India’s port and shipping sector is moving into a period of sustained growth. In a recent report, Motilal Oswal has estimated that cargo volumes are expected to rise by 3–6% per annum for the next five years, while overall growth in the industry is likely to be in the range of 4–7%. The growth is being fuelled by increasing imports, softening freight rates, and a more generalized rebalancing of international supply chains.
With a coastline of 7,500 km and over 20,000 km of navigable waterways in 24 states, India is placed at the centre of the Indian Ocean—through which approximately 80% of global maritime trade in oil passes. This provides a natural boost to the country in becoming a dominant maritime power.
Expansion will be focused in sectors like petroleum, oil, lubricants (POL), coal, and containerized cargo—a combination that ensures India’s energy security while cementing its position in world manufacturing trade. Gateway ports close to industrial centres will remain at the centre of this expansion, while non-gateway ports will have a complementary role to play as bulk handling and in regional logistics.
For investors, this change is not just about infrastructure—it is the spine of India’s trade plans. To that end, following the top listed players becomes paramount. Smaller or indirect participants might not fully capture the sector’s pace. The true tale is with those that have size, credibility, and diversity, directly reflecting India’s shipping and port development.
The pick here is limited to listed players only that actually reflect the industry. Adani Ports, SCI, and GE Shipping are category leaders with scale and credibility on offer. Shreyas Shipping brings coastal logistics heft while Pipavav adds port diversity with the support of a global parent. The combination ensures that the list captures market leadership, sectoral relevance, and ecosystem diversity— rather than listing out peripheral or smaller names.
#1 Adani Ports and SEZ (APSEZ)
Adani Ports & Special Economic Zone is in the business of development, operations and maintenance of port infrastructure (port services and related infrastructure development) and has linked multi product Special Economic Zone (SEZ) and related infrastructure contiguous to Port at Mundra. It is a part of the gigantic Adani group.
Adani Ports and Special Economic Zone (APSEZ), India’s largest port operator, cemented its leadership in the maritime sector with a strong Q1 FY26 performance.
The international operations of the company gave the extra push. Israel’s Haifa port had its best quarter ever, with cargo levels increasing 29%. Colombo and Tanzania terminals also did well, pushing total international throughput to 7.7 million tonnes. This along with consistent improvements at home enabled APSEZ to increase domestic cargo by 6% and increase market share to 27.8%.
Diversification beyond ports continued to yield returns. Logistics top line doubled year-on-year to Rs 1,169 crore, boosted by expansion in trucking and international freight forwarding. In the shipping business, revenue almost trebled to Rs 541 crore, helped by additions to ships that increased the fleet to 118. Margins here jumped sharply to 55% from 40% a year ago, driven by greater efficiency.
Discipline in finance has backed this growth. Net debt-to-EBITDA remained at 1.8 times. These are the drivers of the company’s aggressive growth spree.
That momentum is already in action. New operations have commenced at Colombo and Dhamra, and construction has commenced on Phase 2 projects at Vizhinjam and Colombo and two additional berths at Dhamra. APSEZ aims one billion tonnes of cargo by 2030, of which a minimum of 150 million tonnes is expected from international assets.
In the longer term, APSEZ is also exploring new greenfield opportunities. One of them is the planned Vadhavan port, which the management has termed as imperative for India’s 2047 capacity goal of 10 billion tonnes. With an estimated 33% market share, the company views involvement in such big-ticket projects as critical.
#2 Shipping Corporation of India (SCI)
The Shipping Corporation of India (SCI), India’s largest flag carrier and a Navratna PSU, completed 75 years of existence with a robust operational and financial performance. Scoring against headwinds in the global arena, the company cemented its position as a reliable name in maritime logistics, offshore support, and port services.
In FY 2024–25, SCI posted a standalone net profit of Rs 814 crore, its highest in 15 years. Consolidated profit was at Rs 844 crore, which was higher compared to Rs 679 crore in the last year. Revenue from operations improved to Rs 5,592 crore on the back of better performance in liner, bulk, and tanker segments. The board proposed a dividend of Rs 6.59 per share, a two-decade high.
In the future, SCI has established specific priorities in accordance with evolving global trends. As the International Maritime Organization (IMO) is urging net zero emissions by 2050, the company is aligning itself towards more sustainable and environmentally friendly operations.
Fleet growth is at the centre of its capex strategy. SCI signed a memorandum of understanding in July 2025 to buy two Very Large Gas Carriers (VLGCs). The first ship, “Sahyadri” with a carrying capacity of 82,000 cubic metres, has already been delivered, and the second is due shortly. It also indicated plans to buy ships in container, gas, product carrier, and offshore segments on newbuilds and second-hand vessels to offset demand.
Strategic disinvestment is still on the cards. The government has chalked out SCI for privatisation, and the non-core assets have already been spun off into Shipping Corporation of India Land and Assets Ltd. (SCILAL), now an independent listed company.
At the policy level, the organization can gain from government programs, such as the Rs 25,000 crore Maritime Development Fund, financial support to the shipbuilding industry, and incentives on coastal and inland shipping. Long-term plans under Maritime Vision 2030 and Maritime Amrit Kaal 2047 seek to increase efficiency and global competitiveness in the entire sector.
#3 Great Eastern Shipping (GE Shipping)
Great Eastern Shipping Company and its subsidiaries are a prominent Indian shipping and Oil drilling services player.
Great Eastern Shipping, India’s largest private shipping company by fleet size, posted a consolidated net profit of Rs 505 crore in Q1 FY26, down from Rs 812 crore in the corresponding quarter last year. Revenue declined to Rs 1,195 crore from Rs 1,497 crore due to weaker tanker and bulk freight markets. EBITDA was Rs 763 crore, down from Rs 1,089 crore last year.
The firm announced its 14th straight interim dividend of Rs 7.20 a share, keeping the dividend payout constant in the face of earnings strain. Net asset value per share stood at Rs 1,431 as on June 30, 2025, highlighting the robustness of the balance sheet.
Fleet performance was patchy. Daily earnings for crude carriers fell 27% year-on-year to $33,865 and product carriers fell 33% to $24,774. Dry bulk carriers earned $14,883 per day, down 17%, although LPG carriers defied the trend by rising 19% to $43,868 per day. Owned shipping tonnage fell to 3.04 million dwt from 3.41 million dwt as older ships left the fleet.
Offshore operations were tested after Saudi Arabian contract suspensions, yet management accentuated new deployments. Two rigs have found short-term contracts for late 2025, while another is scheduled for a three-year charter starting early 2026. Offshore vessel operations continued to be profitable, alleviating the blow from idle rigs.
Capital spending is being undertaken cautiously. Management reported that although ship prices are softening in some segments, timing is still paramount before making acquisitions. A Q3 FY26 delivery contract has been taken on a 10-year-old Kamsarmax dry bulk vessel, indicating selective fleet rejuvenation.
For the future, the revenue visibility of the company in Q2 FY26 is backed by the coverages of 46% for crude carriers, 50% for product carriers, 100% for LPG carriers, and 61% for dry bulk carriers. Offshore segment coverage continues to be robust with 75% of rig revenue days contracted.
Great Eastern still has almost 80% of its fleet exposed to the spot market, with earnings thus sensitive to freight fluctuations. The management has avoided providing guidance due to volatility but reaffirmed its emphasis on dividends, financial discipline, and opportunistic renewal of the fleet.
#4 Transworld Shipping Lines
Incorporated in 1988, Transworld Shipping Lines (earlier known as Shreyas Shipping and Logistics) is a container feeder-owning and operating company. Transworld Shipping Lines ended FY2024–25 on a high, highlighting the company’s brand as a leader in India’s coastal shipping industry.
The year also saw a big landmark with Shreyas Shipping being rebranded as Transworld Shipping Lines, bringing the firm closer to its parent group’s international identity.
On the financial front, the firm orchestrated a dramatic turnaround. Revenue increased 58% from a year ago to Rs 44.6 crore, while EBITDA rose 135% to Rs 16.4 crore. Net profit was at Rs 3.4 crore, versus a loss of Rs 5.1 crore in the year-ago period. Cargo volume increased to 495,851 twenty-foot equivalent units (TEUs) from 450,112 TEUs, while total tonnage decreased to 362,413 MT from 416,478 MT. Net worth was better at Rs 8,003 million, reflecting better stability in the balance sheet.
With a combined container volume of 22,046 TEUs and bulk volume of almost 70,000 DWT, TSLL covers both coasts of India and its proximate trade lanes. Operational efficiency, asset maximization, and digitalization remain the focus areas for the company to drive turnaround time and cost saving.
Future expansion is being defined through structural support to policy. The Union Budget 2025–26 laid out the setting up of a Rs 25,000 crore Maritime Development Fund and the identification of large Indian ships as “infrastructure assets” to facilitate lower-cost financing. TSLL stated that such steps will assist in increasing Indian-flag tonnage and lowering reliance on overseas carriers, benefiting Indian operators directly.
Sustainability is another high priority. TSLL is making investments in energy-efficient overhauls of its current fleet, developing biofuel options, and working on industry-wide decarbonisation. It has linked up ESG projects to UN Sustainable Development Goals, from emission reduction to responsible consumption and partnerships for cleaner energy.
With India aiming for top-five world shipbuilding rank by 2047, Transworld Shipping Lines is positioning itself for long-term involvement.
#5 Gujarat Pipavav Port
Gujarat Pipavav Port is India’s first private sector port located on the south west coast of Gujarat near Bhavnagar. The port is strategically placed on the International Maritime Trade route which connects India with US, Europe, Africa, Middle East on one side and Far east on the other side.
Gujarat Pipavav Port (GPPL), a member of APM Terminals, recorded a solid financial performance during FY2024–25 and solidified its position as one of India’s best-regarded private ports. The company recorded a standalone net profit of Rs 39.8 crore, a growth of 13% year-on-year, led by strong growth in liquid and roll-on/roll-off (RoRo) cargo even as container volumes grappled with pressure.
The board announced an interim dividend of Rs 4 a share in November 2024 and suggested a final dividend of Rs 4.20, with the total payout amounting to Rs 39.6 crore — a record for the company. This was achieved despite issues in its container business, which generates more than 65% of revenues.
The company has invested $ 90 million to construct a new liquid berth, with work scheduled to commence after the monsoons. Once commissioned by December 2026, the berth would increase liquid cargo capacity from 2 million MT to 5.2 million metric tonnes, providing flexibility for servicing a broader range of cargo.
Future growth depends on the upgrading of container infrastructure. But management has deferred new capex until there is clarity regarding the extension of its concession agreement, which expires on September 2028.
GPPL cut carbon emissions by over 50% and will have 80% of its energy come from renewable sources by the end of 2025. In addition, the company invested in training and safety and collaborated with Gujarat Maritime University and Maersk Training to create a Centre of Excellence for maritime leadership and safety competencies.
Valuations
Let us now compare the valuations of these shipping and port companies based on the Enterprise Value to EBITDA ratio.
Valuations of Port Companies
| Sr No | Company | EV/EBITDA |
| 1 | Adani Ports and SEZ (APSEZ) | 15.7 |
| 2 | Gujarat Pipavav Port (APM Terminals Pipavav) | 9.6 |
| Industry Median | 12.7 |
Valuations of Shipping Companies
| Sr No | Company | EV/EBITDA |
| 1 | Shipping Corporation of India (SCI) | 5.5 |
| 2 | Great Eastern Shipping (GE Shipping) | 3.7 |
| 3 | Transworld Shipping Lines | 5.6 |
| Industry Median | 8.8 |
The image here is split. In the ports sector, Adani trades higher than the industry median while Pipavav is lower, highlighting the various levels of investor belief in growth pipes and positioning in the market. In shipping, all three stocks are priced lower than the industry median, which suggests ongoing market hesitancy around cyclical profitability and freight price volatility.
What’s notable is the decoupling of ports and shipping. Ports have derived the benefits of steady trade expansion over the long term, increased infrastructure investments, and consistent cash flows, translating into better relative pricing. Shipping, however, remains perceived through cyclicality and swings in global demand, maintaining multiples low.
The most important message for investors is to separate the two sub-segments. Ports are valued as stable, long-term bets on India’s trade growth, whereas shipping is still viewed as cyclical, and opportunities arise when sentiment improves. Whether the current pricing has sufficient margin of safety depends on how one interprets the visibility of growth in ports and recovery potential in shipping.
Conclusion
India’s shipping and port industry is at a critical juncture. Structural drivers such as increasing trade flows, infrastructure growth, and policy initiatives are ushering in medium-term opportunities, but near-term issues such as cyclical freight rates and regulatory certainty continue to influence the outlook.
The firms featured in this analysis operate in various segments of the maritime value chain, ranging from ports to coastal shipping to global trade operations. Their approaches combine expansion, fiscal discipline, and sustainability, which reflect resilience and ambition.
For investors, the potential of the sector is clear, and so are the risks. Valuations already bank on optimism in certain places, and others continue to be discounted on account of cyclical uncertainty. The secret is balancing growth possibilities against financial health, ability to execute, and bigger industry dynamics.
Instead of a one-way approach, investors could do better to review fundamentals once again, gauge the extent of future growth embedded in prices, and correlate their choices with both industry trends and personal risk tolerance.
Disclaimer
Note: We have relied on data from www.Screener.in throughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information.
The purpose of this article is only to share interesting charts, data points and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only.
Ekta Sonecha Desai has a passion for writing and a deep interest in the equity markets. Combined with an analytical approach, she likes to dig deep into the world of companies, studying their performance, and uncovering insights that bring value to her readers.
Disclosure: The writer and her dependents do not hold the stocks discussed in this article.
The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary.