Adani Ports reported revenue growth of ~24% YoY to Rs 11,300 crore in Q2 FY27, in line with brokerage's estimate. Cargo volumes grew 15% YoY to 142.3 million metro tonne. Ebitda margin came in at 60% in Q2 FY27 vs our estimate of 58.5%, Ebitda grew ~23% YoY to Rs 6,800 crore, 6% above Motilal Oswal's estimate, while adjusted profit after tax increased ~6% YoY to Rs 3,600 crore, in line.
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Motilal Oswal Report
Domestic brokerage firm Motilal Oswal highlighted that Adani Ports and Special Economic Zone Ltd. has delivered a steady performance in Q2 FY27, supported by strong growth in its international port operations such as Colombo and consolidation of NQXT from Q4 FY26.
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Overall, the company remains well-positioned to outpace broader industry growth, supported by ongoing capacity additions and expansion into value-added segments such as logistics.
The brokerage retains its FY27 and FY28 estimates and expect Adani Ports to post 14% growth in cargo volumes over FY26-28. This would drive a compound annual growth rate of 17%/18%/21% in revenue/Ebitda/PAT over FY26-28E.
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Motilal Oswal has reiterated its Buy rating with a target price of Rs 2,130, implying a potential upside of 21%, premised on 17 times FY28E EV/Ebitda.
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