Ports – Jul-Sep’25 Earnings Preview – ADSEZ to score on volume and EBITDA front
Published on 07 Oct 2025
We expect our Ports coverage universe to report Revenue/EBITDA/PAT growth of ~27%/18%/35% YoY (-1%/-5%/1% QoQ) in Q2FY26, led by strong volume momentum, particularly at ADSEZ. For ADSEZ, Q2FY26 is likely to reflect decent operational performance, supported by growing container traffic and the ramp-up of the Vizhinjam Port along with the commissioning of CWIT. ADSEZ is expected to continue outperforming on the back of strong traction in container and transshipment cargo, while JSWINFRA may see softer performance due to weak bulk movement in monsoon season and impact of low iron ore exports at one of its terminals.
With multiple expansion projects and port-linked logistics capacities expected to come onstream going ahead, the sector remains well positioned for sustained growth, supported by healthy trade activity and improving multimodal connectivity. However, near-term performance could remain slightly soft due to tariff-related uncertainties and global geopolitical tensions, which could keep volumes in check for FY26. Remain constructive on ADSEZ and recommend to add with TP of Rs1,777.
