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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

52-Week Range
Valuation
Financials (FY2024)
Investment Thesis
Hazira Cargo Terminals Limited is a small unlisted port terminal operator positioned in one of India's most strategically important industrial port areas. While the sector benefits from strong structural growth tailwinds, the company's limited scale, lack of public financial disclosure, and competition from dominant players like Adani Ports constrain its investment appeal. The company's primary value may lie in its terminal concession/location assets and established customer relationships in the Hazira industrial zone.
Pros
Cons
Business Segments
Cargo Handling Operations
Handling of bulk, break-bulk, and containerized cargo at port terminals; includes loading, unloading, and transshipment services for industrial cargo.
Storage & Warehousing
Provision of covered and open-yard storage facilities for cargo at or near port terminals; servicing industrial customers with bulk material storage needs.
Logistics & Value-Added Services
Ancillary logistics services including customs handling facilitation, transportation coordination, and other port-related value-added services.
Revenue Model
Hazira Cargo Terminals generates revenue primarily through cargo handling charges (per ton/per TEU fees), storage rentals, and logistics service fees from industrial clients. Revenue is relatively stable and recurring, tied to long-term contracts with industrial customers operating in the Hazira/South Gujarat industrial zone. Rates may be regulated or market-based depending on the nature of the terminal (private jetty vs. government port terminal).
Detailed Analysis
Growth Plans
India's growing LNG import requirements driving terminal throughput in Hazira area
Expansion of Gujarat's petrochemical and manufacturing base increasing cargo volumes
India's PM Gati Shakti and Sagarmala infrastructure programs improving port hinterland connectivity
Potential acquisition interest from larger port operators seeking to consolidate terminals in South Gujarat
Industry Tailwinds
Recent Developments
Gujarat's ports, including terminals in the Hazira area, continued to see growth in cargo volumes driven by India's expanding trade, LNG imports, and petrochemical exports.
2023-2024India's Comprehensive Economic Partnership Agreement with UAE and growing bilateral trade volume increased cargo flows through Gujarat ports, potentially benefiting regional terminal operators.
2022Gujarat's port terminals experienced cargo volume recovery following the pandemic-related slowdown of 2020, with strong rebound in chemical and petroleum product shipments.
2021Comparable Companies
ADANIPORTS · ~INR 2,50,000 Cr
GPPL · ~INR 8,000 Cr
Frequently Asked Questions
About Hazira Cargo Terminals Limited
Hazira Cargo Terminals Limited is a Gujarat-based port and cargo terminal operator incorporated on 2 April 1993 with CIN U61100GJ1993PLC019238. The company operates cargo handling facilities at the Hazira port on Gujarat's coastline, one of India's major industrial ports serving the Surat-Hazira industrial belt. Originally part of the Essar Group, the company was acquired by ArcelorMittal Nippon Steel India (AMNS India) in August 2022 and subsequently renamed AMNS Ports India Limited. Hazira port has a handling capacity of 50 MTPA and has shown 22% growth in third-party cargo, reflecting expanding logistics business beyond captive steel cargo for AMNS India's Hazira steel plant. The company has an authorised capital of Rs 850 crore and paid-up capital of Rs 64.24 crore, reflecting the scale of port infrastructure investment. The Hazira terminal is strategically located in Gujarat's industrial heartland, serving cargo from the Surat, Bharuch, and Ankleshwar industrial corridors. Under AMNS India ownership, the port is being upgraded to handle increased steel plant capacity and third-party cargo. Gujarat's position as India's premier industrial state ensures strong long-term cargo demand for this terminal.
Key Milestones
1993: Hazira Cargo Terminals Limited incorporated in Gujarat
Mid-1990s: Set up cargo terminal operations in the Hazira/South Gujarat industrial port area during the early phase of India's economic liberalization and industrial expansion
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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India's growing LNG import requirements driving terminal throughput in Hazira area
Expansion of Gujarat's petrochemical and manufacturing base increasing cargo volumes
India's PM Gati Shakti and Sagarmala infrastructure programs improving port hinterland connectivity
Potential acquisition interest from larger port operators seeking to consolidate terminals in South Gujarat
Industry Headwinds
Intense competition from Adani Ports' dominant Hazira terminal and other large operators
Regulatory changes impacting terminal tariffs or concession renewal terms
Capital investment requirements for terminal modernization straining small operator finances
Climate risk: Gujarat's coast is exposed to cyclones (Tauktae, Biparjoy) which can damage port infrastructure
The South Gujarat port market is dominated by large players including Adani Ports (Hazira terminal), DP World, and government-owned ports. Small terminal operators face capacity and pricing pressure.
Source: Media Reports / Public Records
Port and terminal operations in India are regulated by the Ministry of Ports, TAMP (Tariff Authority for Major Ports), and state maritime boards. Tariff changes or concession policy revisions can impact revenues.
Source: Media Reports / Public Records
Port terminal equipment (cranes, forklifts, conveyors) and infrastructure require significant periodic capital expenditure, which can strain small operators' balance sheets.
Source: Regulatory Filings
Small terminal operators often depend on a few large industrial customers; loss of a major customer can significantly impact revenues.
Source: AlphaHub Research
As an unlisted company, shares have very limited marketability. The share price of INR 24.4 has minimal secondary market support.
Source: Media Reports / Public Records
The South Gujarat port market is dominated by large players including Adani Ports (Hazira terminal), DP World, and government-owned ports. Small terminal operators face capacity and pricing pressure.
Port and terminal operations in India are regulated by the Ministry of Ports, TAMP (Tariff Authority for Major Ports), and state maritime boards. Tariff changes or concession policy revisions can impact revenues.
Port terminal equipment (cranes, forklifts, conveyors) and infrastructure require significant periodic capital expenditure, which can strain small operators' balance sheets.
Small terminal operators often depend on a few large industrial customers; loss of a major customer can significantly impact revenues.
As an unlisted company, shares have very limited marketability. The share price of INR 24.4 has minimal secondary market support.
2000s: Benefited from rapid industrial growth in Gujarat, particularly in petrochemicals, LNG, and manufacturing sectors clustered around Hazira/Surat
2010s: Continued operations as Gujarat emerged as India's leading industrial and port state; Adani Ports and large private players expanded significantly in the region
1993–present: Maintained unlisted status while operating as a niche cargo terminal provider in the South Gujarat port ecosystem