Against this backdrop, Jefferies named Adani Ports and Special Economic Zone, JSW Infrastructure, and Container Corporation of India as its top sector picks.
Adani Ports is seen as a key beneficiary of a recovery in coal and container volumes, given its high exposure to both segments. While geopolitical tensions and tariff uncertainty weighed on organic growth in the first half of FY26, Jefferies expects base normalisation to support sustainable organic volume growth of 8–10%, supplemented by international port additions and a ramp-up in logistics and marine businesses.
JSW Infrastructure’s growth thesis rests on capacity. The company has visibility on achieving nearly 390 million tonnes of capacity by FY30 — close to its stated target — aided by new port wins, including Oman, and government-led privatisation opportunities. Jefferies expects this to translate into over 20% EBITDA growth between FY26 and FY30.
For Concor, the upcoming DFC connectivity to JNPT is the key trigger. Despite a sharp underperformance in 2025, valuations have turned attractive, with Jefferies flagging a favourable risk-reward even under conservative market share assumptions.
Elsewhere, TCI Express could see operating leverage reverse as volumes recover, while Delhivery continues to face near-term headwinds from e-commerce insourcing, particularly from Meesho.