Ahmedabad, Aug 7 Leading brokerages like Goldman Sachs, HSBC, and Jefferies have issued 'BUY' rating on Adani Ports and Special Economic Zone (APSEZ), after the Adani Group’s flagship company delivered a robust performance in the first quarter this fiscal (Q1 FY26).
Jefferies said that the company's Q1 EBITDA was 14 per cent above its estimates, led by domestic ports margin improvement and a 2.0-2.9 times year-on-year revenue rise in logistics and marine.
Appreciating the management's continued focus, the global brokerage said that the "management reiterated its focus on absolute EBITDA growth, as the company intends to deliver end-to-end solutions vs pure volume growth".
"FY26 volume guidance at 505-515 million tonnes (12-14 per cent rise yoy) was maintained," it added.
According to HSBC Global Investment Research, Adani Ports delivered strong Q1 revenue growth and margin improvements across major business verticals. "Strong ramp-up of new assets, turnaround in international port and logistics margins underscore intact earnings trajectory," it added.
Goldman Sachs said while tariff-related uncertainty remains, APSEZ's strong portfolio of port assets leverages it for market share gains (as ports of Vizhinjam, Colombo, and Tanzania ramp up in FY26 and Gangavaram regains its volumes), resulting in 12.5 per cent volume growth.
Kotak Institutional Equities said APSEZ grew its EBITDA 30 per cent year-on-year, while facing head-on specific issues on imported coal and the transhipment business.
APSEZ this week reported a 21 per cent jump in quarterly revenue at Rs 9,126 crore, driven by a 2 times jump in logistics and a 2.9 times increase in marine. Net profit grew 7 per cent to Rs 3,311 crore in the April-June quarter, from Rs 3,107 crore in the same quarter last fiscal.
Cargo volume reached 121 million metric tonnes (MMT) from 109 MMT (11 per cent growth) as all-India cargo market share increased to 27.8 per cent in Q1 FY26 from 27.2 per cent in Q1 FY25. Container market share stood at 45.2 per cent (45.9 per cent in Q1 FY25).
Logistics grew to Rs 1,169 crore from Rs 571 crore in the quarter, while marine reached Rs 541 crore from Rs 188 crore with 118 vessels.
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