India’s logistics landscape is undergoing a structural transformation as the country accelerates its shift towards multimodal transportation—integrating road, rail and maritime networks to improve efficiency and lower costs. The transition is being driven by the government’s PM Gati Shakti initiative, which seeks to synchronise planning and execution across ministries and infrastructure agencies, creating seamless freight corridors and better-connected ports and terminals.
At the core of this strategy are dedicated freight corridors, rail-linked cargo terminals and enhanced port connectivity. While the build-out of such infrastructure is capital-intensive and long-term in nature, policymakers believe the benefits—shorter transit times, lower logistics costs and improved reliability—will accrue steadily as networks mature and utilisation rises. For companies engaged in rail evacuation, port operations and integrated logistics, the policy environment is increasingly supportive, helping to mitigate execution risks.
Company performance reflects early gains
Transport Corporation of India (TCI) reported a 7.6% year-on-year rise in consolidated revenue to ₹1,205 crore in Q2 FY26, while net profit grew 6.5% to ₹114 crore. Growth was led by the supply chain segment, which expanded 17.8%, and by rail operations, with over 1,400 rakes handled in the first half of the fiscal year. The company is investing around ₹170 crore in H1 FY26 through internal accruals to expand capacity. Management has flagged stabilising freight demand, though margin recovery is expected to be gradual amid competitive pressures.
JSW Infrastructure posted a 14% year-on-year increase in revenue to ₹1,350 crore for the December quarter of FY26, with net profit up 9% at ₹365 crore. For the nine months, revenue rose 20% to ₹3,839 crore. Cargo volumes increased 8% during the quarter, supported by new operations at Tuticorin and JNPA, partially offset by lower iron ore movement at Paradip. The company continues to expand capacity domestically and overseas, including a greenfield port in Oman targeted for commissioning by H1 2029, while maintaining a comfortable leverage position.
Adani Ports and Special Economic Zone (APSEZ) delivered strong Q2 FY26 numbers, with consolidated revenue rising 19% to ₹9,167 crore and net profit jumping 42% to ₹3,120 crore. Cargo volumes grew 7% year-on-year to 104 million tonnes, driven largely by domestic container traffic. Expansion projects at Vizhinjam, Ennore and Krishnapatnam remain on track, and overseas operations, including Haifa Port in Israel, continued without major disruption.
Valuations reflect cautious optimism
On valuation metrics, TCI trades at an EV/EBITDA multiple of 12.2x, below its five-year median, and boasts the highest ROCE among peers at 20.5%. JSW Infrastructure, at 21.2x EV/EBITDA, also trades below its historical average, while Adani Ports is valued close to its long-term median at 16.3x. Market capitalisations stand at approximately ₹25,500 crore for TCI, ₹55,500 crore for JSW Infrastructure and ₹1.85 lakh crore for APSEZ.
Outlook: a gradual, execution-led story
As of January 22, 2026, TCI shares were trading near ₹720, JSW Infrastructure around ₹210 and Adani Ports near ₹1,350. Analysts view India’s multimodal logistics push as an early-stage, long-duration theme. Volume growth is expected to build incrementally rather than surge, making disciplined capital allocation and operational execution critical. While valuations remain broadly in line with historical trends, meaningful re-ratings are likely to depend on cargo volumes exceeding current expectations.
For investors, multimodal logistics represents a patient, structural opportunity—one that is likely to unfold in phases as India’s integrated freight networks steadily take shape.
