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Adani Ports shares beat Sensex returns in 2025, can they breach record high?

✅ Strong fundamentals: APSEZ reported a consolidated net profit of ~₹3,120 crore for Q2 FY26 (July-Sept) — up ~29% YoY.

Revenue rose ~30% in the same quarter to ~₹9,167 crore.

Outperformance vs market: The stock is up ~18% in 2025 so far, which is better than many infrastructure peers and is noted to “beat Sensex returns”.

Valuation metrics still reasonable: The P/E is around ~25–26x currently.

Strong backlog & growth scope: With India’s infrastructure push, demand for logistics & port capacity is set to grow, which bodes well for a company like APSEZ.

⚠️ What to Watch / Risks

Near record highs / limited upside: The stock’s 52-week high is around ₹1,493 (or so), and the current price is close (₹1,450 approx). So for it to breach new highs, either growth must accelerate or multiple must expand.

Cargo volume and economic risk: While revenues are up, cargo volume growth has been muted in some periods (e.g., 6% YoY growth reported for Oct 2025). The market might expect stronger growth for multiple expansions.

Macro / regulatory risks: Infrastructure companies are exposed to regulatory, environmental, and execution risks. For instance, the broader group (Adani Group) received a regulatory “clean-chit” recently, which helps, but vigilance is still warranted.

Valuation premium: If the broader market or infrastructure segment doesn’t re-rate, APSEZ might struggle to move significantly higher just on fundamentals.

? Can It Breach Record Highs?

Yes — it can — but the probability depends on a few triggers:

If APSEZ posts stronger-than-expected growth (cargo/ports + logistics + acquisitions), --> might justify multiple expansion and new highs.

A broad market/investor shift favouring infrastructure/logistics stocks will also help.

Conversely, if growth is just “good” (not great) and global/inflation/regulatory pressures mount, it might stay around current levels or be range-bound.

From the current data, it has a decent chance of surpassing previous highs but not a guarantee. It’s more of a “moderate to good” probability scenario rather than “high probability”.