15 Oct 2026 · FY2026