“HSBC maintains a 'buy' recommendation on Adani Ports, raising its price target to ₹2,200 from ₹1,950, implying a 21% upside. The call is based on eased governance risks, balance sheet de-leveraging, better disclosures, and compounding operations. Adani Ports' FY31 targets are anchored by above-market organic domestic port growth, strong economics, and volume compounding via share gains and margin expansion, with diversification from logistics and international ports.”