Adani Ports soars 4% on healthy Q2, raises FY27 guidance; brokerages upbeat

Adani Ports & Special Economic Zone share price movement Shares of Adani Ports & Special Economic Zone (APSEZ) surged 4 per cent to ₹1,823.15 on the BSE in Thursday’s intraday deals after the company reported healthy earnings for the second quarter ended September 2026 (Q2FY27).
Adani Ports' consolidated profit after tax (PAT) grew 17 per cent year-on-year (YoY) at ₹3,682 crore. The company raised its FY27 guidance based on strong H1 (April to September) performance. At 10:27 AM, APSEZ was up 3.6 per cent at ₹1,822, compared to a 0.68 per cent rise in the BSE Sensex.

The average trading volume at the counter more than doubled with a combined 2.49 million shares changing hands on the NSE and BSE. The stock price of the Adani group company hit a record high of ₹1,891.80 on July 3, 2026. Adani Ports – Q2 results, FY27 guidance APSEZ reported a consolidated revenue growth of 24 per cent YoY at ₹11,340 crore for Q2FY27 aided by strong revenue growth in international ports (71 per cent YoY) and marine business (57 per cent YoY) verticals in Q2FY27.
Notably, International ports EBITDA margins improved to 47.7 per cent vs 24.2 per cent in Q2FY26. The company raised its FY27 guidance based on strong H1 performance. Revenue guidance was raised by ₹1,000 crore to ₹44,000-₹46,000 crore, EBITDA guidance is up ₹1,000 crore to ₹26,000-₹27,000 crore.

APSEZ said the company is simultaneously accelerating its investment program to deliver its FY31 Ambition of ₹91,500 crore revenue and ₹52,000 crore EBITDA, equivalent to 2.4x and 2.3x FY26 levels. Consequently, FY27 capex guidance has been raised by ₹3,000 crore to ₹15,000–₹17,000 crore, reflecting the higher pace of investment across the company’s growth initiatives, it added.
Brokerages view on Adani Ports APSEZ delivered revenue, EBITDA, and PAT growth of 24 per cent, 23 per cent and 17 per cent led by volume growth of 15 per cent YoY and annual revision in prices. The company expects similar momentum in H2FY27E and has thus increased its revenue and EBITDA guidance for FY27E by ₹1000 crore to ₹44,000–46,000 and ₹26,000–27,000 crore respectively.

It also increased capex guidance for the year to ₹15,000–17,000 crore from ₹12,000–14,000 crore previously. The company has a capacity of 671 MMT which it is increasing to 1,000 MMT or 1 billion metric tonne, ICICI Securities said in a note. According to analysts at Motilal Oswal Financial Services (MOFSL), APSEZ delivered a steady performance in Q2FY27, supported by strong growth in its international port operations such as Colombo and consolidation of NQXT from Q4FY26.
Overall, the company remains well-positioned to outpace broader industry growth, supported by ongoing capacity additions and expansion into value-added segments such as logistics. The brokerage firm retained FY27 and FY28 estimates and expects APSEZ to post 14 per cent growth in cargo volumes over FY26-28.

This would drive a compound annual growth rate (CAGR) of 17 per cent/18 per cent/21 per cent in revenue/EBITDA/PAT over FY26-28E. Analysts reiterated a 'Buy' rating on the stock with a target price of ₹2,130 (premised on 17x FY28E EV/EBITDA). With strong cash flows, a healthy cash balance of ₹12,500 crore, and a net debt-to-EBITDA ratio of 1.8x, APSEZ is well-positioned for further expansion.
Capacity enhancements at key ports, ongoing infrastructure projects, and global port acquisitions provide visibility for sustainable growth in FY27 and beyond, MOFSL said. The increased thrust on domestic port capex for Mundra, Dhamra, Hazira and Vizhinjam are major positives.

Management at present is evaluating nearly 20 overseas prospects for acquisitions, but it stressed that such assets must be brownfield and meet ADSEZ Group return metrics in the long run, analysts at JM Financial Institutional Securities said. Management thrust on integrated logistics philosophy continues, which the brokerage firm believes is a long-term positive for volume growth.
Analysts modestly increased EBITDA estimates for FY27/28E on higher-than-estimated profitability in the international business and at Mundra port. This leads to an increase in DCF-based target price to ₹2,065. It upgraded the stock to 'Buy'. The stock trades at 14x FY28E enterprise value (EV)/EBITDA and the risk-reward metrics look significantly attractive at this stage, the brokerage firm said.

Disclaimer: Views and outlook in this report belong to the brokerages and analysts cited. They do not reflect the views of Business Standard. Readers are advised to exercise discretion.