Adani Ports Share Price Target at Rs 2,210: ICICI Securities
ICICI Securities, through its retail research arm ICICI Direct, has retained a BUY rating on Adani Ports and Special Economic Zone with a revised target price of Rs 2,210, about 20% above the current market price of Rs 1,840, over 12 months. The call follows a robust Q2FY27, when consolidated revenue rose 24% to Rs 11,340 crore and EBITDA climbed 23% to Rs 6,807 crore, powered by international ports and a fast-growing marine fleet. Management lifted its FY27 revenue and EBITDA guidance by Rs 1,000 crore each and raised capex by Rs 3,000 crore. The brokerage values the stock at 17 times H1FY29E EV/EBITDA.
ICICI Securities' retail research desk, ICICI Direct, has retained its BUY rating on Adani Ports and Special Economic Zone (APSEZ), rolling its valuation forward to arrive at a target price of Rs 2,210. In a note dated Oct. 30, 2026, analysts Ronald Siyoni and Samarth Khandelwal argue that a strong first half has earned the country's largest commercial port operator an upgrade to both earnings and capex. The stock trades at Rs 1,840, within 3% of its 52-week high of Rs 1,892, giving a market value of about Rs 4.26 lakh crore.
APSEZ handles more than 27% of India's cargo through more than 15 ports and terminals across seven states, with a combined capacity of about 65.3 crore tonnes a year. Logistics and marine services complete the portfolio.
The Quarter, Read Like a Cargo Manifest
MANIFEST NO. Q2FY27 · CONSOLIDATED · Rs CRORE
| Line item | Q2FY27 | Q2FY26 | YoY | Q1FY27 | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 11,340 | 9,167 | +24% | 10,820 | +4.8% |
| Total expenses | 4,534 | 3,617 | +25% | 4,280 | +5.9% |
| EBITDA | 6,807 | 5,550 | +23% | 6,540 | +4.1% |
| EBITDA margin | 60.0% | 60.5% | -52 bps | 60.4% | -42 bps |
| Depreciation | 1,713 | 1,264 | +36% | 1,711 | +0.1% |
| Interest | 1,006 | 1,223 | -18% | 1,087 | -7.5% |
| Other income | 269 | 837 | -68% | 853 | -68% |
| PBT | 4,466 | 3,690 | +21% | 4,307 | +3.7% |
| Reported PAT | 3,622 | 3,120 | +16% | 3,649 | -0.7% |
Operating momentum was unmistakable, yet the bottom line lagged. Depreciation jumped 36% as new assets were capitalised, and other income collapsed 68%, offsetting an 18% fall in interest cost. EBITDA margin slipped 52 basis points to 60%, which ICICI Direct attributes to inflationary costs amid geopolitical tensions.
Four Cargo Streams, Four Speeds
Q2FY27 segment revenue, Rs crore · container length to scale
Domestic ports · Rs 7,177 crore +13% YoY
International ports · Rs 1,839 crore +71% YoY
Logistics · Rs 1,273 crore +21% YoY
Marine · Rs 1,007 crore +57% YoY
Domestic ports remain the anchor, growing 13% on a richer mix tilted toward liquid cargo and associated port services. Domestic capacity stands at about 67.1 crore tonnes.
International ports were the quarter's standout. Volumes rose about 2.4 times to 2.4 crore tonnes from 97 lakh tonnes, driven by the consolidation of the NQXT terminal in Australia and the ramp-up in Colombo.
Marine revenue surged 57% as the fleet grew to 138 vessels from 127, with segment EBITDA up 32% to Rs 447 crore.
Logistics staged a sharp recovery from Q1FY27, although container rail volume eased to about 1.67 lakh TEUs from 1.79 lakh, and EBITDA rose a more modest 8% to Rs 237 crore.
Margins Under the Gantry
Q2FY27 EBITDA margin by segment · bars hang from the crane beam, longer = richer
72.5%
Domestic ports
(73.8% a year ago)
60.0%
Consolidated
(60.5%)
47.7%
International
(24.2%, dashed)
44.4%
Marine
18.6%
Logistics
(TopNews calc.)
The pivotal shift is overseas. International EBITDA rose about 3.4 times to Rs 878 crore, and margin almost doubled to 47.7% from 24.2% as higher-margin Australian and Colombo operations came into the mix. For H1FY27, international EBITDA was up 245%, helping consolidated EBITDA grow 21% on revenue growth of about 21%. Cargo handled rose 14.5% to 14.2 crore tonnes, yet all-India cargo share eased to 27.3% from 28.1%, and container share stood at 44.3%.
Guidance Raised: The New Berth Windows
FY27 guidance, Rs crore · hatched = earlier window (implied), solid = new window, black pin = ICICI Direct estimate
Revenue: Rs 44,000-46,000 crore (estimate Rs 45,083 crore)
Scale Rs 42,000 to Rs 47,000 crore
EBITDA: Rs 26,000-27,000 crore (estimate Rs 26,337 crore)
Scale Rs 24,500 to Rs 27,500 crore
Capex: Rs 15,000-17,000 crore (cash-flow estimate Rs 15,500 crore)
Scale Rs 11,000 to Rs 18,000 crore
Management moved revenue and EBITDA guidance up by Rs 1,000 crore each, which implies earlier windows of Rs 43,000-45,000 crore and Rs 25,000-26,000 crore. Capex guidance rose Rs 3,000 crore, with about Rs 10,521 crore already spent in H1FY27. The extra spending targets domestic ports, chiefly Mundra, Dhamra, Vizhinjam and Hazira, in anticipation of stronger domestic growth.
Ambition 2031: Filling the Yard
APSEZ reiterated its FY31 ambition of Rs 91,500 crore revenue and Rs 52,000 crore EBITDA, targeting a compound annual growth rate of 19% in revenue and 18% in both EBITDA and net operating cash flow over FY26-FY31. Each bar below shows how much of the 2031 goal is already in place.
Cargo: 50 crore t → 100 crore t
Marine vessels: 136 → 200+
Rail rakes: 132 → 200
Multi-modal logistics parks: 12 → 16
Warehousing: 31 lakh sq ft → 1.2 crore sq ft
Owned trucks: 937 → 2,000
FY27-FY31 capex plan, Rs 90,000 crore to Rs 1 lakh crore · container width by range midpoint
Rs 60,000-63,000 cr
Marine Rs 11,000-13,000 crore; logistics Rs 7,000-9,000 crore; others (grey) Rs 6,000-8,000 crore; international ports (yellow) Rs 6,000-7,000 crore.
Valuation on the Weighbridge
WEIGHBRIDGE TICKET · APSEZ
Basis ......... 17x EV/EBITDA, H1FY29E
EBITDA base ... ~Rs 31,150 cr*
GROSS (EV) .... ~Rs 5.30 lakh cr*
TARE (implied) ~Rs 20,000 cr*
NET (equity) .. ~Rs 5.09 lakh cr
PER SHARE ..... Rs 2,210
*TopNews approximation: average of FY28E and FY29E EBITDA; tare back-calculated. The house prints only the multiple and the target.
ICICI Direct rolls forward its 17 times EV/EBITDA multiple to H1FY29E. At the current price, the stock trades at about 17.7 times FY27E and 15.4 times FY28E EV/EBITDA on the house's estimates, and about 27.4 times FY27E earnings by TopNews calculation.
Target for investors: the house sees the stock at Rs 2,210 within 12 months, a gain of about 20% from Rs 1,840. That clears the 52-week high of Rs 1,892, so a sustained move above that level would be the first sign the thesis is playing out. The 52-week low of Rs 1,293 marks the outer floor of the past year's range.
ICICI Direct estimates, Rs crore
| Metric | FY26 | FY27E | FY28E | FY29E |
|---|---|---|---|---|
| Revenue | 38,736 | 45,083 | 51,521 | 55,725 |
| EBITDA | 22,851 | 26,337 | 29,712 | 32,595 |
| EBITDA margin | 59.0% | 58.4% | 57.7% | 58.5% |
| Adjusted PAT | 12,805 | 15,497 | 18,703 | 21,459 |
| EPS (Rs) | 55.5 | 67.2 | 81.1 | 93.0 |
| P/E at Rs 1,840 (TopNews) | 33.2x | 27.4x | 22.7x | 19.8x |
| EV/EBITDA | 18.8x | 17.7x | 15.4x | 13.7x |
| RoNW / RoCE | 13.4% / 12.3% | 14.1% / 13.3% | 14.9% / 14.8% | 14.9% / 15.4% |
Total debt is projected to fall from Rs 55,103 crore in FY26 to Rs 27,495 crore by FY29E, while foreign institutional ownership rose to 16.0% in September from 13.1% in December 2025 as the promoter stake eased to 66.0% from 68.0%.
Hazard Placards: What Could Go Wrong
Printed risk 1
Cargo volumes could grow slower than expected if the economy decelerates.
Printed risk 2
The company may fail to scale up its logistics and marine businesses.
TopNews flag
Market share is slipping (27.3% from 28.1%), and Rs 15,000-17,000 crore of annual capex leaves FY27E net cash flow at a projected outflow of Rs 4,577 crore.
Editor's Note
The report contains internal inconsistencies, so TopNews uses its tables:
1. Profit. The summary cites consolidated PAT of Rs 3,682 crore, up 17%, while the quarterly table shows reported PAT of Rs 3,622 crore, up 16%. The summary also says PAT margin rose 53 basis points to 32%, but on either figure margin fell from about 34.0% a year earlier.
2. Growth rates. The FY24-FY26 compound growth column shows 33% for adjusted PAT and 23% for revenue, while the printed figures work out to about 26% and 20%.
3. Capex. The five-year plan is printed as "Rs 90,000-1,00,000 lakh crore". The segment split adds up to Rs 90,000 crore to Rs 1 lakh crore, and TopNews uses that figure.
4. Other figures. The company profile gives combined capacity of 65.3 crore tonnes, below the 67.1 crore tonnes of domestic capacity cited in the call summary. The key-ratios exhibit's labels are offset by one row, and its FY26 EV/EBITDA of about 20.5 times differs from the 18.8 times in the summary table, which TopNews uses. The quarterly PBT of Rs 4,466 crore does not reconcile with the line items above it.
Sources
ICICI Securities (ICICI Direct Research), Adani Ports and SEZ Q2FY27 Result Update, Oct. 30, 2026; analysts Ronald Siyoni and Samarth Khandelwal. Company disclosures as cited in the report. Bar lengths, hanging bars, guidance windows and yard bars are drawn to scale from the house's printed figures. Earlier guidance windows, logistics margin, P/E at CMP and the weighbridge base and tare are TopNews calculations.
Disclaimer: Investments in securities markets are subject to market risks. Read all related documents carefully before investing. This TopNews Stock Report is based on brokerage research and is for information only; it is not investment advice.
