Adani Ports set to grow faster than the industry, says Motilal Oswal 

India's largest private port operator Adani Ports and Special Economic Zone is well-positioned to grow faster than the broader industry, says brokerage Motilal Oswal. The brokerage expects Adani Ports to report an 8% growth in cargo volumes over FY25-28. This could result in a CAGR of 16%/ 16%/19% in revenue/EBITDA/PAT over FY25-28E. 

It has a BUY rating on Adani Ports with a target price of Rs 1,820. 

Meanwhile, Adani Ports shares were trading 0.75% lower at Rs 1555.35 on Thursday. Market cap of the firm fell to Rs 3.58 lakh crore. Total 0.24 lakh shares of the firm changed hands amounting to a turnover of Rs 3.73 crore. Adani Ports shares have gained 36.47 per cent in one year and risen 24.26% in two years.

Another, brokerage Elara Securities is bullish on the Adani Group stock. 

Adani Ports' execution across ports, logistics and marine continues to improve, highlighting benefits of scale and integration. Incremental capacity, higher overseas utilisation, and logistics-led diversification are set to sustain earnings momentum, said Elara.  

It raised earnings by 6% for FY26E, 8% for FY27E and 10% by FY28E , as it accounted for factor in NQXT addition, ramp -up at Vizhinjam and higher -than -expected growth across segments. 

It has a buy call on the stock with a higher DCF -based target price of Rs 1, 883 on 16x FY28E EV/EBITDA.

According to Elara, management continues to prioritise capital -efficient growth, improving ROCE and disciplined execution to sustain momentum. 

In Q3 of this fiscal, net profit rose 21% to Rs 3,054 crore, compared to Rs 2,520 crore in the corresponding period last year. The multinational port operator's revenue from operations rose 22% to Rs 9,705 crore in the December 2025 quarter against Rs 7,964 crore in the year-ago period.