The growth rate of total cargo volumes across major and non-major ports was 4.1% in 7M FY2026 over 7M FY2025. Overall cargo volumes are estimated to grow by 3-5% YoY in FY2026 supported by healthy volume growth in the container and fertiliser segments, while the POL segment is likely to grow in line with the long-term trend of 2-4%. Iron ore cargo volumes are expected to moderate further amid rising domestic production of coal. However, coal cargo growth appears moderate.

• In 7M FY2026, cargo volumes grew at a rate of 4.1% compared to 7M FY2025, after growing by 3.2% YoY in FY2025 and 7.7% YoY in FY2024 with major growth driven by container and fertiliser volumes even as iron ore volumes moderated.
• The container segment witnessed healthy growth of 11% YoY in FY2025 with growth of 5.9% in 7M FY2026 over 7M FY2025. Non-major ports led the container cargo development with a 16% YoY growth while major ports grew by 7% YoY in FY2025. In 7M FY2026, major ports recouped in this segment while development in non-major ports was stable. The containerisation of cargo continues to rise in India. However, container volumes at Indian ports will remain susceptible to geopolitical tensions and container availability.