According to PL Capital's latest research, the ports sector is expected to deliver strong performance in Q1 FY27, with the brokerage projecting revenue/Ebitda/PAT growth of 18%/12%/2% YoY (0%/0%/4% QoQ). As reported by PL Capital, this growth will be supported by resilient container traffic, improved coal volume and better realisation, despite lingering impact of geopolitical disruptions on key trade routes. The brokerage remains constructive on the sector, supported by a robust capacity expansion pipeline, rising containerisation and continued scale-up in integrated logistics. According to Nomura, the Indian ports and logistics sector is steering into Q1 FY27 with robust growth, led by an 8% surge in container volumes that has successfully offset declines in coal and petroleum commodities.
PL Capital has identified Adani Ports and Special Economic Zone Ltd. as its top pick in the ports sector ahead of Q1 FY27 results. According to the brokerage report, Adani Ports is expected to continue outperforming, driven by sustained container throughput at Vizhinjam and CWIT, along with healthy coal volume supported by the commencement of Tata Power's Mundra UMPP. The company's liquid volume is expected to moderate from the strong run-rate witnessed in May 2026, as reported by PL Capital. Adani Ports reported a 15% year-on-year increase in port traffic to 138 million tonnes during the quarter, driven by "robust container traffic growth" of 17-18% and higher liquid cargo volumes following the commissioning of the VLCC terminal at Mundra. Nomura forecasts a 16% year-on-year EBITDA growth for Adani Ports, with revenue estimated to rise 21% year-on-year, led by a 24% increase in port revenue on the back of higher traffic, better realisations and an improved cargo mix. A critical highlight for Adani Ports is Mediterranean Shipping Company's (MSC) strategic investment of $1.4 billion for a 49% stake in the Vizhinjam port, which significantly improves cargo visibility and mitigates utilisation risks, with MSC expected to utilise the majority of the port's upcoming capacity.
JSW Infrastructure Ltd.'s performance is likely to face challenges due to disruptions at the Fujairah Liquid Terminal, as reported by PL Capital. However, the company's strong throughput at Jaigarh and Dharamtar, healthy domestic commodities demand and continued ramp-up of the rail logistics business are expected to partially offset these impacts. For JSW Infrastructure, Nomura expects a 12% increase in EBITDA and 4.5% volume growth, with expectations of even stronger performance in the second half of the fiscal year. The company is aggressively expanding its footprint through the integrated development of container berths at the Kolkata port, having received a Letter of Award for this 30-year project to add 0.93 million TEU capacity, eventually scaling total container handling capability to 1.8 million TEU. This expansion is a core part of the company's strategy to diversify into the container segment and progressively increase third-party cargo business, leveraging established hinterland and high cargo concentrations in Kolkata.
According to PL Capital's analysis, execution over the coming quarters will hinge on companies' ability to recover deferred cargo and leverage sticky customer relationships. As reported by the brokerage, planned capacity additions across ports and logistics remain on track and should support long-term growth. The temporary disruption in global trade flows during Q1 FY27 is expected to shift part of the cargo movement to H2 FY27, making the second half critical for achieving management's volume guidance across the sector. Nationally, port traffic increased 3% year-on-year during FY27, where the 8% surge in container volumes successfully offset declines in Petroleum, Oil, and Lubricants (POL) and coal, which fell 3% and 4% respectively. Nomura expects Adani Ports' EBITDA margin at 58% and JSW Infrastructure's EBITDA margin to improve to 49.1%, primarily due to stronger logistics profitability following the ramp-up of assets acquired in Q4FY26 and sustained healthy performance of Navkar Corporation.
