Asit C Mehta report on Adani Ports and Special Economic Zone
Adani Ports & Special Economic Zone Ltd (ADANIPORTS) is India’s largest privatesector port developer and operator. With a pan-India presence spanning multiple ports on both coasts. ADANIPORTS manages a substantial cargo handling capacity of over 600 million metric tonnes. The company is expanding globally through port projects in Haifa (Israel), Tanzania, and Colombo (Sri Lanka). Beyond core port operations, they offer comprehensive logistics solutions encompassing rail and road connectivity, warehouse facilities, and end-to-end supply chain services. It leverages digital technologies, automation, and advanced analytics to optimize cargo throughput and enhance operational efficiency. They serve a diverse clientele across industries such as energy, automotive, chemicals, agriculture, engineering and capital goods, textiles, pharma, metals etc. Positioned as a key enabler of India’s economic growth, ADANIPORTS continues to invest in modern infrastructure and integrated transport utilities, ensuring seamless trade and connectivity for both domestic and international markets.
Outlook
Furthermore, ADANIPORTS’ diverse cargo mix and prudent capital allocation underscore its resilience in a dynamic global environment. Looking ahead, we project a revenue CAGR of 13.7% over FY25–FY27E. Accordingly, we recommend an ACCUMULATE rating with a target price of INR 1,591, based on a 16.3x FY27E EV/EBITDA multiple. This valuation reflects ADANIPORTS’ robust expansion plans, improving return metrics, and sustained leadership in India’s port and logistics sector.
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