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Adani Ports and Special Economic Zone Limited, taken apart.

Four panels built from the reported annual accounts, then the rest of the engine. Every figure below is Adani Ports and Special Economic Zone Limited’s own filing, not an estimate of ours.

Income statement, four years

Read across, not down. Each line is shown for four fiscal years, so the direction matters more than any single column.

Adani Ports and Special Economic Zone Limited annual income statement, as reported. Columns are fiscal years, most recent first.
LineFY2026FY2025FY2024FY2023
Revenue₹38,736 Cr₹30,475 Cr₹26,711 Cr₹20,852 Cr
Cost of revenue₹15,303 Cr₹12,091 Cr₹11,312 Cr₹9,062 Cr
Gross profit₹23,433 Cr₹18,384 Cr₹15,399 Cr₹11,790 Cr
Operating expenses₹5,982 Cr₹4,267 Cr₹3,246 Cr₹2,277 Cr
Operating income₹17,451 Cr₹14,117 Cr₹12,153 Cr₹9,513 Cr
Net income₹12,806 Cr₹11,092 Cr₹8,111 Cr₹5,309 Cr
Diluted EPS58.2351.3537.5524.58

Net income moved +141.2% across these years while earnings per share moved +136.9% — less than the profit itself, because the share count changed. Profit split fewer ways is not the same as more profit.

The rest of the engine

The panels above are built from filings. These run against the live engine.