Buy Adani Port & SEZ; target of Rs 1,590: Motilal Oswal

Motilal Oswal is bullish on Adani Port & Sez has recommended buy rating on the stock with a target price of Rs 1,590 in its research report dated April 22, 2024.

Broker Research

April 23, 2024 / 10:54 IST

Buy

26 Aug, 2025 12:21

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Motilal Oswal's research report on Adani Port & Sez

We released our Initiating Coverage (IC) report on Adani Ports & SEZ Ltd (APSEZ) in Oct’23 (LINK). In this report, we highlighted that the company’s improving utilization levels at its current ports, along with its ramping up of volumes at newly acquired ports, will position the company to exceed its FY24 volume guidance and expand its market share in cargo handling. We reiterated our strong conviction with APSEZ being one of our top ideas for 2024.

Outlook

Going forward, APSEZ targets to become India’s largest integrated transport utility and world’s largest private port company by 2030. APSEZ has a diversified cargo mix and is looking to increase cargo share of port on the east coast. The operational ramp-up at the recently acquired ports is expected to drive a 10% growth in cargo volumes over FY24-26. This would drive a revenue/EBITDA/PAT CAGR of 14%/15%/19% over FY24-26. We reiterate our BUY rating with a TP of INR1,590 (premised on 17x FY26E EV/EBITDA).

For all recommendations report, click here