Shares of Adani Ports and SEZ showed little movement on Wednesday as the company’s second-quarter results attracted mixed reviews from analysts.

What Happened: The Adani Group firm’s port revenue growth missed Morgan Stanley’s estimates whereas the vertical’s EBIDTA growth exceeded its forecast.

Revenue and EBITDA growth from logistics far surpassed the brokerage’s expectations. The company’s balance sheet and cash flow remain solid, Morgan Stanley added. It had an “overweight” call on the stock and raised its target price to ₹1,648.

CLSA has an “outperform” rating on Adani Ports, with a target price of ₹1,764. A diversified approach helped the Q2 figures, it said. In the first half of FY25, traffic at Mundra increased by 18%, compared to a 9% increase across all ports year-over-year, the brokerage noted.

The company has made several strategic moves and has successfully reduced debt. CLSA sees the company’s FY25 EBITDA coming in at the higher end of its guidance.

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UBS has a “neutral” rating on Adani Ports with a target price of ₹1,700. The company reported flat results compared to the previous quarter. Container volumes boosted growth, but Gangavaram’s performance remains below expectations in the second quarter of FY25. However, Colombo and Vizhinjam could present potential upside surprises, it noted.

Kotak Institutional Equities said that the growth in port volumes and EBIDTA came in line with its forecast. It found the firm’s performance reasonable considering the temporary loss of volumes at important ports. Kotak expects the Adani Ports’ earnings per share to grow 25.5% in FY26 and 11.3% in FY27. It had a “buy” recommendation for the stock with a target price of ₹1,690.

Price Action: Shares of Adani Ports were trading flat at ₹1,365.50 on Wednesday morning.

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