Nomura Maintains Buy on Adani Ports with ₹1,930 Target on Strong Growth
Adani Ports reported 48.3 MMT cargo volume in May 2026, up 16% YoY, with liquids and containers leading growth. Nomura maintained a Buy rating with a ₹1,930 target price, highlighting 27% India port share, 653 MT capacity, and long-term guidance of 19%/18% revenue/EBITDA CAGR over FY26–31E, with 19% EBITDA CAGR expected over FY26–28 driven by ports, logistics, and marine segments.
*this image is generated using AI for illustrative purposes only.
Adani Ports and Special Economic Zone Limited handled a cargo volume of 48.3 MMT in May 2026, registering a 16% year-on-year growth. The performance was led by liquids, which grew 33% year-on-year, and containers, which increased 17% year-on-year. This update was disclosed to the exchanges on June 2, 2026. Building on this operational momentum, brokerage firm Nomura has maintained a Buy rating on the stock with a target price of ₹1,930, citing the strong May traffic growth as a key positive trigger.
Year-to-date (YTD) May 2026, the company handled 91.4 MMT of cargo, marking a 15% year-on-year rise. Container volume drove this growth, rising 17% year-on-year during the period.
Logistics rail volume during May 2026 stood at 48,170 TEUs, a decline of 19% year-on-year. YTD May 2026, logistics rail volumes reached 96,660 TEUs, down 18% year-on-year.
Operational Performance Summary
The following table provides a consolidated view of Adani Ports' cargo and logistics performance for May 2026 and the year-to-date period.
| Metric: | Volume | YoY Change |
|---|---|---|
| Cargo Volume (May 2026) | 48.3 MMT | +16% |
| Liquids (May 2026) | - | +33% |
| Containers (May 2026) | - | +17% |
| Cargo Volume (YTD May 2026) | 91.4 MMT | +15% |
| Containers (YTD May 2026) | - | +17% |
| Logistics Rail Volume (May 2026) | 48,170 TEUs | -19% |
| Logistics Rail Volume (YTD May 2026) | 96,660 TEUs | -18% |
The filing was submitted by Kamlesh Bhagia, Company Secretary of Adani Ports and Special Economic Zone Limited.
Nomura's Buy Rating and Key Investment Thesis
Nomura has maintained its Buy rating on Adani Ports, setting a target price of ₹1,930. The brokerage's positive stance is underpinned by the company's strong May 2026 traffic growth of 16% year-on-year, driven by container and liquid cargo volumes. Nomura also highlighted the company's robust long-term guidance of 19%/18% revenue/EBITDA CAGR over FY26–31E as a significant growth driver.
The brokerage further pointed to Adani Ports' market leadership, with a 27% share of India's port traffic and a total capacity of 653 MT, as a structural competitive advantage. Nomura expects the company to deliver a 19% EBITDA CAGR over FY26–28, led by growth across its ports, logistics, and marine segments, supported by a strong operating and logistics moat.
| Parameter: | Details |
|---|---|
| Rating: | Buy |
| Target Price: | ₹1,930 |
| May 2026 Traffic Growth: | +16% YoY |
| India Port Market Share: | 27% |
| Total Capacity: | 653 MT |
| Revenue CAGR Guidance (FY26–31E): | 19% |
| EBITDA CAGR Guidance (FY26–31E): | 18% |
| Expected EBITDA CAGR (FY26–28): | 19% |
| Growth Drivers: | Ports, Logistics, Marine Segments |
Historical Stock Returns for Adani Ports & SEZ
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.72% | -1.84% | +8.06% | +19.58% | +25.04% | +117.00% |
What specific factors are driving the 33% surge in liquid cargo volumes, and is this growth sustainable?
How will the significant decline in logistics rail volumes impact the company's overall logistics margins and integration strategy?
Are there upcoming capacity expansion projects or acquisitions planned to support the projected 19% revenue CAGR?
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