India’s exports have been showing steady momentum in recent years. According to Press Information Bureau, cumulative exports reached USD 720.8 billion during April–January FY26, reflecting a 6.1% year-on-year (YoY) growth. Services exports during the same period stood at USD 354.1 billion, growing 10.6% YoY. Sectors such as electronics, automobiles, pharmaceuticals and defence manufacturing are also expanding their presence in global markets.
The Export Link: Why Logistics is the Real Trade Winner
As exports rise, the movement of goods across the supply chain also increases. Cargo has to move from factories to ports. Containers must be transported through rail, road and shipping routes before reaching global markets. This directly supports businesses involved in ports, shipping and logistics services that handle export cargo.
For investors, this trend makes the logistics ecosystem an interesting space to watch. Higher export activity often translates into higher cargo volumes. Over time, this can support growth for companies involved in cargo handling, freight movement and supply chain services.
The stocks in this list were selected to capture different parts of this export logistics chain. The focus was on companies with exposure to shipping activity, port-linked cargo handling and supply chain logistics that support export movement. At the same time, some commonly discussed port and container names were avoided as they were covered in earlier articles. This approach helps present a broader set of businesses that participate in export cargo movement, rather than focusing only on the usual port operators.
#1 AllCargo Logistics: The Asset-Light Tech Play
Incorporated in 1993, Allcargo Logistics provides integrated logistics solutions and offers specialised logistics services across multimodal transport operations, inland container depot, container freight station operations, contract logistics operations and project and engineering solutions.
For the quarter ended December 2025, the company reported revenue of Rs 516 crore, compared with Rs 519 crore in the same period last year. For the quarter under consideration, the company reported no-profit no-loss position, as compared to loss of Rs 6 crore reported in the same period last year. Profitability has been uneven in recent quarters. The company reported losses in some periods while working on improving pricing and controlling costs.
The company handled around 3.1 lakh metric tonnes of cargo during the quarter, with realisation improving slightly YoY. Management said the quarter was largely a transition period as the company focused on improving yields and tightening cost structures.
Technology is becoming a key focus area. The company has started using new technology to track shipments and vehicles across its network. This helps improve visibility and service for customers.
The company also plans to invest about Rs 12 crore in technology. It will continue with an asset-light model, where most transport capacity is taken on lease rather than owned. Management expects freight demand to stay steady as trade activity grows and logistics infrastructure improves.
In the past year, share price of the Allcargo Logistics tumbled 76.1%, primarily reflecting the impact of its recent demerger of non-core businesses into separate entities.
Allcargo Logistics 1 Year Share Price Chart
#2 Transport Corporation of India: The Multimodal Specialist
Transport Corporation of India is engaged in the business of freight transport, supply chain solutions and transport through seaways.
During Q3 FY26, the company reported consolidated revenue of Rs 1,249 crore, which is a growth of about 9% YoY. The net profit for the quarter under consideration stood at Rs 116 crore, up 13.7% on a YoY basis. The company has now recorded 22 consecutive quarters of YoY growth, supported by diversified logistics operations and improving cargo volumes across segments.
Growth has been driven partly by increasing use of multimodal logistics solutions. Rail movement has seen a notable rise, with the company handling 2,133 rakes in the first nine months, compared with 2,500 rakes in the full previous year. Container handling and automobile logistics volumes have also increased, reflecting stronger demand from sectors such as automotive, engineering and consumer goods.
The supply chain solutions division has shown steady momentum. The segment reported around 15% top-line growth, supported by demand from industries such as automotive, FMCG and quick commerce. The company said several new contracts are in the pipeline, although margins remain slightly compressed as it continues to invest in people, systems and new logistics infrastructure.
The company is also expanding its logistics capacity through investments in coastal shipping, rail assets and warehousing. The company expects capital expenditure of about Rs 350–375 crore in FY26, with plans to maintain a similar or higher investment level next year as it adds ships, rakes and logistics infrastructure.
Management said competition remains intense across freight, supply chain and coastal shipping businesses as more players enter the logistics space. Even so, the company expects freight movement to improve over the next few quarters. Higher exports and manufacturing activity could support demand for logistics services.
In the past year, share price of Transport Corporation of India is down 2.8%.
Transport Corporation of India 1 Year Share Price Chart
#3 JSW Infrastructure: The Port-Capacity Powerhouse
JSW Infrastructure provides maritime-related services including, cargo handling, storage solutions, and logistics services.
For the quarter ended December 2025, the company reported revenue of Rs 1,350 crore, up about 18% YoY as cargo volumes increased at its port terminals. Net profit rose around 32% YoY to Rs 365 crore, helped by higher cargo handling and better operating leverage. Growth was driven by higher third-party cargo and improved capacity utilisation across several ports.
Cargo handling remained the main driver of the business. Total cargo volumes increased during the period, supported by demand from sectors such as energy, steel and infrastructure. Management said third-party cargo continues to increase as the company expands its presence beyond captive cargo from group companies.
JSW Infrastructure is expanding capacity by adding new terminals and increasing capacity at some of its existing ports. These projects will help the company handle more cargo and improve links with industrial and export hubs. The company is also working on improving port operations and logistics connectivity to manage higher cargo movement.
Going ahead, the company expects cargo volumes to remain supported by industrial growth and rising trade activity. Expansion of port infrastructure and improving logistics connectivity could help sustain long-term demand for cargo handling services as India’s exports and industrial output continue to grow.
In the past year, share price of JSW Infrastructure is down 0.4%.
JSW Infrastructure 1 Year Share Price Chart
Return Profiles & Valuations: Which Stock Offers the Best Value?
Let’s now turn to the valuations of the companies in focus, using the Enterprise Value to EBITDA multiple as a yardstick.
Valuations of Companies in focus
| Sr No | Company | EV/EBITDA Ratio | 3-Year Average EV/EBITDA | Industry Median | ROCE | ROE |
| 1 | Allcargo Logistics | 4.8 | 5.4 | 11.0 | 3.8% | 2.5% |
| 2 | Transport Corporation of India | 11.8 | 13.2 | 11.0 | 20.5% | 19.8% |
| 3 | Mahindra Logistics | 12.0 | 14.5 | 11.0 | 5.6% | -8.0% |
Among the three, Transport Corporation of India shows the strongest return profile. Transport Corporation of India reports ROCE of 20.5% and ROE of 19.8%, showing stronger returns among the three. Allcargo Logistics has ROCE of 3.8% and ROE of 2.5%, which are relatively lower. Mahindra Logistics reports ROCE of 5.6% and ROE of -8%, reflecting losses in recent periods.
In terms of valuations, Allcargo Logistics is trading at an EV/EBITDA of 4.8, which is lower than its three-year average of 5.4 and also below the industry median of 11. Transport Corporation of India trades at 11.8 times EV/EBITDA, close to the industry median but below its three-year average of 13.2. Mahindra Logistics trades at 12 times EV/EBITDA, also lower than its three-year average of 14.5.
As exports increase, more goods need to be transported from factories to ports. This naturally increases the need for logistics and cargo movement services. This creates demand for companies involved in freight movement and supply chain services.
Transport Corporation of India continues to benefit from its established logistics network. Allcargo Logistics is linked to global freight forwarding and cargo movement. Mahindra Logistics is trying to improve profitability after a weak phase. These companies can be watched as export activity and cargo movement increase.
Outlook: Can the Export Momentum Sustain?
India’s exports have been increasing in recent years. As exports grow, more goods have to be transported from factories to ports and then shipped overseas.
This means logistics companies play an important role in the process. They help move cargo, manage supply chains and connect production centres with ports.
If export activity continues to rise, demand for logistics services could also grow. These companies can be added to your watchlist to track how they benefit from higher trade and cargo movement.
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 deep dive 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.
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