Shares of Adani Ports are in focus on Wednesday after the company received favourable calls from brokerages including Nomura and Jefferies, both of who remain bullish in the Gautam Adani-led company.
In its latest note, Jefferies has even hiked target price on Adani Ports from Rs 2,100 to Rs 2,180 while maintaining a 'buy' call. Nomura, too, has maintained a 'buy' call with a target price of Rs 1,930.
The positive brokerage attention follows strong operational numbers for May 2026, with cargo volumes rising 16% year-on-year to 48.3 million metric tonnes. Liquid cargo was the standout performer, surging 33% year-on-year, while container cargo volumes grew 17% year-on-year. On a year-to-date basis through May, total cargo handling rose 15% year-on-year to 91.4 MMT, with container volumes also up 17%.
Brokerages Bullish On Adani Ports
Nomura noted that May cargo traffic growth of 16% year-on-year was in line with estimates. The brokerage expects 19% EBITDA CAGR from FY26-28, consistent with management's own guidance of 19% revenue and 18% EBITDA CAGR over 2026-31.
Nomura flagged the company's industry-leading operating efficiency and integrated logistics offerings as strong defensible moats.
Jefferies, meanwhile, cited capacity crunch at key container ports as a structural tailwind.
The brokerage raised its FY28-29 EBITDA estimates by 3-5% and now estimates a 15% EBITDA CAGR over FY26-31, up from its earlier projection of 13%.
Jefferies also flagged Vizhinjam port as an incremental upside opportunity, given its potential to reduce transit times and costs for EXIM cargo in southern markets. Strong cash flows, it added, would enable simultaneous growth capital expenditure and potential deleveraging.
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