Kamarajar Port Appoints SBI Capital, IDBI Capital and ICICI Securities for Planned IPO — November 15, 2026
Chennai-based Kamarajar Port Ltd has appointed three domestic investment banks—SBI Capital Markets Ltd, IDBI Capital Markets & Securities Ltd, and ICICI Securities Ltd—as book-running lead managers to shepherd its upcoming initial public offering (IPO).
The move marks a crucial milestone in the port operator’s preparation to enter the public markets. A successful listing will make Kamarajar Port India’s first listed state-backed major port, providing institutional and retail investors with public-sector exposure to maritime trade infrastructure.
Issue Structure and Timelines
According to transaction details outlined in port tender documents, the proposed IPO is expected to feature an Offer for Sale (OFS) of approximately ₹1,200 crore by its parent entity, Chennai Port Authority. The port authority may also evaluate a fresh issue of shares at a subsequent stage depending on capital expenditure needs and prevailing market appetite.
While valuation discussions and regulatory draft filings are slated to unfold over the coming quarters, market participants expect the share sale to be executed within calendar year 2027.
Currently, the Indian port sector on the bourses is represented exclusively by private players, including Adani Ports and Special Economic Zone Ltd (APSEZ), JSW Infrastructure Ltd, and Gujarat Pipavav Port Ltd (backed by APM Terminals). Kamarajar Port’s listing will offer investors a unique sovereign-backed alternative in the sector.
Corporate Structure and Operating Model
Kamarajar Port, located at Ennore north of Chennai, holds a unique distinction among the country's major ports. While India's 12 other major ports were traditionally run as trusts under the Major Port Trusts Act, Kamarajar was established and governed from its inception as a corporate entity under the Companies Act.
Originally, the Government of India held a 66.7% stake in the entity, with Chennai Port Authority holding the remainder. In 2020, under a government-to-government disinvestment transaction worth ₹2,383 crore, Chennai Port Authority acquired the Centre's entire shareholding, turning Kamarajar Port into its wholly owned subsidiary.
The facility largely operates under a "landlord port" model, wherein terminal construction, handling equipment, and day-to-day operations are handled through public-private partnership (PPP) contracts on a build-operate-transfer (BOT) basis, leaving port authority assets asset-light while generating royalty and port dues revenue.
Financial and Cargo Performance
The initiation of the listing process follows strong operating and financial numbers:
- Cargo Throughput: The port handled 49.08 million tonnes of cargo and serviced a record 1,008 vessel calls in FY26.
- Revenue and Net Profit: Total revenue increased 9% year-on-year to ₹1,239 crore in FY26 compared to ₹1,138 crore in FY25, while net profit climbed over 10% to ₹596 crore from ₹539 crore.
- Capital Outlay: Capital expenditure more than doubled during FY26 to ₹478 crore, up from ₹201 crore in the previous fiscal year, reflecting ongoing capacity augmentations.
- Balance Sheet Health: As of the close of FY26, Kamarajar Port reported total assets of ₹4,492 crore against current liabilities of ₹244 crore, alongside cash and cash equivalents of ₹186 crore. The company paid an interim dividend of ₹3 per share and recommended a final dividend of ₹7 per share for FY26.
With investment bankers now in place, the syndicate will begin structuring the draft red herring prospectus (DRHP) and conducting investor outreach in alignment with the Ministry of Ports, Shipping and Waterways.
