Adani Ports shares remain a 'near-consensus buy' among analysts after May update; check price targets

Shares of Adani Ports and Special Economic Zone

Ltd. are expected to be in focus on Wednesday, June 3, after brokerages reiterated their bullish stance on the stock following strong cargo traffic growth and a positive long-term outlook.

Nomura has maintained its "Buy" rating on Adani Ports with a target price of ₹1,930 per share.

The brokerage highlighted that the company handled 48 million tonnes (MT) of cargo in May 2026, marking a 16% year-on-year increase. Growth was driven by strong performance in containers and liquid cargo, which rose 17% and 33%, respectively, compared to the year-ago period.

Nomura also pointed to management's confidence in sustaining growth through FY31, supported by revenue and EBITDA CAGR guidance of 19% and 18%, respectively, over FY26-FY31.

With a 27% share of India's port traffic and cargo handling capacity of 653 MT, Adani Ports continues to be the country's largest private port operator.

The brokerage believes the company benefits from strong competitive advantages, including industry-leading operational efficiency and an integrated logistics network.

Nomura expects Adani Ports to deliver a 19% EBITDA CAGR between FY26 and FY28, led by EBITDA growth of 18% in ports, 30% in logistics and 29% in the marine segment.

Jefferies has retained its "Buy" recommendation on the stock and raised its target price to ₹2,160.

The brokerage increased its FY28 and FY29 EBITDA estimates by 3% to 5% and now expects a 15% EBITDA CAGR over FY26-FY31, compared with its earlier forecast of 13%.

According to Jefferies, a potential demand-supply imbalance at container ports in Gujarat and Maharashtra could help Adani Ports gain additional market share over the coming years.

The brokerage also sees incremental upside from the company's Vizhinjam International Seaport project, which could strengthen its presence in southern India by reducing transit times and logistics costs for export-import cargo.

Jefferies added that strong cash generation should allow the company to simultaneously pursue growth capital expenditure plans and reduce leverage.

Of the 27 analysts that have coverage on Adani Ports, 26 of them have a 'Buy' rating, while one has a 'Hold' recommendation on the stock.

Adani Ports shares ended Tuesday's session 1.66% higher at ₹1,813.10. The stock has gained more than 22% so far in 2026.