2 Adani stocks to buy for up to 38% upsides in 12 months
On Adani Ports, MOFSL said the Adani group firm has captured higher customer wallet share and built cargo stickiness with the integrated end-to-end offerings
- Dec 2, 2025,
- Updated Dec 2, 2025 10:04 AM IST
Domestic brokerage MOFSL has come with fresh reports on two Adani group companies, namely Adani Ports and Special Economic Zone Ltd (APSEZ) and Ambuja Cements, with Buy ratings and target prices that suggest up to 38 per cent potential upside. Ambuja Cements is a growth story unfolding, MOFSL said. On the other hand, it feels integrated logistics platform has enhanced long-term growth visibility for Adani Ports.
Adani Ports | Target price: Rs 1,770 | Potential upside: 16% On Adani Ports, MOFSL said the Adani group firm has captured higher customer wallet share and built cargo stickiness with the integrated end-to-end offerings. The diversified and scalable model underpins sustainable growth, it said.
"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 target price of Rs 1,770 (premised on 15 times FY28E EV/Ebitda)," MOFSL said.
"With strong cash flows, a healthy cash balance of Rs 13,000 crore, and a net Ebitda ratio of 1.8 times, Adani Ports is well-positioned for further expansion. Capacity enhancements at key ports, ongoing infrastructure projects, and global port acquisitions provide visibility for steady growth in FY26 and beyond," MOFSL said.
MOFSL said APSEZ’s diversified cargo mix and ongoing infrastructure investments are expected to support its target of 505-515 mmt cargo handling in FY26.
"We expect APSEZ to report 8 per cent growth in cargo volumes over FY25-28E. This would drive a CAGR of 14 per cent/15 per cent/18 per cent in revenue/Ebitda/PAT over FY25-28E. We reiterate our Buy rating with a revised target of Rs 1,770 (premised on 15x FY28E EV/Ebita)," MOFSL said.
Ambuja Cements | Target price: Rs 750 | Potential upside: 38%
MOFSL said Ambuja Cements has reported steady improvements in profitability, achieving Ebitda per tonne of Rs 1,000 for three consecutive quarters. Resilient performance was led by steady realisation and sequential reduction in opex per tonne. The brokerage believes the integration of acquired assets (Orient Cement, Penna, Sanghi brands) with ACC and Ambuja Cements was encouraging.
"The acquisition of JAL’s standalone cement business would require a cash outflow of Rs 5,000 crore. Currently, we are not changing our estimates. The company is estimated to move from a net cash position to net debt over FY26-27E due to high capex, and turn net cash positive in FY28E, supported by healthy operating cash flow generation from expanded scale," MOFSL said.
Though near-term challenges (delay in cement demand pickup and weak nontrade prices) weigh on the stock performance, the brokerage maintained its constructive view on the company given its rising scale of operation, balanced capacity mix, and profitability improvement.
It finds the stock attractively trading at 15 times FY27 EV/Ebitda against last 5-year average one-year forward EV/Ebitda of 18 times.
Domestic brokerage MOFSL has come with fresh reports on two Adani group companies, namely Adani Ports and Special Economic Zone Ltd (APSEZ) and Ambuja Cements, with Buy ratings and target prices that suggest up to 38 per cent potential upside. Ambuja Cements is a growth story unfolding, MOFSL said. On the other hand, it feels integrated logistics platform has enhanced long-term growth visibility for Adani Ports.
Adani Ports | Target price: Rs 1,770 | Potential upside: 16% On Adani Ports, MOFSL said the Adani group firm has captured higher customer wallet share and built cargo stickiness with the integrated end-to-end offerings. The diversified and scalable model underpins sustainable growth, it said.
"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 target price of Rs 1,770 (premised on 15 times FY28E EV/Ebitda)," MOFSL said.
"With strong cash flows, a healthy cash balance of Rs 13,000 crore, and a net Ebitda ratio of 1.8 times, Adani Ports is well-positioned for further expansion. Capacity enhancements at key ports, ongoing infrastructure projects, and global port acquisitions provide visibility for steady growth in FY26 and beyond," MOFSL said.
MOFSL said APSEZ’s diversified cargo mix and ongoing infrastructure investments are expected to support its target of 505-515 mmt cargo handling in FY26.
"We expect APSEZ to report 8 per cent growth in cargo volumes over FY25-28E. This would drive a CAGR of 14 per cent/15 per cent/18 per cent in revenue/Ebitda/PAT over FY25-28E. We reiterate our Buy rating with a revised target of Rs 1,770 (premised on 15x FY28E EV/Ebita)," MOFSL said.
Ambuja Cements | Target price: Rs 750 | Potential upside: 38%
MOFSL said Ambuja Cements has reported steady improvements in profitability, achieving Ebitda per tonne of Rs 1,000 for three consecutive quarters. Resilient performance was led by steady realisation and sequential reduction in opex per tonne. The brokerage believes the integration of acquired assets (Orient Cement, Penna, Sanghi brands) with ACC and Ambuja Cements was encouraging.
"The acquisition of JAL’s standalone cement business would require a cash outflow of Rs 5,000 crore. Currently, we are not changing our estimates. The company is estimated to move from a net cash position to net debt over FY26-27E due to high capex, and turn net cash positive in FY28E, supported by healthy operating cash flow generation from expanded scale," MOFSL said.
Though near-term challenges (delay in cement demand pickup and weak nontrade prices) weigh on the stock performance, the brokerage maintained its constructive view on the company given its rising scale of operation, balanced capacity mix, and profitability improvement.
It finds the stock attractively trading at 15 times FY27 EV/Ebitda against last 5-year average one-year forward EV/Ebitda of 18 times.