Adani Ports climbs 9% in two days of posting Q3 results; analysts weigh

In two sessions, Adani Ports and Special Economic Zone's stock has gained over 9 per cent

Adani Ports and Special Economic Zone (APSEZ) reported its Q3FY26 numbers on Tuesday, during market hours. At 9:33 AM, Adani Ports’ share price was trading 0.33 per cent higher at ₹1,536 per share. In comparison, the BSE Sensex was up 0.11 per cent at 83,829.81. In two sessions, the stock gained over 9 per cent.

 

In the December quarter, Adani Ports’ net profit grew 21.2 per cent to ₹3,053 crore, as compared to ₹2,520.26 crore a year ago. Its revenue from operations stood at ₹9,704.59 crore, as compared to ₹7,963.55 crore year-on-year (Y-o-Y). 

 

The company’s earnings before interest, taxes, depreciation, and amortisation (Ebitda) stood at ₹5,786 crore, up 20 per cent Y-o-Y. Check detailed results here

Brokerages’ view on Adani Ports Stock

Motilal Oswal Financial Services | Buy | Target: ₹1,820

Motilal Oswal said with strong cash flows, a healthy cash balance of ₹11,800 crore, and net debt-to Earnings before interest, tax, depreciation and amortisation (Ebitda) at 1.9x, APSEZ is well-positioned for further expansion. Capacity enhancements at key ports, ongoing infrastructure projects, and global port acquisitions provide visibility for sustained growth in FY26 and beyond, according to analysts.

 

The brokerage broadly maintained its estimates for FY26/27/FY28. Accordingly, expects  APSEZ to post 8 per cent growth in cargo volume over FY25-28. This would drive a CAGR of 16 per cent/16 per cent/19 per cent in revenue/Ebitda/profit after tax (PAT)over FY25-28E.   ALSO READ | Bajaj Finance stock down 2% on higher provisions; brokerages optimistic on growth

JM Financial Institutional Securities | Buy | Target raised to ₹1,800 from ₹1,795

The brokerage said Adani Ports delivered a Q3FY26 Ebitda that beat both its estimates and Street expectations. Management has raised FY26 Ebitda guidance to ₹22,800 crore, which stands at ₹22,500 crore excluding the consolidation of NQXT, a move JM Financial termed a key positive and largely in line with its expectations.

 

While volume guidance has been retained at 505–515 million metric tonnes (mmt), it now includes 10 mmt from NQXT, implying an effective cut in the core FY26 volume outlook. JM has raised its Ebitda estimates for FY26–FY28 to factor in the consolidation of NQXT.

 

The brokerage remains constructive on the stock, citing reasonable valuations, scope for further earnings upgrades, and an improving track record of Ebitda-to-operating cash flow translation, which has supported meaningful deleveraging. As of 9MFY26, net debt-to-Ebitda stands at 1.9x.

 

Disclaimer: View and outlook shared belong to the respective brokerages/analysts and are not endorsed by Business Standard. Readers discretion is advised.