Adani Ports stock gets Nomura backing after October cargo surge

Published on 11/09/2026 at 10:48 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Nomura kept its Buy rating and set a INR 2,150 target for Adani Ports stock. October cargo rose 27 percent year on year.

Nomura keeps bullish Adani Ports view

Nomura expects Adani Ports to deliver 19 percent annual EBITDA growth from FY26 to FY29.
October cargo reached 51 million tonnes, while April-to-October volume rose 16 percent year on year.
Logistics guidance remained unchanged as rail volumes improved from their August position.

Adani Ports, INE742F01042, Illustration mit AI erstellt.

Adani Ports stock is in focus after Nomura maintained its Buy rating and INR 2,150 target, according to Moneycontrol in a report published on November 3. The brokerage based its view on stronger October operating figures and its long-term earnings outlook.

October cargo growth accelerates

Adani Ports and Special Economic Zone handled 51 million tonnes of cargo in October 2026, up 27 percent from a year earlier. Traffic increased 11 percent from September, according to the report.

Dry cargo led the monthly advance with growth of 36 percent. Container volumes climbed 21 percent, while domestic port cargo increased 18 percent from October 2025. Cargo handled from April through October reached 331 million tonnes, 16 percent above the comparable period.

Nomura sees sustained earnings growth

Nomura expects Adani Ports to deliver a 19 percent compound annual growth rate in EBITDA between FY26 and FY29. Its estimates call for EBITDA growth of 19 percent in ports, 25 percent in logistics and 24 percent in marine operations.

The brokerage said logistics rail volumes reached 62,653 twenty-foot equivalent units in October, 4 percent higher year on year. The year-to-date decline narrowed from its August level, while the company's FY27 logistics guidance remained unchanged.

Nomura cited Adani Ports' operating efficiency, integrated logistics offering and position as India's largest private port operator as supports for its outlook. The target is based on 15 times estimated September 2028 EV/EBITDA, while the report said the stock traded at 14 times estimated FY28 EV/EBITDA.