Buy Adani Port and SEZ; target of Rs 1876: Prabhudas Lilladher

Prabhudas Lilladher is bullish on Adani Port and SEZ has recommended buy rating on the stock with a target price of Rs 1876 in its research report dated December 24, 2025.

Broker Research

December 24, 2025 / 14:42 IST

Buy

Prabhudas Lilladher's research report on Adani Port and SEZ

Adani Ports & SEZ (ADSEZ) has completed the acquisition of North Queensland Export Terminal (NQXT), marking a key milestone in its international expansion strategy and strengthening its long-duration, dollar-linked cash flow base. The acquisition adds a high-quality, cash-generative export terminal with take-orpay contracts, a long remaining lease life (~85 years) and strong growth visibility, while remaining largely balance-sheet neutral given the equityfunded structure. Strategically located along the East–West trade corridor, NQXT meaningfully enhances ADSEZ’s international portfolio and is expected to drive a higher contribution from overseas assets toward incremental growth. With EBITDA margins of ~65%+, NQXT is margin-accretive and should aid a steady improvement in international ports EBITDA margins as the overseas portfolio scales up.

Outlook

We maintain ‘Buy’ with revised TP of Rs1,876 (earlier Rs1,777) valuing at 18x EV of Sep’27E EBITDA. At CMP, the stock is trading at EV of 13.8x/11.4x FY27/28E EBITDA. Maintain Buy.

For all recommendations report, click here