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

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Macquarie initiates 'Outperform' on ADSEZ with a Rs 1,500 target, a 32% upside.
Key drivers: Diversified cargo mix, logistics growth (40-45% CAGR), and strong cash flow.
Rs 800 billion capex plan (FY25-29) for port expansion, logistics, and global acquisitions.
Growth targets: 800-850 MMT cargo by 2030, 11% CAGR, and strong financials (2.1x net debt/EBITDA).

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