Shares of Adani Ports and Special Economic Zone Ltd. (APSEZ) are approaching their record highs, having gained a significant 25% in 2026. The stock closed at Rs 1851 in the previous session, contributing to a market capitalization of Rs 4.26 lakh crore. This recent performance builds on a strong track record, with the stock doubling investor wealth over the past three years, delivering returns of 139%.
Adani Ports Performance and Technicals
The Adani Group stock hit its record high of Rs 1891.80 on July 3, 2026, and reached an intraday high of Rs 1863.55 on Monday. Technically, Adani Ports shares are trading above their 10, 20, 30, 50, 100, 150, and 200-day moving averages, indicating a strong upward trend. The Relative Strength Index (RSI) stands at 61.7, suggesting the stock is neither overbought nor oversold.
Brokerage Outlook: Strong 'Buy' Recommendations
Several leading financial institutions have reiterated their positive outlooks on Adani Ports shares, issuing 'Buy' recommendations and raising target prices:
- ICICI Securities has set a price target of Rs 2,210 for Adani Ports. The brokerage projects APSEZ to achieve a compound annual growth rate (CAGR) of 19% for revenues, 18% for EBITDA, and 18% for net CFO between FY26 and FY31. However, they note potential risks such as escalating geopolitical tensions and delays in regulatory approvals.
- Global investment bank Jefferies has raised its price target to Rs 2,180 from an earlier Rs 2,160. This revised target incorporates 1-4% EBITDA adjustments for FY27E-29E, based on Sep-26Q results and management guidance. Jefferies’ valuation is based on 16x Sep’28E EV/EBITDA, aligning with historical averages. Key downside risks identified include weak capital allocation, negative news flow regarding group leverage, and subdued organic volume growth.
- JP Morgan has maintained its 'Overweight' rating on Adani Ports, increasing its price target to Rs 2,076 from Rs 2,000, citing higher EBITDA estimates.
- Nuvama Institutional Equities estimates Adani Ports will achieve CAGRs of 16% for revenue, 15% for EBITDA, and 14% for profit after tax (PAT) over FY26-29. They have a December 2027 target price of Rs 2,170, up from Rs 2,000, and have retained their 'Buy' rating.
The consensus among these brokerages highlights confidence in Adani Ports' growth trajectory and operational performance, despite acknowledging certain market and operational risks.