Adani Ports & Special Economic Zone (ADSEZ) is in focus today. The brokerage house, Nomura in its latest report, has set a target price of Rs 1,930, indicating an upside potential of around 16% from current levels.The brokerage house has assigned ‘Buy’ recommendation on this Adani group stock.
Let’s take a look at the key reasons why the brokerage is bullish on the stock –
Nomura on Adani Ports: Cargo growth sets the tone for FY27
According to the Nomura report, the company began the new financial year on a firm note.
The brokerage added, “Cargo traffic at 43MT in Apr 2026, up 15% y-y, led by 17% y-y growth in containers.”
This growth was supported by strong performance across key segments, including container and dry bulk cargo.
However, on a month-on-month basis, there was a slight dip. “However, the cargo traffic was down sequentially from 46MT in March 2026, presumably due to the absence of one-off trans-shipment container traffic recorded in March 2026,” added Nomura in its report.
Nomura on Adani Ports: Logistics segment
The logistics business, another key pillar for the company, showed a different trend.
According to the brokerage report, “Logistics rail volume stood at 48,490 TEUs, down 12%/16% QoQ/YoY as the company selectively focused on more profitable business.”
The report also highlighted that management expects a pickup in the coming quarters, especially with export-import (EXIM) volumes improving.
Nomura on Adani Ports: Long-term growth outlook remains steady
The brokerage remains positive on the company’s future trajectory. As per Nomura, the management expects steady growth over the next few years and has guided that revenue may grow around 19% per year, while operating profit (EBITDA) could grow about 18% annually between FY26-FY31.
The brokerage also expects strong earnings growth across segments. “We expect Adani Ports to deliver a 19% EBITDA CAGR over FY26-28 with ports/logistics/marine segments recording EBITDA CAGRs of 18%/30%/29%.”
Nomura on Adani Ports: Market position and capacity advantage
Another factor supporting the brokerage’s view is the company’s scale and market share. According to the report, Adani Ports handles around 27% of India’s total port traffic and has a cargo handling capacity of 653 million tonnes (MT).
As per the brokerage report, these factors help create “strong defensible moats such as industry-leading operating efficiency and integrated logistics offering.”
Adani Ports stock performance
Over the past one month, shares have gained around 24%, while over six months, the rise stands at about 20%. On a year-to-date basis for 2026, the stock is up 16%.
However, in the latest session on May 5, the stock ended slightly lower, down 0.9%.
Disclaimer: The information provided above includes market analysis and a target price issued by a third-party brokerage. This does not constitute an offer, solicitation, or a specific buy/sell recommendation by this publication. Investors are advised to consult with a SEBI-registered investment advisor and conduct independent due diligence before making any financial decisions, as market performance is subject to volatility.
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