Adani Ports and Special Economic Zone share price rose over 1 per cent after Goldman Sachs maintained its bullish stance on the stock, highlighting strong cargo volume momentum and multiple growth drivers.

The brokerage has reiterated its 'Buy' rating with a target price of Rs 1,870. The company' share price hit an intraday high of Rs 1,812 apiece on Friday.

Goldman Sachs on Adani Ports and SEZ

• The brokerage maintains 'Buy'
• Target price Rs 1,870
• May 2026 cargo volumes at 48.3 million tonnes, up 16 per cent year on year; liquids up 33 per cent and containers up 17 per cent year on year
• Quarter to date May 2026 cargo at 91.4 million tonnes, up 15 per cent year on year; ahead of Goldman Sachs expectations
• Thermal coal handling is picking up and expected to remain strong through summer.
• Logistics rail volumes in May at 48,170 container units, down 19% year on year
• Multiple growth levers including Tata Power-driven coal at Mundra, Vizhinjam transshipment ramp-up, liquid cargo at Mundra and multimodal logistics parks
• Earnings and target price revised upward on strong volume momentum and improving return on capital employed.

Adani Ports Q4FY26 Result

Adani Ports reported a strong performance for Q4FY26, with revenue rising 26 per cent year-on-year to Rs 10,738 crore, while EBITDA increased 20 per cent to Rs 6,020 crore and net profit grew 9 per cent to Rs 3,308 crore.

The company surpassed its full-year revenue guidance, though EBITDA remained broadly in line with expectations and capital expenditure came in higher than planned. Looking ahead to FY27, the company expects revenue in the range of Rs 43,000-45,000 crore, indicating growth of 11-16 per cent, and EBITDA of Rs 25,000-26,000 crore, up 9-14 per cent. Capex is projected at Rs 12,000 to Rs 14,000 crore, with net debt-to-EBITDA targeted to stay within 2.5 times.

Management attributed the strong quarterly performance to record cargo volumes and robust momentum in logistics and marine segments, while highlighting resilience amid global uncertainties. It also reiterated its long-term ambition to more than double revenue and EBITDA by FY31, with a continued focus on disciplined capital allocation and funding expansion largely through internal accruals.

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