- Adani Ports aims to be India's largest integrated transport utility by 2029
- The company has Rs 169 billion in cash and net debt to Ebitda of 1.8x
- Capacity enhancements and global acquisitions support growth into FY26 and beyond
With integrated end-to-end offerings, Adani Ports captures higher customer wallet share and builds cargo stickiness, while its diversified and scalable model underpins sustainable growth. This positions Adani Ports to achieve its goal of becoming India's largest integrated transport utility by 2029, with logistics and marine emerging as key growth engines alongside its dominant ports franchise.
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Motilal Oswal Report
With strong cash flows, a healthy cash balance of Rs 169 billion, and net debt to Ebitda at 1.8x, Adani Ports and Special Economic Zone Ltd. is well-positioned for further expansion.
Capacity enhancements at key ports, ongoing infrastructure projects, and global port acquisitions provide visibility for sustained growth in FY26 and beyond.
Adani Ports' diversified cargo mix and ongoing infrastructure investments are expected to support its target of 505–515 mmt cargo handling in FY26.
We expect Adani Ports to report 10% growth in cargo volumes over FY25-27. This would drive a CAGR of 16%/16%/21% in revenue/Ebitda/PAT over FY25-27.
We reiterate our Buy rating with a target price of Rs 1,700 (premised on 16x FY27E enterprise value/Ebitda)
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