The brokerage firm PL Capital expects its ports coverage universe to report revenue/Ebitda/net profit growth of 16.2%/14.1%/5.1% YoY (-1.2%/-2.6%/-8.0% QoQ) in Q2 FY27, supported by resilient container and international cargo volumes, partially offset by weakness in select commodities and weather-related disruptions in India. Adani Ports 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.
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PL Capital Report
The brokerage firm PL Capital expects its ports coverage universe to report revenue/Ebitda/net profit growth of 16.2%/14.1%/5.1% YoY (-1.2%/-2.6%/-8.0% QoQ) in Q2 FY27, supported by resilient container and international cargo volumes, partially offset by weakness in select commodities and weather-related disruptions in India.
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Adani Ports and Special Econimic Zone 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.
JSW Infrastructure 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.
The brokerage also highlighted that H2 FY27 is likely to see gradual normalisation in cargo flows, although elevated freight rates and weather-related disruptions remain near-term headwinds.
Importantly, both companies are expected to retain their FY27 volume outlook, with stronger international volumes at Adani Ports and accelerating rail/logistics operations at JSW Infra providing improving visibility into H2 FY27.
Planned capacity additions remain on track and should support medium-term growth. PL Capital remains constructive on the ports sector, supported by rising containerisation, integrated logistics and healthy capacity expansion.
Adani Ports is PL Capital's top pick in the sector.
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