Since recent years the stock values of Adani Group companies have shown major fluctuations in their P/E ratios. The current market assessment for Adani Enterprises dictates a stock price-to-earnings (P/E) ratio of 72 while Adani Green Energy stands at 99 P/E and Adani Ports & SEZ occupies 26 P/E. Because Adani Telecom has yet to seek listing from the stock exchange its numbers remain unavailable.
These values exceed what peers achieve in the market because Reliance Industries maintains a P/E of 28 and Tata Power averages 32.
The high P/E ratios of Adani Enterprises during 2021-22 stemmed from inadequate profit figures at Adani Green along with low stock prices that later normalized. The visualization below compares current P/E ratios for key Adani companies and their industry peers:
P/E Ratio Comparison: Adani vs. Peers
Company Trailing P/E Ratios Visualization
These measurements employ trailing P/E data that involves dividing exchange-derived current prices by the last twelve-months' earning records and analyst projections.
Adani Enterprises
As of May 2, 2025 (per Financial Express)
Relative P/E Scale
Adani Green
Approximately (per Financial Express)
Relative P/E Scale
Adani Ports
Approximately
Relative P/E Scale
Reliance Industries
Market Leader
Relative P/E Scale
Tata Power
Sector Competitor
Relative P/E Scale
JSW Energy
Sector Competitor
Relative P/E Scale
Context: The P/E ratio of Adani Ports at approximately 26 stands well below the rate of Adani Green and near the values typical for its industry sector.
Comparison: The market leader Reliance trades at less than 30 times earnings ratio while Tata Power/JSW Energy (sector competitors) exist at ~32 and ~43 times earnings multiple.
Note: P/E ratios can fluctuate significantly. Data presented as per source description.
Adani Historical P/E Ratios
FY 2021–2024 Analysis
| Company | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
|
Adani Enterprises
|
122.9 | 285.5 | 80.4 | 117.2 |
|
Adani Green Energy
|
725 | 785 | - | 264 |
|
Adani Ports & SEZ
|
28.6 | 34.6 | 25.7 | 35.7 |
Highest P/E
785
Adani Green (FY2022)
Most Stable
25–35
Adani Ports Range
Biggest Swing
-73%
AEL FY2022–2023
Adani vs Industry P/E Comparison
May 2025 Estimates
| Company | P/E Ratio | Industry Peers |
|---|---|---|
|
Adani Enterprises
|
71.6 |
|
|
Adani Green Energy
|
99.1 |
|
|
Adani Ports & SEZ
|
25.96 |
|
Adani P/E Ratio Forecast
2025-2026 Projections
Highest Current P/E
99.0
Adani Green Energy (May 2025)
Biggest Forecast Drop
-64%
AGEL (2025-2026)
Most Stable Forecast
+35%
Adani Ports (2025-2026)
| Company | Current P/E (May 2025) | Forward P/E (2026) | Estimated Range (Dec 2025) |
|---|---|---|---|
|
Adani Enterprises
|
72.0 | 38.0 |
|
|
Adani Green Energy
|
99.0 | 35.0 |
|
|
Adani Ports & SEZ
|
26.0 | 38.0 |
|
Valuation Trends & Investor Sentiment
2021-2025 Key Events & Market Sentiment
2021-22 Optimism
Infrastructure & renewables hype drove valuations to record levels
Jan 2023 Hindenburg Report
Allegations caused panic selling and P/E compression
2023-24 Recovery
Regulatory clarity and M&A activity restored confidence
| Period | P/E Changes | Sentiment |
|---|---|---|
| 2021–22 Optimism |
AGEL:
|
Bullish |
Event Impact Analysis
Key Events & P/E Ratio Impact (2022-2025)
Jan 2023 - Hindenburg Report
83% stock decline, P/E ratios plunged
2023-2025 - Regulatory Probes
Ongoing price discounting despite settlement potential
May 2025 - AWL Stake Sale
One-time gain lowered P/E ratios
| Event | Date | P/E Impact | Sentiment |
|---|---|---|---|
| Hindenburg Report | Jan 2023 | -83% | Bearish |
Summary: Adani Group P/E Ratios
In conclusion, Adani's present P/E ratios are still high, indicating both persistent pessimism and compelling growth tales.
Even when compared to its rapidly expanding counterparts, Adani Enterprises (~72) and Adani Green (~99) are valued at high premiums as of May 2025.
According to historical data, these multiples fluctuated greatly as sentiment and profitability changed. For example, Adani Green went from about 725 in 2021 to about 264 by the beginning of 2024.
The majority of analysts predict that earnings will increase and P/Es will reduce somewhat in the future, but these stocks could be quickly re-rated if there are any fresh catalysts, such as M&A, regulatory news, or profit surprises.
All things considered, investors should continue to keep an eye on the Adani PE ratio since it captures the market's fluctuating confidence in the conglomerate's aspirational growth potential.
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