APSEZ’s ports business continues to outpace the industry, with domestic volume growth nearly three times the sector over the past decade, market share expanding to 27.8% in 1QFY26 (+60bp YoY), and container share rising to 46%. New assets such as Vizhinjam and Colombo, along with overseas operations such as Haifa, provide incremental growth and geographic diversification.
The logistics arm, anchored by Adani Logistics Ltd (ALL), has scaled rapidly across container train operations, ICDs, warehouses, and trucking, with 12 multi-modal logistics parks, 132 trains, 3.1m sq. ft. of warehousing, and 1.2mmt of grain silos, offering true “shore-to-door” solutions. Significant capital deployment into trucking—INR10–15b in FY26 and INR50b by FY30— under a hybrid model of owned and third-party trucks, together with freight forwarding, is designed to boost RoCE.
Marine services, strengthened by acquisitions and now operating 118 vessels, are positioned to deliver 3x growth by FY27.
With integrated end-to-end offerings, APSEZ captures higher customer wallet share and builds cargo stickiness, while its diversified and scalable model underpins sustainable growth. This positions APSEZ to achieve its goal of becoming India’s largest integrated transport utility by 2029, with logistics and marine emerging as key growth engines alongside its dominant ports franchise. We reiterate our BUY rating on the stock with a TP of INR1,700 (implying 29% potential upside).
Valuation and view
With strong cash flows, a healthy cash balance of INR169b, and net debt to EBITDA at 1.8x, Adani Ports is well-positioned for further expansion. Capacity enhancements at key ports, ongoing infrastructure projects, and global port acquisitions provide visibility for sustained growth in FY26 and beyond.
APSEZ’s diversified cargo mix and ongoing infrastructure investments are expected to support its target of 505–515MMT cargo handling in FY26. We expect APSEZ to report 10% growth in cargo volumes over FY25-27. This would drive a CAGR of 16%/16%/21% in revenue/EBITDA/PAT over FY25-27. We reiterate our BUY rating with a TP of INR1,700 (premised on 16x FY27E EV/EBITDA).
