Kamarajar Port Ltd, India’s first corporate major port, is preparing to go public, in what would make it the country’s only listed state-backed port.
The Chennai-based port has begun the process of appointing investment banks for an initial public offering (IPO), according to a document reviewed by Mint. The IPO is likely to include an offer for sale of about ₹1,200 crore, while a fresh issue could be decided at a later stage, the document said.
The Chennai Port Authority, which wholly owns Kamarajar Port, is seeking up to three bookrunning lead managers to structure and manage the issue.
Investment banks are expected to begin pitching for the mandate next week. The port has already held a pre-bid meeting with potential bankers to address their queries, according to the document.
Valuation discussions are still some time away, but the IPO is likely to be completed within calendar 2027, Mint has learnt.
An email sent to Kamarajar Port with queries for the story did not elicit a response until press time.
India’s public markets currently have three listed port entities: Adani Ports and Special Economic Zone Ltd (APSEZ), JSW Infrastructure Ltd and APM Terminals-backed Gujarat Pipavav Port Ltd. A successful IPO would make Kamarajar the only listed state-backed port in the country.
Kamarajar’s history
Established in 1999, Kamarajar is one of India’s 12 major ports and the country’s first corporate major port, functioning under the Ministry of Ports, Shipping and Waterways. Located in Chennai, it was originally developed as Ennore Port and later renamed after former Tamil Nadu chief minister Kumaraswami Kamaraj.
The port was conceived as a satellite facility for Chennai Port, primarily to handle thermal coal for the Tamil Nadu Electricity Board, now Tamil Nadu Generation and Distribution Corp. Its mandate was subsequently expanded to handle other cargo. Today, Kamarajar handles petroleum, oil and lubricants, automobiles and containers, although coal remains its largest cargo.
Kamarajar largely operates under the landlord model, under which new terminals are developed through the build-operate-transfer (BOT) model by private operators. The Centre originally held a 66.7% stake in Kamarajar, with the balance held by Chennai Port Authority. In 2020, the Authority acquired the government’s entire stake, making Kamarajar its wholly owned subsidiary.
Financial snapshot
Kamarajar handled 49.08 million tonnes of cargo and a record 1,008 vessels in fiscal 2026.
Revenue rose 9% to ₹1,239 crore in fiscal year 2026 (FY26) from ₹1,138 crore a year earlier, while profit increased more than 10% to ₹596 crore from ₹539 crore. The company paid an interim dividend of ₹3 per share and recommended a final dividend of ₹7 per share for FY26.
Kamarajar had ₹186 crore in cash and cash equivalents at the end of FY26, against total assets of ₹4,492 crore and current liabilities of ₹244 crore. Capital expenditure more than doubled to ₹478 crore from ₹201 crore a year earlier.
Kamarajar is unique among India’s state-owned major ports in being incorporated under the Companies Act. The country’s other 11 major state-owned ports operate as statutory authorities under the Major Port Authorities Act, 2021.