FY26 annual report analysis – Smooth sailing

Research evidence excerpt

FY26 annual report analysis – Smooth sailing

Global Markets Research

Adani Port & SEZ APSE.NS ADSEZ IN 14 June 2026

EQUITY: TRANSPORT/LOGISTICS

RatingFY26 annual report analysis – Smooth sailing Remains Buy

Target priceRaise FY27-28F EBITDA by 1-2%; forecast 19% EBITDA Increased from INR 2,080CAGR over FY26-29F; maintain Buy INR 1,850

ADSEZ remains well-poised to capitalise on favourable industry tailwinds Closing12 June price2026 INR 1,813

Management expects India’s freight and logistics market to continue expanding on the back of rising

trade, e-commerce growth, manufacturing activity and infrastructure development. It expects the Implied upside +14.7%

market to clock a 8.6% CAGR over CY25-31E reflecting steady formalisation of freight movement,

better supply chain organisation and the rising need for efficient cargo handling across the Market Cap (USD mn) 43,916.0

economy. Since ADSEZ is India’s largest integrated logistics player with 27% port traffic share and ADT (USD mn) 70.6

industry-leading operating efficiency, on our assessment, we believe it is well-poised to capitalise on

these favorable trends and continue witnessing healthy growth rates. Additionally, its growing Relative performance chart

international footprint is likely to augur well for its geographical diversification and enable it to capture

a larger share of international trade, thereby further buttressing its growth prospects.

Management expects healthy revenue/EBITDA CAGRs of 19%/18% over FY26-31E

ADSEZ aims to expand its domestic port capacity to 1,000MT by CY30E, 1.5x its FY26 capacity of

653MT. This, it expects, will enable it to record domestic/overall port traffic of 850MT/1,000MT by

CY30E, implying 14% /16%CAGR from FY26. Management also expects the ports/logistics/marine