Adani Ports’ performance in the fourth quarter of FY25 was largely as expected, and the company is anticipated to expand at a rate of 1.5 to 2 times that of India’s cargo volume. This growth will be driven by an increase in market share and expansion of capacity. Moreover, the logistics division will improve last-mile connectivity, thereby enhancing the value of domestic port operations. The brokerage has mostly kept its projections for FY26 and FY27 unchanged. Motilal Oswal forecasts an 11% increase in cargo volumes for Adani Ports from FY25 to FY27. This growth is expected to result in a compound annual growth rate of 15% for revenue, 16% for Ebitda, and 21% for PAT during the same period.
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Motilal Oswal Report
Adani Ports and Special Economic Zone Ltd. has broadened its domestic and international presence by developing new ports, terminals, and logistics infrastructure in FY25. The company has also provided guidance for further growth in volume and revenue for FY26, supported by a capital expenditure of Rs 120 billion.
We have mostly retained our projections for FY26 and FY27, anticipating an 11% growth in cargo volumes for Adani Ports from FY25 to FY27. This growth is expected to produce a compound annual growth rate of 15% for revenue, 16% for Ebitda, and 21% for PAT during the same timeframe.
We reaffirm our Buy recommendation with a target price set at Rs 1,550, based on a multiple of 15 times FY27 EV/Ebitda.
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