Jefferies bullish on ports, Picks JSW Infra over Adani amid tariff tensions

Global brokerage Jefferies has recommended investors focus on India’s private port operators, citing robust growth prospects driven by rising volumes and expanding margins. Its top stock picks remain JSW Infrastructure and Adani Ports and Special Economic Zone, with an estimated 18–22% upside potential.
In its latest report, Jefferies projects that private port players will deliver 13–21% EBITDA CAGR between FY2025 and FY2030, supported by 10–16% volume CAGR. This growth will be fueled by new capacity additions, privatisation of terminals at major ports, and market share gains by private players.
The Indian government aims to have 80% of major port capacity under private sector control by 2030, with 95% of future capacity expansion expected through private participation. Currently, about 500 million tonnes of port capacity is yet to be privatised, representing a significant opportunity for players like JSW Infrastructure and Adani Ports.
Jefferies believes these two companies will contribute to two-thirds of incremental port volumes in the FY25–30 period, positioning them as key beneficiaries of India’s evolving port infrastructure landscape.