Adani Ports vs JSW Infra: Which Is a Better Stock to Buy?

Synopsis:- India’s ports sector is gaining momentum, with brokerages highlighting 30–37% upside potential across leading players. One offers scale, a strong balance sheet, and steady 8% volume growth, while the other promises faster expansion through aggressive capex, logistics-led growth, and rising capacity over the next few years.

India’s ports and port services sector powers the nation’s trade backbone, handling massive cargo volumes amid booming external commerce. In FY25, major ports achieved a record 855 million tonnes of cargo, up 4.3% from FY24, fueled by 10% container growth and doubled total income to  Rs 24,203 crore over a decade. Non-major ports contributed around 739 million tonnes, boosting efficiency with 36% lower pre-berthing detention times. This surge underscores the sector’s pivotal role in economic momentum

Adani Ports & Special Economic Zone Ltd

Adani Ports & Special Economic Zone is India’s largest integrated ports and logistics company. It operates a network of ports across the country, offering end-to-end solutions including port operations, logistics, and industrial zones, supporting trade growth with strong hinterland connectivity and scale. With a market capitalisation of Rs 3 lakh crores, the shares closed at Rs 1,307 per share, decreasing around 7.52  percent as compared to the previous closing price.

Motilal Oswal has issued a ‘Buy’ recommendation on a port stock, assigning a target price of Rs 1,800. This implies a potential upside of about 38 percent from the closing price of Rs 1,307 per share, reflecting confidence in the sector’s growth outlook.

As per Motilal, Adani Ports & Special Economic Zone Ltd is well positioned for expansion, backed by strong cash flows, a healthy cash balance of around  Rs 130 billion, and a net debt-to-EBITDA ratio of 1.8x. Capacity additions at key ports, infrastructure upgrades, and global port acquisitions provide growth visibility beyond FY26.

Motilal notes that a diversified cargo mix and sustained investments support a cargo handling target of 505–515 million metric tonnes (ex-NQXT) in FY26. Cargo volumes are expected to grow at ~8% over FY25–FY28E, translating into a CAGR of about 15% in revenue and EBITDA, and 18% in PAT over the period.

JSW Infrastructure Ltd

JSW Infrastructure is a leading private ports and terminals operator in India, part of the JSW Group. The company focuses on handling bulk, break-bulk, and container cargo, backed by integrated logistics capabilities and strategic port assets supporting domestic and export-oriented industries. With a market capitalisation of Rs 53,928 crores, the shares closed at Rs 256 per share, decreasing around 3.22 percent as compared to the previous closing price.

ICICI Direct has issued a ‘Buy’ recommendation on a port stock, assigning a target price of Rs 370. This implies a potential upside of about 44 percent from the closing price of Rs. 256 per share, reflecting confidence in the sector’s growth outlook.

As per brokerage estimates, JSW Infrastructure Limited is targeting strong consolidated growth, with revenue and EBITDA CAGR of 38% and 30% over FY25–FY28E. Ports revenue and EBITDA are expected to grow at 24% CAGR, supported by volume growth of ~5% in FY26E, 6–7% in FY27E, and 25–35% in FY28E, driven by upcoming capacity additions.

The brokerage notes that the logistics business remains the key growth driver, with revenues and EBITDA projected to grow at 144% and 183% CAGR over FY25–FY28E. The company aims to scale logistics revenues to  Rs 8,000 crore by FY30, supported by  Rs 9,000 crore capex over FY25–FY30E and expansion across terminals, rakes, containers, and future ICD/CFS acquisitions.

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