Buy Adani Ports and SEZ; target of Rs 1800: Motilal Oswal

Motilal Oswal is bullish on Adani Ports and SEZ recommended buy rating on the stock with a target price of Rs 1800 in its research report dated January 06, 2026.

Broker Research

January 07, 2026 / 11:54 IST

Buy

Motilal Oswal's research report on Adani Ports and SEZ

In Dec’25, Adani Ports & SEZ (APSEZ) completed the acquisition of the North Queensland Export Terminal (NQXT), Australia. NQXT has a contracted volume of 40mmt under a take-or-pay agreement, providing a sustainable cash flow from the port. On pro forma basis, FY26 EBITDA guidance now stands at INR223.5-233.5b vs. INR210-220b. Additionally, on pro forma basis, the cargo volumes now stands at 545-555mmt vs. 505-515mmt earlier. APSEZ has issued 143.8m shares to Carmichael Rail and Port Singapore Holdings Pte Ltd (Promoter entity) as a part of the non-cash transaction, leading to an increase in promoter stake by 2.12%, from 65.89% to 68.02% as of Dec’25. In Dec’25, APSEZ reported a 9% YoY growth in cargo volumes, supported by an 18% rise in container volumes (driven by international volume and operationalization of new port). In 3QFY26, volumes grew ~10%, in line with our estimate. Total cargo handled by APSEZ in Dec’25/3QFY26 stood at 41.9/123.1mmt, while YTD volumes reached ~367mmt (up 11%), with container volumes recording a growth rate of ~21%.

Outlook

We reiterate our BUY rating on the stock with a revised TP of INR1,800 (premised on 16x FY28E EV/EBITDA).

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