Ports – Oct-Dec’25 Earnings Preview – Strong container led operating performance
Published on 07 Jan 2026
We expect our Ports coverage universe to report Revenue/EBITDA/PAT growth of ~17%/17%/26% YoY (3%/2%/3% QoQ) in Q3FY26, led by healthy volume momentum and improving mix, particularly at ADSEZ. ADSEZ is expected to deliver strong operational performance, supported by sustained container-led growth and continued ramp-up at new sites viz. Vizhinjam & CWIT, driving better realizations and profitability. In contrast, JSWINFRA’s Q3 performance is likely to be impacted by higher share of terminal revenues commanding lower margins although there is recovery in volumes at Paradip. Improving volumes at other legacy ports and better realizations should partially cushion this impact, as Q4 is expected to be seasonally stronger.
With multiple expansion projects and port-linked logistics capacities gradually coming onstream, the sector remains well positioned over the medium term. Strong volume growth and better NSR led by higher container volumes to aid ADSEZ while a favorable mix from better-priced ports should support JSWINFRA. Top Pick: ADSEZ
