Adani Port & SEZ (ADSEZ IN) – Q2FY27 Result Update – Strategic European bet adds to earnings muscles – BUY
Published on 09 Nov 2026
ADSEZ has entered into an agreement to acquire 100% stake in Netherlands-based Evos B.V., Europe's 2nd largest independent liquid storage operator, from Igneo Infrastructure Partners at an EV of EUR2.56bn (11.7x CY25 EV/EBITDA). Evos operates 8 terminals across 5 European countries, with 6.3mn cbm of storage capacity and CY25 throughput of 37mmt. The acquisition will expand ADSEZ's global footprint from 20 to 28 ports and terminals across 10 countries, while more than doubling its liquid storage capacity. The stock is trading at EV of 15.9x/13.6x FY28/29E EBITDA. Maintain ‘BUY’ with TP of Rs2,248 valuing at same 18x EV of Sept’28E EBITDA.
