Prabhudas Lilladher Recommends 'Buy' Adani Port & SEZ, Sets Target at Rs 1876

• Prabhudas Lilladher maintains a 'Buy' rating for Adani Port and SEZ (ADSEZ), revising its target price to Rs 1876 from Rs 1777.
• ADSEZ completed the acquisition of North Queensland Export Terminal (NQXT), a strategic move for international expansion.
• NQXT is a high-quality, cash-generative terminal with take-or-pay contracts and a long lease life (~85 years).
• The acquisition is balance-sheet neutral, equity-funded, and expected to strengthen dollar-linked cash flow and international portfolio.
• NQXT boasts EBITDA margins of ~65%+, making it margin-accretive and set to improve overall international ports EBITDA margins.

Why It Matters: Adani Port & SEZ's NQXT acquisition strengthens its international portfolio, leading to a 'Buy' rating.