Investor Feedback: Rising Investor Interest in Hard Assets

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Investor Feedback: Rising Investor Interest in Hard Assets

India | Transport & Logistics EquityJulyResearch16, 2026

Investor Feedback: Rising Investor Interest in Recent Reports

Hard Assets Adani Ports: Capacity Crunch to Drive Next

Leg of Upside

Our recent interactions with investors in Singapore and Hong Kong indicate

higher interest in Hard Assets with Low Obsolescence (HALO), especially Adani Ports: Management Meet

Takeaways

Ports, amid AI trade and the potential impact from inflationary trends

driven by geopolitical tensions. Delhivery saw some interest amid Meesho's Concor: Risk-Reward favourable;

reduction in insourcing. After the recent stock correction, we find renewed Execution key

interest in Concor and Titagarh Rail; execution remains key for sustained Delhivery: On the Cusp of FCF Positivity

re-rating.

Aegis Vopak: Correction Overdone;

Upgrade to Buy

Adani Ports - earnings upgrade potential and medium-term growth in focus: Investors like

ADSEZ for its hard-to-replicate ports portfolio, diverse client base and logistics synergies. Key Rolling Stock: Switching Tracks; Initiating

discussion areas include a) management target of 18% FY26-31E EBITDA CAGR (vs. JEFe on Titagarh at Buy, Jupiter at UNPF

15%) led by, 14% CAGR in domestic volumes (vs. JEFe 11%), b) domestic/international organic/

inorganic growth opportunities, c) recent stake sale in Vizhinjam which we believe is more Titagarh: Quarter a beat; Execution uptick

strategic in nature (see note) and, d) capital allocation policy given ADSEZ can potentially turn should drive re-rating from here

net cash by FY31E. In the near term, investors see potential for earnings upgrades evident from

15% YoY volume growth in Jun-26Q vs. JEFe 10% YoY.

Renewed interest in Concor after 49% under-performance vs.