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India Ratings (Ind-Ra) has projected robust growth for the logistics sector, anticipating double-digit revenue increases for rail operators and 3-5% year-on-year growth in organic rentals for the warehousing segment during this fiscal. The demand for Grade-A warehousing space is expected to remain steady. Port volumes, buoyed by coastal goods movement and easing geopolitical tensions such as the Red Sea crisis, are also poised for growth. The ratings agency expects container freight station (CFS) profitability to remain stable due to direct port delivery increases and heightened competition at major ports. While revenue growth for freight forwarders may moderate due to global freight rate adjustments, initiatives like the National Logistics Policy and PM Gati Shakti National Master Plan are set to boost multimodal connectivity and operational efficiencies across the industry. Pratik Mundhada, Associate Director at Ind-Ra, highlighted that sustained investments in ports, rail, road, and air transport are improving cost efficiency and operational flexibility, enhancing profitability for integrated logistics companies. Rail operators, benefiting from significant private investments in rakes and dry terminals, are expected to see continued revenue growth in FY26. The agency noted India's improving logistics infrastructure, citing the country's rise in the Logistics Performance Index ranking from 44 in 2018 to 38 in 2023, with aspirations to break into the top 25 by 2030 under Maritime Vision 2030. Public-private partnerships and increased private capital expenditure in network expansion for trains, dry terminals, and warehousing are seen as key growth drivers. The full commissioning of the Western Dedicated Freight Corridor is expected to enhance rake and terminal utilisation, bolstering container train operators' profitability. Similarly, the Eastern Dedicated Freight Corridor is likely to improve supply chain efficiency for thermal plants through faster and scheduled train operations. Ind-Ra maintained a "Stable Outlook" for logistics and supply chain companies, citing steady operational performance and comfortable leverage profiles. The agency emphasised that logistics infrastructure firms must optimise asset utilisation and secure long-term debt at competitive rates to maintain favourable credit profiles. A reasonable budgetary allocation for logistics infrastructure in the upcoming fiscal budget will be critical for sustaining sector growth, according to Ind-Ra. (ET)