Under this deal, TiL will acquire 49% stake in Adani Vizhinjam Port for $1.4 billion, valuing Adani Vizhinjam at a value of $2.85 billion. The brokerages expect this move to accelerate the port’s ramp-up by improving cargo visibility and providing stronger access to trade routes in East Africa and Bangladesh.
Motilal Oswal on Adani Ports
Motilal Oswal maintains a strong ‘Buy’ rating on Adani Ports & SEZ, with a target price of Rs 2,050, implying an upside of more than 13%.
The brokerage sees the recent definitive agreement with MSC Group’s terminal arm, Terminal Investment (TiL), as a significant strategic win.
Analysts at Motilal Oswal believe this partnership makes Vizhinjam’s position strong as India’s leading transhipment hub and provides the capital necessary to support its ambitious capacity expansion to 5.7 million TEUs (Twenty-foot Equivalent Unit) from 1.6 million TEUs by December 2028. It is the standard unit of measurement in the global shipping industry used to calculate cargo capacity, port throughput, and freight rates based on the dimensions of a standard 20-foot shipping container.
Apart from the deal, Motilal Oswal highlighted that Adani Ports has the ability to maintain healthy volume growth, a 16% YoY increase in May 2026, despite a muted industry environment. It was driven by robust container and liquid cargo performance.
Furthermore, the company’s expansion into AI-led automation through its partnership with Kaleris is expected to unlock an additional 91 million tonnes of capacity by 2030. With limited downside risk from geopolitical tensions and a clear vision to become India’s largest integrated transport utility by 2031, Motilal Oswal projects a healthy financial trajectory for Adani Ports, including a CAGR of 17% for revenue, 18% for EBITDA, and 22% for net profit over the FY26-28 period.
Emkay Global on Adani Ports and SEZ
Not just Motilal Oswal, Emkay Global is also confident about Adani Ports’ new deal.
“We expect the stake purchase to improve revenue visibility and aid the volume trajectory, as Adani Ports plans to ramp up the port capacity to 5.7 MTEU by December 2028, a 3.5x increase from the current capacity of 1.6 MTEU,” said the brokerage.
This new deal led Emkay Global to raise the price target to Rs 2,000 from Rs 1,900, while retaining its ‘Buy’ rating on the stock. The new price target implies an upside of 10.5% from the current market price.
Further, with its existing Joint Ventures with MSC at Mundra and Ennore, the brokerage does not expect any integration or execution issues, given the historical volume uptick at Vizhinjam (2 MTEU handled within 18 months of commissioning, the majority of the containers belong to MSC).
As per the company’s management, the investment enables Vizhinjam to capture an incremental transhipment share of Bangladesh cargo, which is currently dependent on Southeast Asian hubs.
“We believe the afore-mentioned levers, coupled with Vizhinjam’s structural advantages, position Adani Ports to capture the gap in India’s transhipment volumes,” said Emkay Global.
Adani Ports share price performance
The share price of Adani Ports has risen 5.5% in the last five trading days. The stock has given a return 3.4% in the past one month and 26% in the last six months. Adani Ports and SEZ’s share price has raised investors’ wealth by 30% over the previous 12 months.
