Adani Ports - Temporary Volume Hit In H1; Growth Outlook Intact: Motilal Oswal

Motilal Oswal Report

While Adani Ports and Special Economic Zone Ltd.'s H1 FY25 volumes were temporarily impacted by a worker strike and weather conditions, the situation is normalized now.

For FY25, the volume guidance of 460-480 million metric tonne remains unchanged. Adani Ports is expected to record 2-3 times of India’s cargo volume growth.

Adani Ports targets becoming India’s largest integrated transport utility and the world’s largest private port company by 2030.

We expect Adani Ports to report 11% growth in cargo volumes over FY24- 26. This would drive a compound annual growth rate of 14%/15%/22% in revenue/ Ebitda/profit after tax over FY24-26.

We reiterate our Buy rating with a target price of Rs 1,850 (based on 20 times FY26E EV/Ebitda).

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