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Today's prices ask more of Hindustan Aeronautics than of Adani Ports.
At current prices, buyers of Adani Ports are assuming about 24% growth against 25% in its own record; for Hindustan Aeronautics it is 21% against 8%. 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: Adani Ports is worth about 1.4 times Hindustan Aeronautics on the stock market.
- Record: Adani Ports has grown revenue faster: Adani Ports compounded at about 17% a year (FY2018–FY2026) and Hindustan Aeronautics at about 7% (FY2018–FY2026).
- What to watch: cargo volumes at Adani Ports; order book execution at Hindustan Aeronautics.
| Adani Ports | Hindustan Aeronautics | |
|---|---|---|
| Price | ₹1,903 | ₹4,810 |
| Market cap | ₹4.39L Cr | ₹3.22L Cr |
| P/E | 38.0 | 33.5 |
| P/B | 4.56 | 7.84 |
| 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 military aircraft maker
Hindustan Aeronautics (HAL) is a state-owned aerospace company based in Bengaluru and majority-owned by the Government of India. It builds the Tejas light combat aircraft, the Dhruv and Prachand helicopters and trainer aircraft, assembles the Su-30MKI under licence, and makes aero-engines and parts.
02The records side by side
Adani Ports has grown revenue faster: Adani Ports compounded at about 17% a year (FY2018–FY2026) and Hindustan Aeronautics at about 7% (FY2018–FY2026). By revenue the two are of broadly similar size. Adani Ports kept 33.0% of revenue as net profit in FY2026; Hindustan Aeronautics kept 27.5% of revenue as net profit in FY2026.
Full ten-year tables and charts are on each company's page: Adani Ports · Hindustan Aeronautics.
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.
- Order book executionHAL's revenue for years ahead is already ordered; how fast it delivers decides how fast earnings grow.
- Engine supplyTejas deliveries depend on imported engines, and supply delays have held them back.
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.
- One customerAlmost all revenue depends on India's defence budget and procurement decisions.
- Programme delaysDevelopment and supply-chain delays are common in aerospace.
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 Hindustan Aeronautics 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 Hindustan Aeronautics at 33.5 times earnings and 7.84 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 Hindustan Aeronautics?
Adani Ports and Special Economic Zone (APSEZ) is India's largest private port operator. Hindustan Aeronautics (HAL) is a state-owned aerospace company based in Bengaluru and majority-owned by the Government of India.
Are Adani Ports and Hindustan Aeronautics 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 Hindustan Aeronautics?
Worked backwards from the share price, Adani Ports needs about 24% growth and Hindustan Aeronautics about 21% growth, against 25% and 8% in their own records.