Adani Ports and Special Economic Zone Ltd. has won fresh support from brokerages after the company reported record monthly cargo throughput for August, with analysts highlighting strong volume growth, improving domestic activity and the company's long-term expansion plans.
APSEZ handled 50 million metric tonnes (MMT) of cargo in August 2026, its highest-ever monthly volume, marking a 19% year-on-year increase. The company said growth was broad-based, led by dry cargo and containers. Dry cargo volumes rose 25% YoY, while container volumes increased 15%. For April-August, total cargo handled stood at 234.4 MMT, up 16% YoY.
The strong operating update has reinforced the positive stance among brokerages.
Nomura maintained a Buy rating with a target price of Rs 2,080, saying record cargo traffic keeps the company on track with its FY27 logistics guidance. HSBC also retained Buy with a Rs 2,200 target, pointing to record August throughput and stronger-than-expected cargo growth.
APSEZ's August logistics rail volume rose 6% sequentially to 54,131 TEUs, although year-to-date rail volumes remained down 33% YoY. The company said the latest cargo performance further strengthens its trajectory towards its ambition of handling 1 billion tonnes of annual cargo by FY31.
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Brokerages on Adani Ports
Nomura
- Maintain Buy; Target Price: Rs 2,080.
- Cargo traffic hit a record high in August 2026.
- FY27 logistics guidance remains intact.
- Expects the asset-light logistics segments to drive growth in FY27.
HSBC
- Maintain Buy; Target Price: Rs 2,200.
- Momentum is building, with August throughput reaching a record 50 MMT.
- Q2FY27-to-date cargo growth stood at 17% YoY, ahead of HSBC's 16% estimate.
- April-August cargo growth was 16% YoY, versus the 14% estimate.
- A strike at Mundra's empty container yard could pose a congestion risk.
- Mundra containers account for 24% of total throughput and 54% of container volumes.
JPMorgan
- Maintain Overweight; Target Price: Rs 2,000.
- Strong volume growth continues, making any correction an opportunity.
- The sale process for Associated British Ports is advancing, with Adani Ports no longer in contention.
- Q1FY27 results were strong despite the impact of the Middle East conflict.
- Adani Ports remains one of JPMorgan's top picks in the sector.
Macquarie
- Maintain Outperform; Target Price: Rs 1,860.
- August 2026 saw record volumes, with domestic growth also improving.
- The sequential recovery in volumes is encouraging.
- Does not see a material risk of market-share loss to major ports.
- Remains optimistic on the long-term outlook, supported by a strong execution track record and expansion plans backed by cash flow.
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