HSBC has reiterated a buy rating on Adani Ports with a target price of ₹1,750, suggesting a 25.6% upside from the current market price of ₹1,393.50. The company reported a record-high 10% year-over-year volume growth in Q2, driven by robust container traffic, with a record EBITDA margin of 72.5% for its ports segment. Adani Ports has guided to reach the top end of its FY25 EBITDA target, and new overseas ports are expected to begin operations in early 2025. However, HSBC has slightly reduced its EBITDA estimates for FY25-27 by 3-5%.
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