Shares of Adani Ports and Special Economic Zone (APSEZ), India's largest private port network, have witnessed a significant rebound, gaining 37% from their 52-week low recorded on January 23, 2026. The positive momentum is further fueled by recent target price upgrades from leading brokerages, Macquarie and Motilal Oswal.
Macquarie Raises Target on Strong Volume Outlook
Global brokerage Macquarie maintained an 'Outperform' rating on Adani Ports, raising its target price to Rs 2,100 from Rs 1,860. This optimistic revision stems from the brokerage's confidence in APSEZ's trajectory towards handling a billion tonnes of cargo. Macquarie also upgraded its volume estimates for FY31 to 931 million tonnes (MT), attributing this growth to contributions from the North Queensland Export Terminal (NQXT), the ramp-up of the Colombo port operations, and sustained domestic expansion.
The brokerage highlighted Adani Ports' strong operational performance as a key driver for its bullish stance, noting that record cargo volumes and sequential recovery reinforce a positive long-term outlook, underpinned by robust operating cash flows and disciplined capital expenditure.
Motilal Oswal Reiterates 'BUY' with Higher Target
Another prominent brokerage, Motilal Oswal, remains bullish on APSEZ, reiterating its 'BUY' rating and setting an even higher price target of Rs 2,130. This implies a potential upside of approximately 26% from the stock's current market price of around Rs 1,694 (as of the recent report).
Motilal Oswal believes that APSEZ is well-positioned to sustain strong cargo-volume growth, supported by its diversified cargo mix and continuous investments in port and logistics infrastructure. The brokerage projects APSEZ’s cargo volumes to grow at an 11% compound annual growth rate (CAGR) between FY26 and FY28. This anticipated rise in volumes, coupled with operating leverage, is expected to significantly enhance the company's financial performance. For FY26–FY28E, Motilal Oswal forecasts revenue, EBITDA, and profit after tax (PAT) to grow at CAGRs of 17%, 18%, and 21%, respectively.
Stock Performance and Technical Indicators
Adani Ports shares closed at Rs 1757 on Thursday, with the firm's market capitalization standing at Rs 4.04 lakh crore. The stock reached a record high of Rs 1891.80 on July 3, 2026. Despite its recent gains, the stock has experienced high volatility over the past year, with a beta of 1.37. Technically, Adani Ports is currently trading above its 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day moving averages, indicating a strong short-to-long term uptrend. The Relative Strength Index (RSI) stands at 59.3, suggesting the stock is neither in the oversold nor overbought zone, implying balanced trading sentiment.