New Research Reports

ADSEZ expands globally with non-cash acquisition of NQXT from promoter entity; deal results in 6.2% dilution for existing shareholders

APSEZ has announced the acquisition of Abbot Point Port Holdings Pte. Ltd (APPH), Singapore, from Carmichael Rail and Port Singapore Holdings Pte. Ltd (CRPSHPL) through a non-cash share-swap transaction. CRPSHPL is a related party.

JSWINFRA has reaffirmed that port capacity expansion remains a key priority, with a goal to achieve 400mtpa by FY30. With expansions at JNPA, Tuticorin, Mangalore, and TNT ports, its port capacity has increased to 174mtpa now from 170mtpa in Sep’24.

Adani Ports & SEZ (APSEZ) handled 408.7mmt (+7% YoY) of cargo volumes over Ap’24-Feb’25 (11 months of FY25). During the same period, cargo volume handled at major ports in India grew ~3% YoY. Hence, APSEZ continues to grow over 2x the industry rate, driven by higher efficiency at existing ports and inorganic expansion along the eastern coastline of India.

We remain optimistic about ADANIPORTS’ growth prospects, supported by its integrated port-logistics model, capacity expansions, and international forays.

Adani Ports & SEZ (APSEZ) reported a revenue growth of 15% YoY to INR79.6b in 3QFY25 (our estimate was INR75b). Cargo volumes grew 4% YoY to 113mmt.

During 3QFY25, JSW Infrastructure (JSWINFRA) completed the acquisition of a 70.37% share of Navkar Corporation (NAVKAR) through its subsidiary JSW Port Logistics (consolidated effective 11th Oct’24).

India's largest private port operator, expanding globally

Second-largest private port operator with improving market share: JSW Infrastructure (JSWINFRA), with an aggregate capacity of 170MMT as of Sep’24, is the second-largest private port operator in India after Adani Ports (having a capacity of ~633MMT).

JSW Infrastructure (JSWIL), India’s second largest private port player, is well positioned to capture the opportunities arising from the government of India’s (GoI) thrust on infrastructure spending and privatisation of port terminals.