Adani Ports and Special Economic Zone (APSEZ) has drawn bullish commentary from leading brokerages Macquarie and Jefferies, both of which highlighted the company’s strong long-term growth potential, supported by its diversified port portfolio and ramp-up in logistics and international operations.
Macquarie reiterated its outperform rating on Adani Ports and raised its target price to ₹1,760 from ₹1,650, citing stronger growth prospects in the logistics business and expanding international capacity. The brokerage forecast a 20 percent revenue CAGR and 16 percent EBITDA CAGR over FY25–28, driven by more than 50 percent growth in the logistics segment and additions to its international portfolio. It also raised its FY27–28 EPS estimates by 11.7 percent and 20 percent, respectively, to reflect the improved growth outlook.
Jefferies maintained its buy rating with a higher target price of ₹1,815, following a recent management meeting. The brokerage said Adani Ports’ management is confident of achieving one billion tonnes of cargo volume by 2030, led by both domestic ports and global expansion. The company’s focus, according to management, remains firmly on absolute EBITDA growth rather than volume growth alone, supported by margin expansion and integrated logistics. Jefferies added that management reiterated expectations of 14–19 percent EBITDA growth in FY26 and 12–14 percent volume growth, with minimal impact from US tariffs on port volumes so far.
Both brokerages highlighted Adani Ports’ strategic positioning and integrated offerings as key drivers of its ability to capture India’s growing trade potential, concluding that the company remains a strong structural play in the infrastructure and logistics space.
Disclaimer: The views and investment recommendations expressed above are those of Macquarie and Jefferies. They do not represent the views of this publication. This article is for informational purposes only and is not investment advice.
