Adani Ports and SEZ (ADSEZ IN) Buy: De-risked and re-accelerating

研报英文原文证据摘录

Adani Ports and SEZ (ADSEZ IN) Buy: De-risked and re-accelerating

14 July 2026

Adani Ports and SEZ (ADSEZ IN) Equities Transportation Infrastructure

Buy: De-risked and re-accelerating India

◆ Governance risks have eased; deleveraging, better disclosure MAINTAIN BUY

and compounding operations support a further re-rating

TARGET PRICE (INR) PREVIOUS TARGET (INR)

◆ Its FY31 target is anchored by above-market organic domestic

2200.00 1950.00 port growth, geared to containers and strong economics

◆ Retain Buy; lift outer-year EBITDA forecasts, lower WACC and SHARE PRICE (INR) UPSIDE/DOWNSIDE

raise DCF-based TP to INR2,200 (from INR1,950) 1810.30 +21.5%

(as of 13 Jul 2026)

Fundamentals take centre stage as governance concerns ease: Governance MARKET DATA

headlines have periodically weighed on the stock, notably a short seller report in early Market cap (INRm) 4,170,841 Free float 35%

Market cap (USDm) 43,617 BBG ADSEZ IN

2023 (exhibits 1, 28-29). ADSEZ has responded by enhancing disclosure and 3m ADTV (USDm) 70 RIC APSE.BO

governance, and deleveraging to rebuild confidence. The stock has since reached new

highs as operations have continued to compound amid resilient trade (Exhibit 1). We FINANCIALS AND RATIOS (INR)

retain our Buy and see further re-rating potential despite near-peak valuations. Year to 03/2026a 03/2027e 03/2028e 03/2029e HSBC EPS 59.06 61.24 79.76 98.93

HSBC EPS (prev) 59.06 61.17 78.19 95.46ADSEZ’s moat comes from scale plus integration: A 15-port, multi-coast footprint Change (%) 0.0 0.1 2.0 3.6

and diversified cargo mix reduce reliance on any single cargo cycle. Integrated logistics Consensus EPS 57.33 65.61 78.10 86.31

and marine services strengthen customer relationships and improve cargo stickiness. PE (x) 30.6 29.6 22.7 18.3