Motilal Oswal Turns Bullish on Adani Ports with 39% Upside Target

Adani Ports & SEZ (APSEZ) gained investor attention after its shares rose nearly 7% intraday, following a bullish call from Motilal Oswal, which set a target of ₹1,820 — implying 39% upside from current levels. The brokerage cited improving earnings visibility, driven by APSEZ’s dominant logistics network and diversified port volumes. With a 26.4% domestic market share and 15 ports across India, the company has grown cargo volumes at three times the industry rate over the past decade. A key growth driver is its shift beyond port operations into integrated end-to-end logistics, including container trains, warehousing, and last-mile delivery — boosting customer stickiness and revenue per client. Strategic expansion continues with the acquisition of NQXT and international assets in Israel, Sri Lanka, and Australia. The company aims to handle 850 MMT domestic and 150 MMT international cargo by 2030, supported by dedicated freight corridors and industrial linkages. Financially, APSEZ is strong — with a net debt/EBITDA of 1.9x and ₹11,800 crore cash. Its marine business is scaling rapidly, with 9MFY26 revenue already at ₹1,960 crore vs ₹1,140 crore in FY25. With projected cargo volume CAGR of ~11% through FY28, Motilal Oswal sees sustained revenue and profit growth, positioning APSEZ as a core infrastructure play in India’s trade-led development story.