JSW Infrast

JSW Infrastructure reported a robust H1 FY26, with consolidated revenue growing 23% YoY to ₹2,686 crores and EBITDA increasing 14% YoY to ₹1,387 crores. Net profit for the period also saw a 13% growth, reaching ₹758 crores. This performance was achieved despite a 3.4 million tonnes shortfall at the Paradip Iron Ore Terminal due to challenging macroeconomic conditions, which moderated overall cargo handled growth to 4% for H1 FY26. Without this impact, growth would have been closer to 10%.

For Q2 FY26, total consolidated revenue stood at ₹1,372 crores, a 26% YoY growth, with total EBITDA reaching ₹716 crores, up 18% YoY. The port segment's operational EBITDA increased by 12% to ₹585 crores, with its margin improving to 53% from 52% a year ago, driven by strong operational performance at private ports like Jaigad, SWPL, and Dharamtar. However, PAT for Q2 FY26 saw a marginal 1% decline to ₹369 crores, primarily due to an unrealized FX loss of ₹5 crores compared to a gain of ₹155 crores in the prior year.

Navkar Corporation, the company's logistics arm, delivered a standout performance in Q2 FY26, achieving a net profit of ₹4 crores, a significant turnaround from a ₹2 crores loss in the previous year. Its revenue from operations grew 20% YoY to ₹163 crores, supported by a 20% increase in Exim cargo volumes to 79,000 TEUs and a 46% rise in domestic cargo volumes to 394,000 metric tonnes. The company continues to target a logistics business top line of ₹8,000 crores by 2030 with an EBITDA margin of approximately 25%.

JSW Infrastructure is actively pursuing its vision to expand cargo handling capacity to 400 million tonnes per annum by FY30 or earlier. Key milestones in Q2 FY26 included the conclusion of public hearings for Keni and Murbe ports, paving the way for construction. The 302 km iron ore Slurry Pipeline project is 60-70% complete, and construction at Jatadhar port is in full swing, with both projects targeting completion by March '27. The company also signed a 30-year concession agreement for a container terminal at Netaji Subhash Dock in Kolkata, with a handling capacity of 6.3 million tonnes per annum.

The company's aggregate financial commitments for growth projects, including awarded work orders and material procurement, stand at ₹3,300 crores, with ₹902 crores spent in H1 FY26. It maintains a healthy balance sheet with a net debt of ₹1,810 crores and a net debt to operating EBITDA ratio of 0.75 as of September 2025. Management reiterated its FY26 CAPEX guidance of ₹4,000 crores for the port business and ₹1,500 crores for the logistics business. The company also achieved an investment-grade rating of BBB-minus from S&P Global Ratings and Fitch Ratings.

International operations in the UAE, particularly at Fujairah and Dibba ports, delivered exceptional operational performance. Fujairah is on track to exceed its minimum cargo volume commitments, and both ports are expected to scale up volumes in the coming years. Management expressed confidence in India's economic trajectory and the company's strategic investments, anticipating significant gains in EBITDA and profitability starting FY27-28, driven by new greenfield ports, brownfield expansions, and a robust logistics platform.