Adani Ports Stock Maintains Momentum Amid Continued Bullish Outlook from Nomura and Jefferies, Following Strong May Cargo Growth

Adani Ports and Special Economic Zone Remains in Focus After Bullish Brokerage Views

Adani Ports and Special Economic Zone (APSEZ) is likely to remain in the spotlight on Wednesday as brokerages maintain their bullish views on the stock following the company's strong cargo traffic growth in May and an upbeat long-term outlook.

The company's stock ended Tuesday's session 1.7 percent higher at Rs 1,813.1, valuing the company at about Rs 4.2 lakh crore. Over the past year, the stock has gained 26.6 percent, outperforming the Nifty 50, which has declined 4.3 percent during the same period.

Nomura has maintained its 'Buy' rating on Adani Ports and SEZ stock with a target price of Rs 1,930 per share. The brokerage notes that Adani Ports' cargo traffic grew 16 percent year-on-year in May, driven by strong growth in container and liquid cargo volumes. The company's market-leading position and integrated logistics network continue to benefit from these growth drivers.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Nomura highlighted management's guidance for revenue and EBITDA compound annual growth rates (CAGR) of 19 percent and 18 percent, respectively, through FY31. The brokerage also expects Adani Ports to deliver a strong 19 percent EBITDA CAGR between FY26 and FY28.

Jefferies has reiterated its 'Buy' call on the stock and raised its target price to Rs 2,160 per share, implying an upside of more than 19 percent from Tuesday's closing level. The brokerage increased its FY28 and FY29 EBITDA estimates by 3-5 percent, citing a stronger outlook for container ports. It expects demand-supply tightness across Gujarat and Maharashtra to help Adani Ports gain market share.

Jefferies also sees additional upside from the Vizhinjam port project, which could lower transit costs and improve cargo movement efficiency. The brokerage added that strong cash generation should support both expansion plans and deleveraging efforts.

Adani Ports handled 48.3 million metric tonnes (MMT) of cargo in May 2026, up 16 percent from a year earlier. Growth was led by liquid cargo volumes, which rose 33 percent year-on-year, and container volumes, which increased 17 percent. Logistics rail volumes, however, declined 19 percent to 48,170 TEUs during the month.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

The company, India's largest private port operator, commands about 27 percent of the country's port traffic and has cargo handling capacity of 653 million tonnes. It operates 15 ports and terminals in India and has an international presence across four global ports and terminals.