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Today's prices ask more of Adani Ports than of Adani Power.
At current prices, buyers of Adani Ports are assuming about 24% growth against 25% in its own record; for Adani Power it is 10% against 17%. 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: both on discounted cash flow.
- Size: the two are worth roughly the same on the stock market.
- Record: Adani Ports has grown revenue faster: Adani Ports compounded at about 17% a year (FY2018–FY2026) and Adani Power at about 13% (FY2018–FY2026).
- What to watch: cargo volumes at Adani Ports; plant load factor at Adani Power.
| Adani Ports | Adani Power | |
|---|---|---|
| Price | ₹1,903 | ₹206 |
| Market cap | ₹4.39L Cr | ₹3.97L Cr |
| P/E | 38.0 | 21.8 |
| P/B | 4.56 | 6.11 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Discounted cash flow | Discounted cash flow |
01Two businesses
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.
India's largest private thermal power producer
Adani Power runs coal-fired power stations across several states, including Mundra in Gujarat, Tiroda in Maharashtra, Kawai in Rajasthan and Udupi in Karnataka, plus the Godda plant in Jharkhand, which sends its power to Bangladesh. A good part of its growth came from buying stressed power plants out of insolvency and turning them round.
02The records side by side
Adani Ports has grown revenue faster: Adani Ports compounded at about 17% a year (FY2018–FY2026) and Adani Power at about 13% (FY2018–FY2026). By revenue, Adani Power is about 1.4 times the size of Adani Ports. Adani Ports kept 33.0% of revenue as net profit in FY2026; Adani Power kept 23.9% of revenue as net profit in FY2026. Adani Ports was profitable in every year shown; Adani Power reported a net loss in FY2018, FY2019 and FY2020.
Full ten-year tables and charts are on each company's page: Adani Ports · Adani Power.
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
- 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.
- Plant load factorPower stations have high fixed costs; running them harder spreads those costs and lifts profit sharply.
- Contracted versus merchant salesLong-term contracts give steady returns; merchant sales earn more in peak-demand years and less when prices fall.
05What could go wrong
- 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.
- Energy transitionCheaper solar and storage could reduce demand for coal power faster than expected.
- Payment delaysState distributors have a history of paying late, which ties up cash.
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 Ports or Adani Power 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 Ports trades at 38.0 times earnings and 4.56 times book value, and Adani Power at 21.8 times earnings and 6.11 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 Ports and Adani Power?
Adani Ports and Special Economic Zone (APSEZ) is India's largest private port operator. Adani Power runs coal-fired power stations across several states, including Mundra in Gujarat, Tiroda in Maharashtra, Kawai in Rajasthan and Udupi in Karnataka, plus the Godda plant in Jharkhand, which sends its power to Bangladesh.
Are Adani Ports and Adani Power valued the same way?
Yes — both on discounted cash flow, so their workings compare like for like.
What does today's price assume for Adani Ports and Adani Power?
Worked backwards from the share price, Adani Ports needs about 24% growth and Adani Power about 10% growth, against 25% and 17% in their own records.