Port & Port services industry

6 companies · ₹4.7 L cr · 4 with AI deep dives · Q1FY27 report

Domestic volumes and yields hold; Middle East disruption inflicts sharp cuts to international logistics

Mid cyclemargin range-bound near 58.4%

Revenue YoY: +18.8%
EBITDA margin: 58.4%; +40bps YoY
Price, 1 year: +8.7%; 75% of names up
P/E vs own 5y: -5.3%; 22.9x now

Exhibit 1The quarter in numbers

constant panel of 4 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	12,812 cr	12,785 cr	+0.2%	10,788 cr	+18.8%	12,812 cr	0.0%
EBITDA margin	58.4%	55.2%	+320bps	58.0%	+40bps	59.5%	-110bps

Revenue

Jun 26: 12,812 cr
Mar 26: 12,785 cr
QoQ: +0.2%
Jun 25: 10,788 cr
YoY: +18.8%
Peak: 12,812 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 58.4%
Mar 26: 55.2%
QoQ: +320bps
Jun 25: 58.0%
YoY: +40bps
Peak: 59.5%
vs peak: -110bps

Breadth: 100% of 4 companies grew revenue year on year (was 100% a quarter earlier) and 75% expanded margin (was 75%).

Exhibit 2What it costs

16.15x - 33.74x across the panel today

The median name trades at 22.9x, -5.3% against this industry's own 5-year median of 24.1x, and -37.3% against its own peak of 36.5x.

Exhibit 3Structure

₹4.7 L cr

Adani Ports & Special Economic Zone Ltd is 81.7% of this industry by market cap. The top 5 are 100% and the top 10 are 100%.

large 2small 1micro 34 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 22.87x, 5y ROCE above its median of 12.03%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (6 of 6)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Adani Ports & Special Economic Zone Ltd	₹4.1 L cr	30.5x	18.6x	11.3%	60.6%	+18.6%	Unlock
JSW Infrastructure Ltd	₹80,094 cr	49.8x	30.1x	12.2%	49.7%	+18.1%	Unlock
Gujarat Pipavav Port Ltd	₹7,856 cr	14.1x	-	25.9%	65.0%	+32.5%	Unlock
Allcargo Terminals Ltd	₹731 cr	17.6x	-	9.6%	20.7%	+14.5%	Unlock
Starlog Enterprises Ltd	₹59 cr	-	-	-11.8%	-60.9%	-6.3%	Unlock
Vms Industries Ltd	₹46 cr	30.9x	11.1x	6.1%	4.1%	+13.1%	Unlock

Adani Ports & Special Economic Zone Ltd

Mcap: ₹4.1 L cr
P/E: 30.5x
EV/EBITDA: 18.6x
ROCE: 11.3%
Margin: 60.6%
Rev YoY: +18.6%

Unlock

JSW Infrastructure Ltd

Mcap: ₹80,094 cr
P/E: 49.8x
EV/EBITDA: 30.1x
ROCE: 12.2%
Margin: 49.7%
Rev YoY: +18.1%

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Gujarat Pipavav Port Ltd

Mcap: ₹7,856 cr
P/E: 14.1x
EV/EBITDA: -
ROCE: 25.9%
Margin: 65.0%
Rev YoY: +32.5%

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Allcargo Terminals Ltd

Mcap: ₹731 cr
P/E: 17.6x
EV/EBITDA: -
ROCE: 9.6%
Margin: 20.7%
Rev YoY: +14.5%

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Starlog Enterprises Ltd

Mcap: ₹59 cr
P/E: -
EV/EBITDA: -
ROCE: -11.8%
Margin: -60.9%
Rev YoY: -6.3%

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Vms Industries Ltd

Mcap: ₹46 cr
P/E: 30.9x
EV/EBITDA: 11.1x
ROCE: 6.1%
Margin: 4.1%
Rev YoY: +13.1%

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Exhibit 6What managements said

from Transport Infrastructure earnings calls · as of 2026-06-30

headwindMiddle East geopolitical disruption suppressing international logistics and liquid volumes4 managements

Four of five companies cited the Middle East conflict as a direct volume headwind. ADANIPORTS rail container TEUs fell 19% YoY; JSWINFRA Fujairah liquid terminal volumes collapsed…

ADANIPORTS (Q1 FY27): “Container rail volume lower by 19%... Logistics business TEU rail volumes were impacted…”

tailwind4 managements tailwind3 managements tailwind4 managements headwind3 managements

4 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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