Adani Ports Q4 Results Review: Motilal Oswal Maintains 'Buy' Rating Post Inline Performance

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Motilal Oswal Report

Adani Ports and Special Economic Zone Ltd. expanded its domestic and global footprint with new ports, terminals, and logistics infrastructure in FY25 and guided further volume and revenue growth in FY26 backed by Rs 120 billion capex.

We broadly maintain our estimates for FY26/27 and expect Adani Ports to report 11% growth in cargo volumes over FY25-27. This would drive a revenue/ Ebitda/PAT CAGR of 15%/16%/21% over FY25-27E.

We reiterate our Buy rating with a target price of Rs 1,550 (premised on 15x FY27 EV/Ebitda).

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