Buy

JSW Infrastructure (JSWINFRA) has consistently outperformed major ports in terms of volume, posting growth of ~15%/~9% in FY24/FY25, against major ports’ growth of ~8%/~5%.

TCI Express (TCIE)’s Q2FY26 EBITDA of INR 33.5mn was broadly in line with consensus estimates. Volumes were largely stable at 248kte (250kte in Q2FY25). EBITDA margin improved QoQ to 10.9% (vs. 9.8% in Q1FY26 and 11.8% in Q2FY25), mainly on account of 25bps price hike and cost stabilisation and optimisation.

Strong H1 performance may lead to FY26 guidance beat: The company maintained its revenue/EBITDA guidance for FY26 at 36000-38000 crore/ 21000-22000 crore. Port cargo volume guidance stays at 505515 MMT, trucking revenue to grow 3x-4x YoY and marine revenues by 2x YoY for FY26. The company has already achieved 48%/49%/51% of its average FY26 volume/revenue/EBITDA guidance during H1FY26. We estimate APSEZ's overall cargo volumes to grow at ~15% CAGR over FY25-FY28E. The same is expected to be led by the company's ability in growing its domestic cargo volumes at ~1.6-1.7x of India's trade and...

In Q2FY26, Blackbuck’s core revenues grew ~37% YoY led by 55% QoQ growth in fuel sensors. New businesses grew >2x YoY and 19% QoQ led by Superloads and vehicle financing.

Delhivery’s Q2FY26 results (excluding Ecom) were in line with our revenue/EBITDA estimates. With network investments in core transportation businesses (for the festive season) behind us, seasonality would aid peak profitability in H2FY26, coupled with the lower-than-anticipated integration cost (~Rs2bn vs Rs3bn earlier) boosting PAT in FY26, in our view.

Express parcel volumes grew 33% YoY, with 24% YoY revenue growth. Express parcel’s yield declined 3% QoQ due to inferior mix. PTL tonnage grew 12% YoY despite a 3% YoY price increase, which shows Delhivery’s pricing power.

Gateway Distriparks (GRFL)’s Q2FY26 EBITDA was in line with consensus estimates. Rail volume grew
9.2% YoY while CFS volume grew 2.6% YoY.

We maintain our constructive view on IndiGo. The key premise has been that a structurally lower supply industry situation in the medium term is a bigger investment thesis, despite any short-term possible demand blip.

VRL Logistics (VRL)’s Q2FY26 EBITDA was slightly ahead of Street’s estimate. Realisation/te improved 12.8% YoY to INR 7,166, while EBITDA/te has improved to INR 1,548 (INR 1,216 in Q2FY25).

Delhivery posted a 17% YoY rise in revenue to INR25.6b in 2QFY26 (in line). During the quarter, the company recognized INR900m of costs related to ecom express integration. The acquisition was formally completed in Jul’25.

InterGlobe Aviation (INDIGO) reported a 64% YoY dip in EBITDAR to INR8.7b (est. INR25.8b) and a net loss of INR26.1b (est. net loss of INR6.6b) in 2QFY26.

VRL’s revenue was flat YoY at INR8.0b (+7% QoQ) in 2QFY26, in line with our estimate. Volume dipped 11% YoY to 0.97m tons, while realization grew by 12% YoY to INR 8,079/ton, driven by a price hike.

Blue Dart Express’s (BDE) revenue grew ~7% YoY to INR15.5b in 2QFY26 (in line). The company handled 0.36m tons of cargo volumes (+6% YoY) in 2QFY26.

Transport Corporation of India’s (TRPC) Q2FY26 EBITDA of INR 1,267mn was slightly below consensus estimates. Revenue and EBITDA grew by 7.5% and 8.2% YoY, respectively. Blended EBITDA margin remained range bound at 10.5%.

Transport Corporation of India’s (TRPC) revenue grew 7.5% YoY to ~INR12b in 2QFY26 (in line). Revenue growth experienced a slowdown across segments despite the company witnessing strong demand across auto, FMCG, and consumer durables.

Nailing the LCC model, IndiGo managed to capture its home market achieving ~64.4% share, supported by a fleet of ~416 aircraft and an orderbook of ~910 aircraft.

Soft Q2; Mid to long term growth outlook intact fast-growing ports-related infrastructure company and second-largest private port operator with a capacity of 177 million tons per annum (MTPA). It operates twelve Port Concessions and 2 port terminals under O&M agreements in UAE. Its logistics (Navkar, Gati Shakti Terminal) business owns 2450+ Domestic standard...

According to the RBI, total electronic payments surged to INR11.3t on 22nd Sep’25, nearly ten times higher than the INR1.18t recorded the previous day.

We expect CSL to witness healthy growth in revenues & profitability over FY25-28E, led by execution pick-up in both the segments and increasing share of margin accretive ship-repair segment. We estimate revenue & PAT...

About stock: JSW Infrastructure Limited, part of the $24 billion JSW Group is fastgrowing ports-related infrastructure company and second-largest private port operator with a capacity of 177 million tons per annum (MTPA). It operates twelve Port Concessions and 2 port terminals under O&M agreements in UAE. Its logistics (Navkar, Gati Shakti Terminal) business owns 2450+ Domestic standard containers,...