Buy Adani Ports; target of Rs 340: Kotak Securities

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26 Aug, 2025 12:21

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Kotak Securities research report on Adani Ports“Adani Ports & SEZ's (APSEZ) consolidated Q2FY15 adjusted PAT (including derivate loss of Rs 161 mn and forex loss of Rs 231 mn) of Rs 5.77 bn was marginally below our expectation of Rs 5.95 bn. Sales have increased 44% YoY and 31% QOQ to Rs 16.6 bn driven by healthy growth in volumes at 35.2 mn tonnes (+25%YoY and -6% QoQ) with healthy contributions from Dahej, Hazira and Dhamra. The higher interest and depreciation cost on account of commissioning of assets like Dahej and Hazira impacted the profitability.” “We would want to highlight some positives for the company from Q2FY15 numbers (1) strong volume pick-up at Dahej and Hazira (2) strong power generation at Tata & Mundra and possible compensatory tariff, (3) recent clearance from Coastal Regulatory Body (4) pick-up in container cargo (CT3) on constrained west-coast capacity (5) contribution from Dhamra and (6) Healthy progress on other Port Projects including CT IV. Recommend BUY with an increased TP of Rs 340 (from Rs 300) for the stock,” says Kotak Securities research report.

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