JSW Infrastructure reported a robust Q3 FY26 and 9M FY26, driven by strong performance in its ports and logistics segments. The company achieved 20% YoY revenue growth for 9M FY26 and a 9% increase in Q3 PAT. Strategic acquisitions in the rail rakes segment and progress on key infrastructure projects underscore its expansion strategy, with management providing optimistic EBITDA guidance for FY27 and FY28, including a doubling from FY26.
vs Q4 FY26
| Metric | Value | YoY |
|---|---|---|
| 9M FY26 Operating Revenue | ₹3.8K Cr | +20.0% YoY |
| 9M FY26 Operating EBITDA | ₹1.8K Cr | +13.0% YoY |
| 9M FY26 Net Profit | ₹1.1K Cr | +11.0% YoY |
| Q3 FY26 Consolidated Operating Revenue | ₹1.4K Cr | +14.0% YoY |
| Q3 FY26 Consolidated Operating EBITDA | ₹644 Cr | +10.0% YoY |
| Q3 FY26 PAT | ₹365 Cr | +9.0% YoY |
Segment Breakdown
| Category | Headline | |
|---|---|---|
Capex | ₹3,500 crores | |
Debt | Net ₹1,888 crores · 0.8x EBITDA | |
M&A | 3 rail rakes entities acquisition · announced · Consideration ₹NaN (cash) |
| Category | Target | Priority |
|---|---|---|
| Revenue | Consolidated Revenue→INR5,400 crores | High |
| Profitability | Consolidated Operating EBITDA→INR2,600 crores | High |
| Profitability | Consolidated EBITDA Growth→~15% | High |
| Profitability | Consolidated EBITDA Growth→double | High |
| Volume | Overall Cargo Volume→~123 million tonnes | Medium |
| Volume | Overall Cargo Volume Growth→6-7% | Medium |
| Volume | Overall Cargo Volume→165-175 million tonnes | Medium |
| Logistics EBITDA | Logistics Business EBITDA→INR450-500 crores | High |
| Logistics EBITDA | Logistics Business EBITDA→INR750-800 crores | High |
| Logistics Infrastructure | Number of Terminals→25 terminals | High |
| Logistics Infrastructure | Rake Fleet Size→>200 | High |
| Logistics Infrastructure | Physical Containers Acquisition→8,000-10,000 | High |
| Project Contribution | Slurry Pipeline EBITDA→INR800 crores | Medium |
| Project Contribution | Jatadhar Port EBITDA→INR300-400 crores | Medium |
| Cargo Mix | Group vs Third-Party Cargo Share→53-55% group vs 47-45% third-party | Medium |
| Project Commencement | GCT Arakkonam Rail Operations→commence | High |
| Project Completion | Iron Ore Slurry Pipeline Completion→complete | High |
| Project Completion | Jatadhar Port Completion→complete | High |
| # | Metric | |
|---|---|---|
| 01 | GCT Arakkonam Rail Operations Commencement | |
| 02 | Rail Rakes Acquisition Closure & Deliveries | |
| 03 | Paradip Iron Ore Volume Recovery | |
| 04 | Slurry Pipeline & Jatadhar Port Construction Progress | |
| 05 | Orders for Additional Logistics Rakes |
| Severity | Risk |
|---|---|
medium | Subdued Cargo Volumes at Paradip Iron Ore Terminal Cargo volumes at Paradip Iron Ore Terminal declined by approximately 3.9 million tonnes due to challenging macroeconomic conditions in the seaborne iron ore export market. Management |
low | Potential Delay in Steel Expansion at Dolvi Analyst inquired about the risk of delay in steel expansion affecting FY28 numbers; management stated a conservative 10 million tonnes is baked in for FY28, which is safe even with 1-6 months delay, against a peak potential of 27-28 million tonnes. Analyst |
low | Marginal Port EBITDA Margin Reduction Q3 FY26 port EBITDA margin was marginally reduced due to growth from lower EBITDA terminals (JNPT, Tuticorin) and one-off repair/maintenance expenses of ~INR17 crores. Management |
JSW Infrastructure demonstrated strong financial results, with consolidated operating revenue reaching INR3,839 crores for 9M FY26, a 20% year-on-year growth. Operating EBITDA for the same period increased by 13% to INR1,834 crores, while net profit grew 11% to INR1,123 crores. For Q3 FY26, consolidated operating revenue was INR1,350 crores (up 14% YoY) and operating EBITDA stood at INR644 crores (up 10% YoY), leading to a 9% increase in PAT to INR365 crores.
The company is actively expanding its ports footprint, having entered an agreement to develop a greenfield port in Oman with a 27 million tonnes per annum capacity, backed by a USD419 million investment. Construction at the JNPA liquid terminal has been completed, awaiting commissioning. Key ongoing projects like the 302-kilometer iron ore slurry pipeline and Jatadhar port are on track for completion by March '27, with the slurry pipeline expected to contribute INR800 crores and Jatadhar INR300-400 crores in EBITDA upon operationalization.
The logistics business showed strong performance, particularly Navkar Corp, which reported a Q3 FY26 net profit of INR9 crores, a significant turnaround from a loss of INR11 crores in the prior year. JSW Infrastructure expanded its rail rakes segment by acquiring 100% equity in three entities for an enterprise value of INR1,212 crores, adding 22 rakes (with 3 more expected this quarter). This acquisition provides immediate access to Indian Railways GPWIS and LSFTO schemes, bolstering the company's logistics capabilities.
Management provided optimistic guidance, targeting consolidated revenue of INR5,400 crores and operating EBITDA of INR2,600 crores for FY26. They anticipate EBITDA growth of approximately 15% in FY27 and expect it to double by FY28 from the FY26 base. Overall cargo volume is projected to reach 165-175 million tonnes by FY28, up from an estimated ~123 million tonnes for FY26, reflecting confidence in strong operational performance and growth projects.
The company maintains a strong balance sheet with a net debt of INR1,888 crores as of December '25, resulting in a healthy net debt to operating EBITDA ratio of 0.76x. Total capex spend up to December 2025 was INR1,383 crores, with a full-year FY26 plan of INR3,500 crores. The finance cost for Q3 FY26 reduced to INR79 crores from INR97 crores in the prior year, primarily due to the retirement of a INR1,000 crores commercial paper.
Logistics EBITDA is projected to reach INR450-500 crores in FY27 and INR750-800 crores in FY28. While margins might see a slight dip from FY27 to FY28 due to a higher proportion of lower-margin LSFTO rakes compared to GPWIS, a significant improvement of 600-700 bps is expected from FY29/30. This long-term margin expansion will be driven by the accretion of higher-margin ICDs and CFS revenues as these projects, currently under construction, become operational.