Brokerages including Motilal Oswal, Avendus, CLSA, and Jefferies have retained their bullish outlook on Adani Ports & SEZ following the company’s Q1 performance, highlighting its strong execution, improving margins, and volume growth guidance.
Motilal Oswal on Adani Ports share: Maintains ‘Buy’, sets target price at ₹1,700
Motilal Oswal has reiterated its ‘Buy’ rating on Adani Ports and SEZ, setting a target price of ₹1,700. The brokerage noted that Q1 performance was slightly ahead of expectations, driven by a strategic shift toward integrated transport utility transformation.
FY26 and FY27 estimates remain largely unchanged, with cargo volume expected to grow at a CAGR of 10% over FY25–27. Revenue, EBITDA, and PAT are projected to grow at 16%, 16%, and 21% CAGR, respectively, during the same period. The company expects to handle 505–515 MMT of cargo in FY26. Strong container cargo momentum, logistics and marine gains, and robust financials — including ₹16,900 crore in cash and a net debt/EBITDA ratio of 1.8x — further strengthen its outlook.
CLSA on Adani Ports share: Retains ‘Outperform’, target price at ₹1,764
CLSA has retained its ‘Outperform’ rating on Adani Ports and assigned a target price of ₹1,764. The brokerage highlighted an 11% YoY rise in traffic and a 26% YoY growth in reported PAT for Q1FY26.
CLSA noted that despite a hazy global trade environment, the company maintained strong FY26 guidance, targeting EBITDA growth of 14%–20% YoY, supported by competitive advantages and a growing footprint. Adani Ports’ EBITDA margin improved in Q1FY26, aided by price hikes, a better cargo mix, and rupee depreciation. Strong operating cash flow helped bring the net debt/EBITDA ratio down to a nine-year low of 1.9x.
Jefferies on Adani Ports share: Maintains ‘Buy’, raises target price to ₹1,815
Jefferies has maintained its ‘Buy’ rating on Adani Ports with an increased target price of ₹1,815. According to the firm, Q1FY26 EBITDA came in 14% ahead of estimates, mainly due to improved margins in domestic ports and a 2.0–2.9x YoY revenue increase in the logistics and marine segments.
Jefferies emphasized that the company continues to prioritize absolute EBITDA growth, aiming to offer end-to-end logistics solutions beyond volume-driven strategies. The brokerage added that management reaffirmed its FY26E volume guidance of 505–515 MMT, implying 12–14% YoY growth.
Avendus on Adani Ports share: Maintains ‘Buy’, TP raised to ₹1,550
Avendus has reiterated its ‘Buy’ call on Adani Ports and SEZ while raising the target price to ₹1,550 from ₹1,450. The firm expects cargo volumes to grow at a CAGR of around 14% over FY25–27, factoring in the NQXT acquisition in Australia.
The Colombo greenfield port project is expected to contribute to near-term growth beginning FY26. Avendus also anticipates a rise in port EBITDA margins, supported by tariff hikes and renewable-linked cost efficiencies. The brokerage estimates a 17% EBITDA CAGR through FY25–27E and values the stock at 16x EV/EBITDA on FY27E estimates.
Disclaimer: The views and investment suggestions expressed by brokerages are their own and not those of this publication. Investors are advised to consult certified financial experts before making any investment decisions.
