Adani Ports: Targets Raised to INR 1,980 in FY26

What changed for Adani Ports in the latest broker notes

Adani Ports and Special Economic Zone Ltd. (APSEZ) returned to the spotlight after multiple brokerages raised their target prices following the company’s FY26 performance update and management commentary. Jefferies lifted its target price to INR 1,980 from INR 1,825 and kept its ‘Buy’ rating. Nomura also raised its target to INR 1,930 from INR 1,850, maintaining its ‘Buy’ stance.

The upgrades came as Adani Group stocks stayed in focus after a sharp April 2026 rally, with several group companies touching 52-week highs during Monday’s intraday trade on the BSE. In one market update cited in the article text, APSEZ was up 4% at INR 1,649.70 during intraday trade. In another snapshot, the counter rose 0.98% to end at INR 1,677 on the BSE.

Jefferies raises APSEZ target to INR 1,980

Jefferies increased its APSEZ target price to INR 1,980 from INR 1,825, citing operational outperformance and capacity-linked growth visibility. The brokerage said the valuation is based on 17x Mar-28E EV/EBITDA, aligned with FY27 trading multiples referenced in the note.

Jefferies highlighted that March-26 quarter EBITDA beat its estimates by 9%. It linked the outperformance to a 9% year-on-year rise in domestic port realisations, along with ongoing capacity additions. The brokerage also pointed to a continued focus on capital allocation and return metrics.

Nomura also lifts target, keeps ‘Buy’

Nomura raised its target price on APSEZ to INR 1,930 from INR 1,850, while keeping a ‘Buy’ rating. The article excerpt did not provide additional Nomura-specific drivers beyond the target revision and rating.

The broader broker discussion around APSEZ after the results announcement included multiple ‘Buy’ calls with varying target prices. HSBC was cited as maintaining ‘Buy’ and raising its target to INR 1,950 from INR 1,800. Goldman Sachs was cited as maintaining ‘Buy’ with an unchanged target of INR 1,710.

FY27 guidance and what brokerages are focusing on

Management guidance referenced in the broker commentary indicated FY27 revenue and EBITDA growth of 9% to 14%. Jefferies compared this range with its own FY27 EBITDA growth forecast of 11%. HSBC commentary in the same block described FY27 guidance as cautious but steady amid disruptions.

Broker notes also flagged the role of multiple business segments. Goldman Sachs highlighted that revenue was in line with estimates and that logistics and marine segments supported growth, along with improved margins in the logistics segment. Port cargo volumes were cited as rising 13% year-on-year in Q4.

Capacity additions: NQXT and Colombo West Terminal

Jefferies called out capacity additions such as the NQXT terminal and the Colombo West Terminal as key volume drivers for FY27E. The brokerage framed these projects as part of the company’s broader push to expand capacity and sustain volume growth.

In a separate market note included in the provided text, Jefferies reiterated a ‘Buy’ call after completion of the acquisition of North Queensland Export Terminal in Australia’s Abbot Point, stating it could speed up international expansion and support the balance sheet. That note referenced a target price of INR 1,880 and described an implied upside versus the cited close in that report.

Possible tailwinds mentioned: coal imports and Mundra PPA

Jefferies also flagged a possible recovery in coal imports, linking it to Power Ministry guidelines. It additionally referenced Tata Power’s Mundra PPA as a supportive factor for port volumes.

These points were presented as potential contributors to throughput, alongside domestic realisation gains and new terminal capacity. The note did not quantify the impact of these factors, but positioned them as near-term supports for volume trends.

Street snapshot: consensus, last close, and implied upside

The excerpt includes two sets of “mean consensus” figures. One snapshot shows a mean consensus of ‘BUY’ with 23 analysts, last close price of INR 1,657.30, and an average target price of INR 1,858.26, implying a +12.13% spread to the average target. Another snapshot shows mean consensus ‘BUY’ with 23 analysts, last close price of INR 1,748.30, and an average target price of INR 1,888.91, implying a +8.04% spread.

These figures underline that the stock is covered broadly, with target prices clustering in a relatively tight band compared with recent price moves.

Key numbers and broker targets at a glance

Revenue and earnings snapshots cited in the text (normalised)

The provided text also includes a set of quarterly revenue and earnings figures along with estimate comparisons. To keep revenue figures consistent, the numbers are normalised to INR crore (1 billion INR = 100 crore).

What investors are likely to track next

Near-term attention, as described in the excerpt, remains on management guidance and commissioning timelines for new capacity. Broker discussions repeatedly point to execution on terminal additions, volume growth, and delivery against the stated FY27 EBITDA growth range of 9% to 14%.

Investors will also watch how domestic port realisations trend after the March-quarter uptick cited by Jefferies, and whether the potential coal-related tailwinds mentioned translate into measurable volume support.

Bottom line

Brokerages including Jefferies and Nomura raised target prices on Adani Ports while maintaining ‘Buy’ ratings, citing a March-quarter EBITDA beat, improved domestic realisations and capacity additions such as NQXT and the Colombo West Terminal. Consensus data in the excerpt continues to indicate a ‘BUY’ stance from 23 analysts, with average target prices above the cited last close levels. The next set of updates will likely revolve around progress on capacity ramp-up and adherence to the FY27 growth guidance range referenced by multiple broker notes.