Macquarie says Adani Ports poised to capitalise on India’s long-term growth, gives ‘outperform’ rating. Macquarie Equity Research: Adani Group company offers a diversified port and cargo mix support resilience. The increasingly integrated nature of logistics offerings should aid further customer lock-in, it said. The company handled its highest-ever monthly cargo volume of 39.9 million metric tonnes (MMT) in January, up 13 per cent year-on-year. It plans capex of Rs 800 billion over FY25-29 for organic domestic business growth. By 2030, it targets 800-850 MMT domestic cargo volume, implying 11 per cent domestic cargo CAGR over FY24-FY31, according to the report. The brokerage expects cash-flow generation to remain strong given a 50 per cent sticky cargo in-port cargo mix and continuing diversification efforts. It is India’s largest port operator and aims to grow at twice the rate of the country’s cargo volume.