Adani Ports Vs JSW Infrastructure: Which offers better growth potential?

SYNOPSIS Adani Ports and JSW Infrastructure reported robust Q2FY26 growth, with revenues up 29.7 percent and 26.4 percent respectively. APSEZ handled 124 MMT cargo versus JSW’s 28.9 MMT, holding 28.1 percent market share. With a 29.3 percent profit rise and 18.8 percent ROE, APSEZ shows stronger growth momentum, while JSW focuses on steady brownfield and greenfield expansions.

Over the past decade, India’s port industry has undergone a significant transformation, driven by rising trade volumes, infrastructure modernization, and increased private sector participation. This report reviews and analyzes the recent performance and key developments of two leading port companies.

Industry Overview

The port industry plays a critical role in global trade, serving as the gateway for import and export of goods. Ports handle cargo such as containers, bulk commodities (like coal, iron ore, and grains), and liquid products (like crude oil and chemicals).

The sector is heavily influenced by trade volumes, infrastructure quality, government policies, and connectivity to rail and road networks. Major trends shaping the industry include automation and digitization for faster cargo handling, development of deep-water ports to accommodate larger vessels, and the expansion of private and public-private port operations. 

India’s port sector has huge growth potential. The country has 11,099 km of coastline and 20,275 km of national waterways, handling 95 percent of its trade. There are 12 major ports and over 200 non-major ports, with a combined capacity of about 2,700 mtpa. Under Maritime India Vision 2030, focus areas include expanding existing ports, building world-class mega ports, creating a transshipment hub in Southern India, and modernizing infrastructure.

The Landlord Model allows private terminal operators to play a bigger role, with the 12 major ports currently handling around 1,630 mtpa. Installed capacity of major ports is expected to rise from 2,760 mt in FY25 to 3,500 mt by FY30 and reach 10,000 mt by FY47, showing strong sector growth.

Here are two leading port companies experiencing rapid expansion; let’s compare them to better understand their performance and growth trajectory.

With market capitalization of Rs. 3,19,419.75 crore, Adani Ports & Special Economic Zone Ltd trading at Rs. 1,477.60 on Thursday, and JSW Infrastructure Ltd, with market capitalization of Rs. 56,584.54 crore, trading at Rs. 269.50 on Friday.

About the companies

Adani Ports and Special Economic Zone Limited (APSEZ) is a leading Indian port developer and operator, managing ports, terminals, and related infrastructure across the country, including the Mundra SEZ. The company handles a wide range of cargo, such as bulk, break bulk, containers, liquids, LPG, LNG, and crude and provides logistics solutions, including warehousing, container rail, and road, auto, and agriculture transport. 

APSEZ operates a fleet of dredgers, barges, tugs, and other marine equipment and offers services like pilotage, vessel mooring, and maintenance. Beyond ports, it is involved in railway corridor development, land development, integrated textile parks, and container freight stations along with non-scheduled passenger airline and hospital services. Founded in 1998, the company is headquartered in Ahmedabad, India.

JSW Infrastructure Limited is an infrastructure company that operates commercial ports in India and abroad. It has two main segments, Port Operations and Logistic Operations, focusing on developing, operating, and maintaining port services and related infrastructure projects. The company provides maritime services including cargo handling, storage, logistics, and other value-added solutions. Founded in 1999 and based in Mumbai, India, it is a subsidiary of the Sajjan Jindal Family Trust.

Comparison of Q2 Financial Results

In Q2FY26, Adani Ports & Special Economic Zone Ltd reported Revenue of Rs. 9,167.46 crore grew by 29.7 percent year-on-year from Rs. 7,067.02 crore in the same quarter previous year. JSW Infrastructure Ltd showed a growth of 26.4 percent, with revenue rising from Rs. 1,001.36 crore to Rs. 1,265.59 crore. 

JSW Infrastructure Ltd’s net profit decreased by 1.3 percent from Rs. 373.73 crore to Rs. 368.81 crore yearly. Whereas Adani Ports & Special Economic Zone Ltd’s net profit rose by 29.3 percent from Rs. 2,412.54 crore to Rs. 3,120.20 crore.

Adani Ports & Special Economic Zone Ltd is currently trading at a P/E of 26.6x whereas JSW Infrastructure Ltd is trading at 35.4x. The Adani ports demonstrate ROE and ROCE of 18.8 percent and 13.8 percent respectively whereas JSW highlights ROE and ROCE of  16.2 percent and 13.9 percent respectively.

Operational Highlights

JSW Infrastructure is the second-largest private port operator in India. As of September 2025, It has a total capacity of 177 million tonnes per annum. The company operates three strategically located ports and seven terminals along the east and west coasts of India and has a market capitalization of approximately US$6 billion.

In Q2 FY26, JSW Infrastructure handled 28.9 MT of cargo, up 3 percent YoY. The company acquired an 86-acre brownfield rail siding in Kudathini, Ballari (Karnataka) to develop a state-of-the-art Multi-Modal Logistics Park. Additionally, it signed a 30-year concession agreement with Syama Prasad Mookerjee Port Authority, Kolkata, for reconstructing and mechanizing berths with a total capacity of 0.45 million TEUs (6.3 MTPA).

APSEZ is India’s largest private port operator with a selective global presence, operating 15 ports in India and 4 international ports, with a combined total capacity of 633 MMT. In Q2 FY26, the company handled 124 MMT of cargo, up 12 percent from 111 MMT in Q2 FY25. Its all-India market share increased to 28.1 percent (+70 bps), while its all-India container market share rose to 45.9 percent (+150 bps).

Future Outlook

JSW Infrastructure is pursuing a growth strategy focused on low-cost brownfield expansion and developing high-margin greenfield ports, leveraging clear visibility of group cargo and the benefits of the government’s privatization drive. The company aims to increase its port capacity to 400 mtpa by FY30.

Adani Ports and SEZ (APSEZ) has set an ambitious target to reach a total cargo handling capacity of 1 billion metric tonnes by 2030. This goal includes 850 MMT from its domestic ports and 150 MMT from its international ports, reflecting the company’s focus on expanding both its local and global operations.

Conclusion

In conclusion, both Adani Ports & SEZ Ltd (APSEZ) and JSW Infrastructure Ltd are well-positioned to benefit from India’s growing port sector, each leveraging its unique strengths. APSEZ, with its larger scale, diversified operations, and strong Q2FY26 performance, demonstrates significant growth potential, while JSW Infrastructure’s focused brownfield and selective greenfield expansions offer steady, sustainable growth.

Written by Akshay Sanghavi

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