India Ports - 1QFY27 preview - Smooth sailing in a steady quarter

研报英文原文证据摘录

India Ports - 1QFY27 preview - Smooth sailing in a steady quarter

Global Markets Research

6 July 2026India Ports - 1QFY27 preview

EQUITY: TRANSPORT/LOGISTICS

Smooth sailing in a steady quarter Research Analysts

India Transport/Logistics

Pencil in 16%/12% y-y EBITDA growth for ADSEZ/JSWIL Umesh Raut - NFASL

umesh.raut@nomura.comin 1QFY27

+91 22 403 74035

Expect decent port traffic growth led by the ramp-up in newly commissioned assets Aritra Banerjee - NFASL

In 1QFY27, ADSEZ (ADSEZ IN, Buy) reported port traffic volume growth of 15% y-y to 138MT, led aritra.banerjee@nomura.com

by robust container traffic growth (+17-18% y-y) and NQXT terminal traffic, which was not present in +91 22 672 34609

the base quarter of 1QFY26. Further, liquid cargo also provided an impetus to growth as it rose

33%/11% y-y in May/June 2026 due to the recently-commissioned VLCC terminal at Mundra port

and higher volumes from OMC customers. However, ADSEZ’s logistics rail volumes fell 19% y-y as

the company selectively focuses on more profitable businesses, in our view.

We estimate ADSEZ’s domestic port traffic grew 3% y-y in 1QFY27F, in-line with the pan-India port

traffic growth, and stood at 117MT. We also estimate its overseas port traffic at 21MT, flattish

sequentially and up sharply from 6MT in 1QFY26, due to the consolidation of NQXT.

For JSWIL (JSWINFRA IN, Buy) we estimate 1QFY27F port traffic growth at 4.5% and expect it to

further pick up in coming quarters as 2H is typically stronger than 1H.

Led by higher cargo volumes, we estimate steady revenue growth in 1QFY27F

We estimate a 21% y-y growth in ADSEZ’s revenue in 1QFY27F. We expect ports revenue to grow

24% y-y largely led by higher traffic, increased realisations, and a change in port traffic mix.