Adani Ports shares gain despite muted market as Motilal Oswal maintains 'buy'

Adani Ports shares have traded flat over the past year.

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26 Aug, 2025 12:21

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Adani group firm Adani Ports & SEZ Ltd (APSEZ) shares rallied in trade on Wednesday, May 28, as domestic brokerage Motilal Oswal reiterated its bullishness on the port and logistics player.

Adani Ports continues to solidify its position as a leader in the port and logistics sector through strategic acquisitions, operational enhancements, and ambitious expansion plans. The company holds a ~27 percent market share in all-India cargo and ~45 percent in container cargo handled in India as of March 25, said domestic brokerage Motilal Oswal.

APSEZ expanded its domestic and global footprint with new ports, terminals, and logistics infrastructure in FY25 and guided further volume and revenue growth in FY26 backed by Rs 12,000 crore capex.

Of the capex amount, Rs 6,000 crore will be for domestic ports, Rs 2,000 crore for overseas projects in Colombo and Tanzania, Rs 6,200 crore for marine services, Rs 2,000 core for logistics, and Rs 1,380 crore for tech and sustainability.  This would drive a CAGR of 16 percent/16 percent/21 percent in revenue/EBITDA/PAT over FY25- 27E.

The brokerage maintained its buy rating, with a target price of Rs 1,620 per share, indicating a 15 percent upside. "Adani Ports delivered a solid performance in FY25, aligning with market expectations. The company anticipates 1.5-2.0x higher growth than India’s cargo volume growth, driven by market share gains and capacity expansions."

At 11.20 am, shares of the firm were quoting Rs 1,418.9, higher by 1.1 percent on the NSE.

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Further, Motilal Oswal noted that containers remain the cornerstone of APSEZ’s cargo mix, rising to 42 percent of total volume in FY25 from 37 percent in FY24. This shift highlights the company’s
investment in container handling infrastructure, a primary driver of its projection of 505-515 MMT cargo handling in FY26.

"Dry and liquid cargo also contribute to growth, with containers leading the charge. This balanced cargo portfolio, combined with capacity expansions, positions APSEZ to meet diverse market demands," it added.

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