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PL Capital Report
Adani Ports and Special Economic Zone Ltd. and JSW Infrastructure Ltd. are in focus ahead of the March quarter results, with PL Capital maintaining an overweight stance on the ports sector and has named both the stocks as top picks.
Domestic brokerage PL Capital expects its ports coverage universe to report 13% revenue and Ebitda growth, and a net profit growth of 9% YoY in Q4 FY26, supported by seasonally strong volumes and resilient realisations, despite near-term disruptions due to ongoing Middle East crisis.
Adani Ports is expected to continue outperforming, driven by robust container volumes and incremental transshipment opportunities across Mundra, Vizhinjam and CWIT post closure of Strait of Hormuz, aiding volumes.
In contrast, JSW Infra's performance is likely to remain muted partly impacted by disruption at the Fujairah Liquid Terminal and shutdown at Vijayanagar steel plant, although recovery in Paradip volumes and strong rail logistics traction should provide partial offset
PL Capital has reiterated its Buy rating on Adani Ports with a revised target price of Rs 1,810, citing strong long-term structural drivers, while retaining a Buy on JSW Infrastructure with a target price of Rs 358, supported by improving logistics contribution and attractive valuations after the recent correction.
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