Adani Port & SEZ (ADSEZ IN) – Q2FY27 Result Update – Strong intl performance; multiple levers ahead – BUY
Published on 28 Oct 2026
We remain positive on ADSEZ’s diversified growth outlook with strong cargo visibility. Ramp-up of CT-5, Colombo Phase II and Vizhinjam’s improving EXIM, empty container yard expansion and additional coal volumes from Tata UMPP at Mundra, should support growth across the ports’ ecosystem in the near term. Increasing contribution from international ports, timely capacity additions at domestic key ports, Marine, Harbour and Logistics businesses, along with the ramp-up of newer segments, are expected to deliver sustainable EBITDA growth. With strong cash flow generation capability and a robust balance sheet providing flexibility for organic and inorganic opportunities, we believe ADSEZ is well positioned to capture incremental market share over the longer term. We increase our FY27E/28E EBITDA estimates by ~2% each and expect ADSEZ to deliver revenue/EBITDA/PAT CAGR of 15%/14%/19% over FY26-29E. The stock is trading at EV of 14.4x/12.3x FY28/29E EBITDA. Maintain ‘BUY’ with revised TP of Rs2,248 (earlier Rs2,243) valuing at same 18x EV of Sept’28E EBITDA.
