Ports – Jul-Sep’26 Earnings Preview – Healthy growth despite lingering disruptions
Published on 07 Oct 2026
We expect our Ports coverage universe to report Revenue/EBITDA/PAT growth of 16.2%/14.1%/5.1% YoY (-1.2%/-2.6%/-8.0% QoQ) in Q2FY27, supported by resilient container and international cargo volumes, partially offset by weakness in select commodities and weather-related disruptions in India. ADSEZ continued robust volume during the quarter, aided by sustained container throughput and healthy international volumes across CWIT and NQXT, while cyclone-related disruptions on the East Coast and moderation in liquid and imported thermal coal volumes negated domestic cargo to some extent. JSWINFRA is expected to report subdued consolidated volume growth as Fujairah remains impacted and group’s steel unit ramping up post debottlenecking. Domestic operation is expected to deliver higher single digit volumes aided by Jaigarh and Dharamtar, while improving logistics business to support cons revenue. Top Pick: ADSEZ.
