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Today's prices ask more of Adani Enterprises than of Adani Ports.
At current prices, buyers of Adani Enterprises are assuming about 35% growth against 2% in its own record; for Adani Ports it is 24% against 25%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: Adani Enterprises on estimate withheld; Adani Ports on discounted cash flow.
- Size: the two are worth roughly the same on the stock market.
- Record: Adani Ports has grown revenue faster: Adani Enterprises compounded at about 13% a year (FY2018–FY2026) and Adani Ports at about 17% (FY2018–FY2026).
- What to watch: airports at Adani Enterprises; cargo volumes at Adani Ports.
| Adani Enterprises | Adani Ports | |
|---|---|---|
| Price | ₹2,688 | ₹1,903 |
| Market cap | ₹3.64L Cr | ₹4.39L Cr |
| P/E | 63.4 | 38.0 |
| P/B | 4.50 | 4.56 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Estimate withheld | Discounted cash flow |
01Two businesses
The Adani group's incubator
Adani Enterprises is the flagship company and incubator of the Adani group. Businesses such as Adani Power, Adani Transmission (now Adani Energy Solutions) and Adani Total Gas began here before being separated and listed on their own. Its largest revenue line is still coal trading, alongside mining services and commercial mining.
Ports, logistics and an economic zone
Adani Ports and Special Economic Zone (APSEZ) is India's largest private port operator. Mundra in Gujarat is its flagship, and it runs ports and terminals along both coasts and overseas — including Haifa in Israel and a terminal in Colombo. It also owns the special economic zone at Mundra, with land for industry.
02The records side by side
Adani Ports has grown revenue faster: Adani Enterprises compounded at about 13% a year (FY2018–FY2026) and Adani Ports at about 17% (FY2018–FY2026). By revenue, Adani Enterprises is about 2.6 times the size of Adani Ports. Adani Enterprises kept 9.9% of revenue as net profit in FY2026; Adani Ports kept 33.0% of revenue as net profit in FY2026 — a sign of very different business models.
Full ten-year tables and charts are on each company's page: Adani Enterprises · Adani Ports.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- AirportsPassenger growth and non-aeronautical income such as retail and real estate make airports the most valuable of the new businesses.
- How the capex is fundedAEL is spending heavily; whether that is paid for with debt, new shares or asset sales changes the value left for each existing share.
- Cargo volumesVolume growth above India's trade growth — from new ports, new berths and market share — is the core of the valuation.
- AcquisitionsBought ports add cargo immediately but only add value if the price paid earns more than the cost of capital.
05What could go wrong
- Group-level eventsNews about the wider Adani group has moved this share price sharply in the past, regardless of how the businesses were performing.
- LeverageHeavy borrowing to fund new projects raises the cost of capital.
- Group-level eventsNews about the wider Adani group can move the share price and funding costs even when the ports are unaffected.
- Global trade and geopoliticsA trade slowdown, or conflict near overseas assets such as Haifa, would hit volumes.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Adani Enterprises or Adani Ports better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Adani Enterprises trades at 63.4 times earnings and 4.50 times book value, and Adani Ports at 38.0 times earnings and 4.56 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Adani Enterprises and Adani Ports?
Adani Enterprises is the flagship company and incubator of the Adani group. Adani Ports and Special Economic Zone (APSEZ) is India's largest private port operator.
Are Adani Enterprises and Adani Ports valued the same way?
No. Adani Enterprises is valued on estimate withheld and Adani Ports on discounted cash flow, because forcing one model onto both would misstate at least one of them.
What does today's price assume for Adani Enterprises and Adani Ports?
Worked backwards from the share price, Adani Enterprises needs about 35% growth and Adani Ports about 24% growth, against 2% and 25% in their own records.