Adani Ports, JSW Infra, Blue Dart, TCI Express shares: Buy, hold or sell? Target prices

Emkay Global, in a fresh note on the logistics and ports sector, said port volumes have rebounded as trade routes opened partially, but container shipping rates have risen sharply despite a diplomatic resolution to the West Asia war. Global freight cost inflation is likely to persist in the near term, it said. Among ports & logistic stocks, Emkay Global has 'BUY' rating on Adani Ports & Special Economic Zone Ltd, 'ADD' rating on JSW Infrastructure Ltd and Blue Dart Express Ltd and 'REDUCE' rating on TCI Express Ltd.  

Emkay Global, which tracked high-frequency data points across freight and cargo movement, said Indian port volumes rose 8 per cent month-on-month (MoM) and 4 per cent year-on-year (YoY) in May 2026. On the domestic side, GST e-way bill volumes increased 11 per cent YoY and 2 per cent MoM, as manufacturing activity regained steam after easing tensions in West Asia, while truck freight rates were flat MoM and up 5 per cent YoY.

Emkay said India’s port sector recovery was driven by the partial reopening of trade routes in neighbouring Middle East countries such as Oman, along with pent-up demand due to deferred shipments. Overall trade, excluding Port of Loading (POL), was up 11 per cent YoY. For major ports, volume growth was led by containers (up 10 per cent YoY), coal (up 10 per cent), and iron ore (up 5 per cent). This was partly offset by declines in POL (down 1 per cent YoY), and other liquids (down 8 per cent).

Among individual ports, JNPT reported 16 per cent YoY growth in May, while Kandla and Vizag each grew 9 per cent and Kolkata rose 8 per cent. Chennai and Cochin, however, recorded YoY declines of 7 per cent and 2 per cent, respectively. Non-major ports posted an 8 per cent MoM increase in volumes and a 1 per cent rise YoY. 

Emkay said Container volumes continued to show positive momentum, rising 8 per cent YoY, led by 16 per cent growth at JNPT. 

JNPT’s market share increased from 25.2 per centin May 2025 to 27.1 per cent in May 2026. In May 2026, APSEZ reported overall volume growth of 16 per cent YoY, while container volumes rose 17 per cent.

On the global front, Emkay said container shipping rates have risen sharply despite an improvement in the geopolitical outlook. According to the Drewry WCI Index, container shipping rates have increased 82 per cent since March 2026 and 54 per cent MoM. The brokerage said the US and Iran signed an MoU, formally ending hostilities and lifting restrictions in the Strait of Hormuz. However, a substantial part of the global fleet remains diverted or stranded, as rerouting decisions and capacity realignments take time to unwind, it said.

Container shipping rates rose 54 per cent MoM in June and are likely to remain inflationary until full normalcy is restored, Emkay said. This is what the brokerage said on individual stocks:-

Adani Ports 
On stock recommendations, Emkay has a 'BUY' rating on Adani Ports with a target price of Rs 1,900, suggesting a 7 per cent potential upside. Adani Ports' EV/Ebitda is pegged at 16.8 times for FY27 and 13.9 times for FY28, while PE is seen at 24.7 times and 20.8 times, and return on equity (RoE) at 15.2 per cent and 15.8 per cent, respectively. 

JSW Infrastructure
For JSW Infrastructure, the brokerage has an 'ADD' rating with a target price of Rs 325, implying 2 per cent upside. Emkay valued the stock at 21.7 times EV/EBITDA for FY27 and 13.6 times for FY28, with P/E at 48.3 times and 32.3 times, and RoE at 10.1% and 11.2%.

Blue Dart Express
Emkay has also assigned an 'ADD' rating to Blue Dart Express with a target price of Rs 5,450, implying 12 per cent upside. Its EV/Ebitda is estimated at 11.8 times for FY27 and 10.7 times for FY28, while P/E stands at 37.5 times and 31.2 times, and RoE at 16.2 per cent and 17 per cent. 

TCI Express
For TCI Express, the brokerage has a 'REDUCE' rating with a target price of Rs 550, implying 6 per cent upside. Its EV/Ebitda is projected at 12.7 times for FY27 and 12.0 times for FY28, P/E at 21.2 times and 18.4 times, and RoE at 11.1 per cent and 11.9 per cent.