Brokerages raised target prices on Adani Ports and Special Economic Zone (APSEZ) after the company delivered a stronger-than-expected Q2 performance and upgraded its FY27 guidance. The common theme across reports was the sharp outperformance of the international ports business, which offset relatively modest domestic volume growth and reinforced confidence in the company's long-term expansion plans.
The most bullish takeaway from the quarter was the stellar performance of the international ports segment. Nuvama highlighted that international ports EBITDA surged 236% year-on-year, while Jefferies said international ports EBITDA grew 3.4 times YoY. JPMorgan also pointed to a 147% jump in international cargo volumes, underscoring the growing contribution of overseas assets to Adani Ports' earnings mix.
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Emkay Global maintained its 'Buy' rating and raised its target price to Rs 2,200 from Rs 2,100, the highest among the brokerages reviewed. It noted that revenue and EBITDA grew 24% and 23% YoY, respectively, beating estimates by 3-4%. The brokerage highlighted a 71% rise in international ports revenue and said strong cash generation would support the company's expansion strategy.
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Nuvama retained its 'Buy' call and increased its target price to Rs 2,170 from Rs 2,000. Apart from the earnings beat, the brokerage highlighted the 236% jump in international ports EBITDA and raised its FY27 and FY28 EBITDA estimates by 4% and 2%, respectively, citing higher guidance and capacity additions.
Jefferies maintained a 'Buy' rating and raised its target price to Rs 2,180 from Rs 2,160. The brokerage said EBITDA exceeded expectations by 4%, driven primarily by international operations. It believes ongoing capacity expansion and management's decision to raise FY27 EBITDA guidance to Rs 26,000-27,000 crore provide visibility for sustained growth.
JPMorgan reiterated its 'Overweight' rating and raised its target price to Rs 2,076 from Rs 2,000. The brokerage highlighted 24% revenue growth, 23% EBITDA growth and 19% growth in profit after tax, while noting that international cargo volumes surged 147% YoY. It remains positive on the stock and continues to view APSEZ as a preferred pick within the sector.
Kotak Securities also maintained a 'Buy' recommendation and increased its target price to Rs 2,075. While domestic cargo volume growth remained modest at 4%, Kotak expects growth to accelerate in the second half of the year and believes the upgraded guidance strengthens the earnings outlook.
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