Adani Ports stock at record high: Why MOSL remains bullish with target above Rs 2,000 mark

Shares of Adani Ports and Special Economic Zone (APSEZ), which are at their record high, are likely to cross the key Rs 2000 mark, according to brokerage MOSL. Shares of Adani Ports hit a record high of Rs 1887 on Thursday. Market cap of the firm stood at Rs 4.33 lakh crore. Later, the stock ended at Rs 1883.20, 1.89% higher on BSE. 

The Adani Group stock has seen high volatility in the last one year with its beta at 1.51. 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 63.8, signaling it's trading neither in the oversold nor in the overbought zone.

The country's largest private port player issued its Q1 and June operational updates on Thursday. 

Robust cargo volume growth 

MOSL said the billionaire industrialist Gautam Adani-owned firm continues to outperform the broader ports industry, delivering robust cargo volume growth despite a relatively subdued sector environment. In June 2026, the firm said it handled cargo volume of 46.8 MMT in June 2026 and Q1FY27 cargo volume came at 138.1 MMT. 

For the quarter ended June 30, 2026, Adani Ports handled 138.1 MMT cargo (+15% YoY), led by containers (+18% YoY) and liquids (+12% YoY). Logistics rail volume during June 2026 stood at 48,650 TEUs (-22% YoY). For the quarter ended 30th June, 2026, Logistics rail volumes stood at 1,45,310 TEUs (-19% YoY).

In May 2026, cargo handled at India's major ports grew 6.6% year-on-year, while cumulative volumes for FY27 to date increased 4.6%, supported primarily by nearly 10% growth in container traffic. 

However, this was partly offset by weaker volumes in petroleum, oil and lubricants (POL) and fertilizers. At non-major ports, overall cargo volumes remained broadly flat, as healthy 6% growth in containers was offset by a 15% decline in POL cargo and an 8% drop in coal volumes.

Against this backdrop, APSEZ delivered a significantly stronger performance. The company handled 48.3 million tonnes (mt) of cargo in May 2026, recording an impressive 16% year-on-year increase. The growth was led by a 33% rise in liquid cargo volumes and a 17% rise in container traffic. During the first two months of FY27, APSEZ's cargo volumes climbed 15% year-on-year to 91.4 mt, with container volumes maintaining strong momentum through 17% growth.

Limited downside risks 

The company's growth outlook also remains supported by improving earnings visibility and limited downside risks from geopolitical uncertainties. Ongoing investments in port capacity expansion, marine services and integrated logistics are expected to drive sustainable growth over the coming years. These initiatives align with APSEZ's long-term objective of becoming India's largest integrated transport utility by 2031, with logistics and marine services emerging as important growth pillars alongside its core ports business.

"Given its strong operational momentum, strategic expansion plans and improving earnings trajectory, we maintain our BUY rating on APSEZ with a target price of Rs 2,050, based on a valuation of 16x FY28E EV/EBITDA," said MOSL.