Powered by: Motilal Oswal
2025-10-09 12:26:36 pm | Source: InCred Equities
Ports – Sep 2025 : Sharp growth (driven by Major Ports), much ahead of 1QFY26 – key drivers are coal & containers by InCred Equities
News By Tags | #Industry #InCredEquities
Ports – Sep 2025 : Sharp growth (driven by Major Ports), much ahead of 1QFY26 – key drivers are coal & containers by InCred Equities

Sharp growth (driven by Major Ports), much ahead of 1QFY26 – key drivers are coal & containers

1. Cargo at major ports (MPs) + APSEZ (India ex recent additions) rose 8% yoy (vs. 2.5%/ 6.7% yoy rise in 1QFY26/ 4QFY25).

2. MPs’ cargo rose 11.4% yoy. Coal at MPs rose 13.7% yoy. Containers at MPs rose 13.9% yoy, POL rose 6.4% yoy.

3. APSEZ's volume was 41.6mt (up 10.9% yoy). We estimate volume (India ex recent additions) of 32.9mt (up 1.2% yoy), vs. 4% dip yoy/ 1.6% yoy rise in 1QFY26/ 4QFY25. APSEZ’s two year CAGR (8.7% in Sep 23-25) is exactly the same as for MPs.

* Sharp growth, much ahead of 1QFY26: Cargo at major ports (MPs) + APSEZ (India ex recent additions of Gangavaram, Karaikal, Gopalpur & Vizhinjam) rose 8% yoy (vs. 2.5%/ 6.7% yoy rise in 1QFY26/ 4QFY25). MPs’ cargo rose 11.4% yoy (vs. 5.7%/ 8.9% yoy rise in 1QFY26/ 4QFY25).

* APSEZ's volume was 41.6mt (up 10.9% yoy). We estimate volume (India ex recent additions of Gangavaram, Gopalpur, Karaikal and Vizhinjam) of 32.9mt (up 1.2% yoy), vs. 4% yoy dip / 1.6% yoy rise in volume in 1QFY26/ 4QFY25. APSEZ guided for 505-515mt (up 14% yoy) cargo for FY26F, in-line with our estimate.

* In Sep 2025, APSEZ’s yoy organic volume rose just 1.2% yoy, while MP cargo rose much faster (up 11.4% yoy). However, APSEZ’s two year CAGR (8.7% in Sep 23-25) is exactly the same as for MPs.

* Coal cargo at MPs rose 13.7% yoy vs. 2.2% / 0.4% yoy rise in 1QFY26/ 4QFY25. Thermal coal rose 15.8% yoy while Coking coal rose 9.1% yoy. POL cargo rose 6.4% yoy (vs. 7.7%/ 8.2% yoy rise in 1QFY26/ 4QFY25).

* Container at MPs rose 13.9% yoy (vs. 10.7%/ 10.3% yoy rise in 1QFY26/ 4QFY25). Volume at JNPT (key container port among MPs) rose 13.4% yoy, vs. 10%/ 8.4% yoy rise in 1QFY26/ 4QFY25.

 

 

Above views are of the author and not of the website kindly read disclaimer

Disclaimer: The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references. To Read Complete Disclaimer Click Here