Adani Ports Shares In Focus: Strong Volume Recovery Keeps Motilal Oswal Bullish — Check Target Price, Upside

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Motilal Oswal Report

Domestic brokerge firm Motilal Oswal has reiterated its Buy rating on Adani Ports and Special Economic Zone Ltd. and has set a target price of Rs 2,130, premised on 17 times  FY28E EV/EBITDA, implying a potential upside of 26%. 

The brokerage highlighted that with strong cash flows, a healthy cash balance of Rs 12,400 crore, and net debt-to-EBITDA at 1.9 times, Adani Ports is well-positioned for further expansion.

Capacity enhancements at key ports, ongoing infrastructure projects, and global port acquisitions provide visibility for stable growth in FY27 and beyond.

Additionally Adani Ports' diversified cargo mix and ongoing infrastructure investments are expected to support its volume growth.

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Motilal Oswal anticipates Adani Ports to report 11% growth in cargo volumes over FY26-28. This growth is likely to drive a compound annual growth rate of 17%/18%/21% in revenue/EBITDA/PAT over FY26-28E.

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