New Delhi [India], October 11 (ANI): India's logistics and ports sectors face a mixed operational performance in the second quarter of financial year 2027, as persistent cost inflation partially offsets steady volume expansion.

According to an Emkay Research report, while fuel price adjustments and recovering freight activity support top-line growth across major logistics operators, margin compression remains visible across both surface transportation and port operations.

As per the report, operational dynamics remain uneven across transportation segments.

'We expect a mixed quarter for our coverage universe as persistent cost inflation partially offsets sustained volume momentum in 2QFY27,' the report stated. 'For ports, while domestic port volumes face geopolitical headwinds, growth in international ports and logistics revenues should drive healthy mid-to-high teens topline growth.'

'In logistics, we expect double-digit revenue growth across our coverage, supported by volume recovery and fuel pass-through benefiting realizations,' the report noted. 'Delhivery should lead the logistics pack with ~20% yoy growth, driven by broad-based volume momentum in express parcels (+32% yoy) and part-truckload (+15% yoy).'

At the company level, port operators reflect diverging drivers. The report forecasted revenue for Adani Ports and Special Economic Zone to expand 20 per cent year-on-year, driven by international cargo, logistics, and marine services, even as domestic throughput remains subdued. Operating margins for the firm face an estimated contraction of 102 basis points due to a larger share of lower-margin operations. 

JSW Infrastructure shows an estimated revenue increase of 13 per cent, supported by rail logistics expansion, alongside an expected 200 basis point drop in operating margins due to lower high-margin volumes.

Within surface freight, VRL Logistics shows revenue expansion projections of 13 per cent year-on-year on cleaner base volumes and freight rate adjustments, supporting an estimated 15 per cent increase in operating profit. In contrast, Blue Dart Express faces significant margin pressure from higher operating costs.

'Management commentary on the margin trajectory amid continued macro headwinds remains a key monitorable, in our view,' the report added. (ANI)