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Motilal Oswal Report
The brokerage Motilal Oswal has maintained a bullish stance on Adani Ports and Speical Economic Zone Ltd. following its March quarter results, reiterating a ‘Buy' rating with a target price of Rs 1,900, implying an upside of around 15% from current levels.
Adani Ports posted a healthy performance in Q4 FY26, meeting its full-year revenue and Ebitda guidance, driven by strong growth in international port operations led by the consolidation of NQXT and healthy traction in the marine business. The logistics segment also emerged as a key growth driver, aided by significant improvement in network scale and last-mile connectivity, thereby further strengthening the integrated port-to-logistics ecosystem.
Overall, supported by ongoing capacity additions and expansion into valueadded segments such as logistics, the company remains well-positioned to outpace broader industry growth. The brokerage broadly retains its FY28 estimates and expect Adani Ports to post 11% growth in cargo volumes over FY26-28.
This would drive a compound annual growth rate of 17%/18%/22% in revenue/Ebitda/PAT over FY26-28E.
Motilal Oswal reiterates its Buy rating with a revised target price of Rs 1,900 (premised on 15x FY28E EV/Ebitda).
Adani Ports Q4 Results
- Adani Ports reported revenue growth of ~27% YoY to Rs 10,700 crore in Q4 FY26 (12% above brokerage's estimate). Cargo volumes grew 13% YoY to 133.4mmt. This growth was primarily fueled by containers.
- Ebitda margin was 56.1% in Q4 FY26 vs Motilal Oswal estimates of 58.8% (-290bp YoY, -350bp QoQ). Ebitda grew ~20% YoY to Rs 6,000 crore (7% above brokerage's estimate), while adjusted profit after tax increased ~16% YoY to Rs 3,300 crore, aided by lower tax outflow.
- The all-India cargo market's share stood at 26% (vs 26.3% in Q4 FY25). The container segment's market share stood at 45.2% (vs 46.3% in Q4 FY25).
- Logistics' revenue/Ebitda stood at Rs 1,130 crore (+10% YoY)/Rs 230 crore (26% YoY).
- In FY26, revenue/Ebitda/APAT grew 27%/24%/26% on a YoY basis.
- The Board announced a dividend of Rs 7.5 per share.
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