Adani Ports: Post 30% rally in six months, more upside likely for the Adani Group stock?

Shares of Adani Ports and Special Economic Zone are set to hit the Rs 2,200 mark in a year, according to brokerage HSBC. The bullish stance on the Adani Group stock comes after it rose 30% in the last six months. Meanwhile, the stock trades near the record high of Rs 1,891.80 reached on July 3, 2026. In the current session, market cap of the firm stood at Rs 4.23 lakh crore.

Total 0.34 lakh shares of Adani Ports changed hands amounting to a turnover of Rs 6.25 crore. 

The Adani Group stock has seen high volatility in the last one year with its beta at 1.49. The stock is trading above the 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages. 

The relative strength index (RSI) of Adani Ports stands at 52.5, signaling it's trading in the overbought zone.

HSBC citing strong growth prospects, a healthier balance sheet and expanding logistics operations behind its bullish stance.

HSBC reiterated its Buy'* rating on the stock and raised its target price from Rs 1,950 to Rs 2,200. 

The brokerage expects Adani Ports to strengthen its leadership in India's ports sector over the next few years. It projects the company's market share in India's cargo handling business to rise from 13% in FY26 to 17% by FY31, supported by capacity expansion, higher cargo volumes, strategic acquisitions and greenfield projects.

According to HSBC, APSEZ is also well placed to benefit from its integrated logistics business, which complements its port operations and provides diversified revenue streams. The brokerage believes the company's logistics, marine services and international port operations will contribute a larger share of earnings over the coming years.

HSBC expects Adani Ports to report EBITDA of nearly Rs 49,000 crore by FY31, around 5% higher than Bloomberg consensus estimates. It forecasts the company's EBITDA to grow at a compound annual growth rate (CAGR) of about 15% between FY26 and FY31, driven by rising cargo volumes, improving operational efficiencies and expansion across business segments.

Another brokerage Motilal Oswal has a price target of Rs 2130 with a 'Buy' call on the stock. 

The firm continues to deliver healthy performance, supported by strong growth in international port operations and marine business, said Motilal Oswal.  

"Its logistics business also emerged as a key growth driver, with significant improvement in network scale and last-mile connectivity, further complementing port operations. We expect APSEZ to post 11% growth in cargo volumes over FY26-28. This would drive a CAGR of 17%/18%/22% in revenue/EBITDA/PAT over FY26-28E," added Motilal Oswal.