Buy Adani Ports; target of Rs 380: Kotak Securities

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26 Aug, 2025 12:21

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Kotak Securities' report on Adani Ports and Special Economic Zone

"Adani Ports & SEZ's (APSEZ) consolidated Q3FY15 adjusted PAT (including derivate gain of Rs 229 mn and forex loss of Rs 246 mn) of Rs 5.12 bn was marginally below our expectation of Rs 5.20 bn. Sales was reported at Rs 15.46 bn (+43% YoY) driven by healthy growth in volumes at 39 mn tonnes (+11% QoQ, +34% YoY) mn tonnes 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 Q3FY15 numbers (1) strong volume pick-up at Dahej and Hazira (2) strong power generation at Tata & Mundra and possible compensatory tariff, (3) pick-up in container cargo (CT3) on constrained west-coast capacity (4) contribution from Dhamra and (5) Healthy progress on other Port Projects including CT IV. Recommend BUY with an increased TP of Rs 380 (from Rs 340) for the stock", says Kotak Securities research report.

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