Adani Ports remains on track to commission the Colombo Port by 2026, with trial volumes expected in Q4 FY25. Growth will be further driven by new volumes from Vizhinjam, Gopalpur, and Tanzania ports, with Vizhinjam now commercially operational and the other two expected to handle ~1 mmt monthly from Jan'25.
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Motilal Oswal Report
Adani Ports and Special Economic Zone Ltd. is anticipated to outpace India's overall growth, driven by a balanced port mix along India's western and eastern coastlines and a diversified cargo mix.
The company continues to invest heavily in the ports and logistics business to drive growth. The commencement of operations at Gopalpur and Vizinjham Ports will enable the company to further boost volumes.
We broadly maintain our estimates for FY26/27 and expect Adani Ports to report 10% growth in cargo volumes over FY24-27. This would drive a CAGR of 14%/ 15%/19% in revenue/Ebitda/PAT over FY24-27. We reiterate our Buy rating with a revised target price of Rs 1,400 (premised on 15 times Sep-26 enterprise value/Ebitda).
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