⚓ ADANI PORTS : CLSA
Rating: O-P
Target Price: ₹2,070
NDR Takeaways:
• Port traffic grew 2x the country growth rate over FY21–26, with ~300 bps YoY market share gain
• FY31 target of 1 bn tonnes traffic implies ~15% CAGR
• FY26–31 revenue and port EBITDA expected to grow at 17% and 18% CAGR, respectively
• Logistics, marine & international ports EBITDA grew 34%, 125% & 180% YoY in FY26, adding new growth catalysts
• International expansion to remain within financial prudence guardrails, supporting high ROCE and dollarisation of the asset base
• Credit profile improved, with net debt/EBITDA at a 9-year low
September 8, 2026 1.8K 1
