Adani Ports shares: Should you buy, hold or sell this Adani group stock?

Adani Ports delivered a strong performance in the June quarter, marked by robust growth in international port operations. The logistics business emerged as a key growth driver, with significant improvement in network scale and connectivity, complementing port operations. Gross debt grew modestly, as the Adani group firm maintained its earlier stated FY26 guidance on volume (505–510mn tonnes), revenue (Rs 35,000–38,000 crore), Ebitda (Rs 21,000–22,000 crore) and capex (Rs 11,000–12,000 crore). Following this, a couple of brokerages maintained 'Buy' rating on the stock. 

Calling it yet another strong quarter, Nuvama said domestic ports growth was led by realisation (up 7 per cent, mix improvement) and volume up 6 per cent YoY, as 19 per cent growth in container cargo was offset by weaker coal/dry bulk cargo. 

"International business grew a robust 22 per cent YoY on the back of Haifa scale-up and Tanzania consolidation. Adjusted for forex loss, Ebitda expanded 13 per cent YoY with Ebitda margins contracting 391 bps YoY. Domestic ports Ebitda grew 17 per cent YoY while international ports’ EBITDA grew 101 per cent YoY. We are trimming FY26E/27E EPS by 3 per cent each to reflect 2 per cent lower volume and higher interest cost," Nuvama said. 
This brokerage rolled forward its earnings estimates to June 2026 to suggest a revised target of Rs 1,900 from Rs 1,810 earlier,  based on 18 times June 2027 EV/Ebitda.

With strong cash flows, a healthy cash balance of Rs 16,900 crore, and net debt-to-Ebitda at 1.8 times, Adani Ports is well-positioned for further expansion, MOFSL said adding that capacity enhancements at key ports, ongoing infrastructure projects, and global port acquisitions provide visibility for sustained growth in FY26 and beyond.

"We broadly maintain our estimates for FY26/27 and expect APSEZ to report a 10 per cent growth in cargo volumes over FY25-27. This would drive a revenue/ Ebitda/PAT CAGR of 16 per cent/16 per cent/21 per cent over FY25-27E. We reiterate our Buy rating with a target of Rs 1,700 (premised on 16 times FY27 EV/Ebitda)," it said.