Shares of Adani Ports and Special Economic Zone rose over 2% in early trade on Thursday after the company reported strong second-quarter results, with consolidated net profit rising 18% year-on-year.
Adani Ports stocks were trading at Rs 1,800.60 on the NSE, up Rs 39.30 or 2.23%, at 9:18 am.
The company reported an 18% year-on-year increase in consolidated net profit to Rs 3,682 crore for the September quarter of FY27, compared with Rs 3,120 crore in the year-ago period. Consolidated revenue rose 24% to Rs 11,340 crore from Rs 9,167 crore, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 23% to Rs 6,807 crore from Rs 5,550 crore.
Following a strong first-half performance, Adani Ports raised its FY27 revenue guidance by Rs 1,000 crore to Rs 44,000-46,000 crore and EBITDA guidance by Rs 1,000 crore to Rs 26,000-27,000 crore. The company also increased its capital expenditure guidance by Rs 3,000 crore to Rs 15,000-17,000 crore as it advances towards its Ambition 2031 goals.
Emkay Global maintained its 'Buy' rating and raised its target price to Rs 2,200 from Rs 2,100, the highest among the brokerages reviewed. It noted that revenue and EBITDA grew 24% and 23% year-on-year, respectively, beating estimates by 3-4%. The brokerage highlighted a 71% rise in international ports revenue and said strong cash generation would support the company's expansion strategy.