New Research Reports

In FY25, JSWINFRA handled 117MMT of cargo (up 9% YoY), supported by higher volumes at terminals in Mangalore, Ennore, and Paradip, along with the commencement of interim operations at JNPA and Tuticorin.

Cochin Shipyard Limited (CSL), incorporated in 1972, is a prominent player in the construction, repair, and refitting of various types of vessels. This includes periodic upgrades and life extension for ships. CSL has successfully built and repaired some of the largest ships for its esteemed customers...

Logistics business to deliver robust revenue/EBITDA CAGR of 48%/ 53% over FY25-29E led by PUSH + PULL strategy

We attended the Adani Logistics Day event and visited the Tumb Inland Container Depot (ICD) in Gujarat. The Tumb ICD highlights the company’s strategic efforts to enhance logistics efficiency, reduce costs, and promote sustainability.

JSWINFRA’s focus on brownfield capacity augmentation, infrastructure modernization, and strategic acquisitions aligns with India’s port sector growth drivers (government plans to quadruple port capacity to 10,000MTPA by FY47 from ~2,700MTPA currently).

IPO NOTE

JSW Infrastructure (JSWIL) reported subdued volumes of 117mt (FY25) – comprising 103mt (-3% YoY) from existing assets and 14mt from new assets.

Adani Ports & SEZ (APSEZ) reported a revenue growth of 23% YoY to INR85b in 4QFY25 (in-line). Cargo volumes grew 8% YoY to 118mmt. The growth was primarily led by containers. In FY25, APSEZ managed ~27% of the country’s total cargo and ~45% of container cargo.

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).