Adani Ports continued to deepen its international presence by commencing operations at the Colombo West International Terminal and reporting record performance at Haifa Port. It also approved the acquisition of NQXT Port in Australia, positioning itself for future growth in global trade corridors.
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Motilal Oswal Report
With strong cash flows, a healthy cash balance of Rs 169 billion, and net debt to Ebitda at 1.8 times, Adani Ports and Special Economic Zone Ltd. is well-positioned for further expansion.
Capacity enhancements at key ports, ongoing infrastructure projects, and global port acquisitions provide visibility for sustained growth in FY26 and beyond.
We broadly maintain our estimates for FY26/27 and expect Adani Ports to report a 10% growth in cargo volumes over FY25-27. This would drive a revenue/ Ebitda/PAT CAGR of 16%/16%/21% over FY25-27E.
We reiterate our Buy rating with a target price of Rs 1,700 (premised on 16x FY27 EV/Ebitda).
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