Adani Port & SEZ: Operating performance beats estimates in 1Q Forecast 19% EBITDA CAGR over FY26-29F, maintain Buy with an unchanged TP of INR2,080

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Adani Port & SEZ: Operating performance beats estimates in 1Q Forecast 19% EBITDA CAGR over FY26-29F, maintain Buy with an unchanged TP of INR2,080

ritish Ports

(ABP, unlisted), UK’s largest port operator which operates 21 ports and handles 25% of UK’s

Source: LSEG, Nomuraseaborne trade. While management declined to comment, it highlighted that ADSEZ is constantly

evaluating international acquisition opportunities, which will materialise only if the port: 1) is

strategically located, 2) has strong revenue and profitability contribution potential, 3) offers long-term Research Analysts

ROCEs in-line with ADSEZ, and 4) can be financed in local currency. With a 1QFY27 net debt-to- India Transport/Logistics

EBITDA ratio of 1.9x, management believes ADSEZ is likely to become net-debt-free in 4-5 years Umesh Raut - NFASL

without any acquisitions and thus has enough financial capability to undertake acquisitions, which is umesh.raut@nomura.com

likely to be further supported by receipt of INR130bn from its Vizhinjam stake sale. That said, the +91 22 403 74035

strategic rationale and financing structure of any acquisition will bear watching, in our view. Aritra Banerjee - NFASL

Trades at 13x FY28F EV/EBITDA; maintain Buy with an unchanged TP of INR2,080 aritra.banerjee@nomura.com

+91 22 672 34609In-line with the retained management guidance, our estimates are largely unchanged. We expect

ADSEZ to deliver a 19% EBITDA CAGR over FY26-29F and maintain our Buy rating with an

unchanged TP of INR2,080, based on 15x (unchanged) Jun’28F EV/EBITDA.

Year-end 31 Mar FY26 FY27F FY28F FY29F

Currency (INR) Actual Old New Old New Old New

Revenue (mn) 387,358 449,441 449,968 568,306 568,765 670,166 669,240

Reported net profit (mn) 106,208 107,995 108,199 172,575 171,249 436,932 437,729