Cargo volumes across major and nonmajor ports grew by 4.4% YoY in FY2026, despite a volatile global scenario with the US–Iran war causing waning freight movement. Overall cargo volumes are estimated to rise by 4-5% YoY in FY2027, supported by healthy volume growth in the container and fertiliser segments, while the POL segment is likely to grow in the range of 2-3%.

• Volume growth of 4-5% is expected in FY2027 despite the crisis in the Strait of Hormuz (SoH), as trade that used to pass through the route is redirected and growth of cargo through other maritime routes compensates for the loss owing to issues at the SoH. In FY2026, cargo volumes grew by 4.4% with major growth driven by container and fertiliser volumes, while iron ore volumes remained stable.
• The container segment saw healthy growth of 7% YoY in FY2026. Major ports led this hike in container cargo with a 10% YoY rise while non-major ports grew at a modest 2% YoY in FY2026. The containerisation of cargo continues to grow in India. However, container volumes at Indian ports will remain susceptible to geopolitical tensions and container availability.

Exhibit: All ports – volume trends (million MT)

Source: Ministry of Ports, Shipping & Waterways, ICRA Research