Adani Port & SEZ (ADSEZ IN) – Q1FY27 Result Update – Integrated business model enhances earnings resilience – BUY
Published on 30 Jul 2026
Q1FY27 once again highlighted ADSEZ's ability to navigate external disruptions through its diversified business model, with international ports, marine and ancillary services offsetting subdued domestic volumes and weak logistics performance. As the company scales its integrated ports-logistics ecosystem, earnings are becoming increasingly driven by multiple value-accretive businesses rather than cargo volumes alone, improving the resilience of cash flows across cycles. With capacity expansion progressing across key ports, a robust balance sheet and disciplined capital allocation providing ample flexibility for both organic and inorganic growth, we believe ADSEZ remains well placed to deliver superior long-term earnings growth while benefiting from normalization in trade flows and continued expansion of India's logistics infrastructure. We maintain our FY27E/28E EBITDA estimates and expect ADSEZ to deliver revenue/EBITDA/PAT CAGR of 15%/15%/18% over FY26-28E. The stock is trading at EV of 13.9x FY28E EBITDA. Maintain ‘BUY’ with revised TP of Rs2,113 (earlier Rs2,122) valuing at same 18x EV of Mar’28E EBITDA.
