Adani Port & SEZ (ADSEZ IN) – Q3FY26 Result Update – Smooth execution despite weak bulk/liquid – BUY
Published on 04 Feb 2026
We expect ADSEZ to deliver healthy volume growth over the medium term, supported by a) rising containerisation, b) timely capacity additions at key ports, c) continued ramp-up of new assets and d) reduced geopolitical tensions providing fillip to ports traffic. Intl’ operations are likely to emerge as a stronger growth driver with the ongoing scaling up of Colombo, NQXT consolidation and efficiency improvement measures. Rising focus on technology and capex on automation is expected to continue margin improvement at other domestic sites and ports. We incorporate NQXT w.e.f. 1st Jan’26 and tweak FY26/27E estimates by -2/+1% and expect ADSEZ to deliver revenue/EBITDA/PAT CAGR of 18%/17%/23% over FY25-28E. The stock is trading at EV of 14.1x/12x FY27/28E EBITDA. Maintain ‘Buy’ with revised TP of Rs1,900 (earlier Rs1,876) valuing at same 18x EV of Sep’27E EBITDA.
