Macquarie initiates ‘Outperform’ rating on Adani Ports, sees 32% upside

Macquarie initiated coverage on Adani Ports (ADSEZ) with an ‘Outperform rating and Rs 1,500 target, citing strong growth potential, logistics expansion, and high cash flow. The brokerage highlighted ADSEZs Rs 800 billion capex plan and robust financials, expecting 11% CAGR in cargo volume by 2030. Key catalysts include logistics growth and port expansion.