JSWINFRA
JSW Infrast share price & financials
- Price
- ₹308.15
- Market cap
- ₹77.6k Cr
- Sector
- Services
- Calls analysed
- 7
JSW Infrast Q1 FY27
What went well
- Consolidated operating revenue grew 18% year-on-year to ₹1,445 crores, demonstrating robust financial performance.
- Consolidated operating EBITDA increased 16% year-on-year to ₹674 crores, maintaining healthy margins despite a challenging environment.
- Port business handled 31 million tonnes of cargo, a 6% year-on-year growth, with India operations (excluding Fujairah) growing an impressive 11%.
What to watch
- Fujairah operations contributed negligibly due to challenging operating environment in the Middle East, with volumes down 48%.
- Port segment EBITDA margin declined to 49.8% from 51.8% year-on-year, primarily due to lower contribution from Fujairah and one-time operational costs.
What JSW Infrast does
JSW Infrastructure builds and operates commercial ports, terminals and allied logistics infrastructure across India's west and east coasts, earning cargo-handling and storage fees for dry bulk, liquid and container cargo from both JSW Group and third-party customers. It also runs an inland logistics arm, Navkar Corporation, operating container freight stations, inland container depots, rail rakes and a rail-linked gati shakti terminal to move EXIM and domestic cargo. Internationally, it owns a liquid tank storage terminal in Fujairah, UAE, and holds operations & maintenance contracts for two dry bulk terminals in the UAE. The company is part of the JSW Group, a diversified Indian industrial conglomerate.
Segments
- Ports
- Logistics (Navkar Corporation)
- Total operational port capacity
- 183 MTPA
- Market position
- Second-largest private port operator in India
- Parent group
- Part of the JSW Group, a US$24 billion diversified conglomerate
- Maritime facilities operated in India
- 12 ports and terminals
- International liquid storage terminal
- Fujairah, UAE — 465,000 m3 (5 MTPA)
- UAE terminals under O&M contract
- 2 dry bulk terminals (Fujairah 24 MTPA, Dibba 17 MTPA)
Guidance record · Q1 FY27
what the last two calls moved 25 tracked 2 delivered 2 missed 21 open- Logistics Segment EBITDA FY27 at risk said Q4 FY26 Promised: INR 400 crores Q1 FY27: Q1 Logistics EBITDA at INR 73cr. Annualized run-rate is INR 292cr, well below the INR 400cr target. Guidance was not explicitly reiterated.
- Navkar Corporation EBITDA FY26 delivered said Q4 FY25 Promised: at least INR 100 crores Q4 FY26: Q4 EBITDA was INR 40 crores, bringing the full-year total to INR 118 crores, exceeding the 100cr target.
- FY26 Cargo Volume Growth missed said Q4 FY25 Promised: 10% growth in Port volumes Q4 FY26: Q4 volumes at 31.6 MMT imply full-year volumes around ~118 MMT, representing roughly flat YoY growth, missing both the original 10% and revised 5% targets due to Fujairah and deferments.
All 25 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 18.1%, net profit down 8.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,001 | 1,182 | 1,283 | 1,224 | 1,266 +26% | 1,350 +14% | 1,522 +19% | 1,445 +18% |
| EBITDA | 521 | 586 | 641 | 581 | 610 +17% | 644 +10% | 769 +20% | 674 +16% |
| Net profit | 374 | 336 | 516 | 390 | 369 −1% | 365 +9% | 424 −18% | 358 −8% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +9.3% 1Y
1Y: ₹313.85 on 10 Sept 2025 → ₹343.15. High ₹351.2 (13 Jul 2026), low ₹234.31 (7 Apr 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.1%
- 21 Jul
- Q4 FY26
- +0.9%
- 8 May
- Q3 FY26
- −2.1%
- 16 Jan
- Q2 FY26
- −0.1%
- 16 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 18.7% a year over 3 years, FY23 to FY26. Operating margin narrowed to 48.6%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹3.2k Cr | ₹3.8k Cr | ₹4.5k Cr | ₹5.4k Cr |
| Operating profit | ₹1.6k Cr | ₹2.0k Cr | ₹2.3k Cr | ₹2.6k Cr |
| Operating margin | 51.0% | 52.2% | 50.6% | 48.6% |
| Interest | ₹687 Cr | ₹332 Cr | ₹266 Cr | ₹383 Cr |
| Depreciation | ₹397 Cr | ₹438 Cr | ₹547 Cr | ₹614 Cr |
| Net profit | ₹701 Cr | ₹1.2k Cr | ₹1.5k Cr | ₹1.5k Cr |
| Net margin | 21.9% | 30.9% | 34.0% | 28.9% |
| ROCE | 17.0% | 16.0% | 14.0% | 14.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹60 Cr | ₹60 Cr | ₹360 Cr | ₹410 Cr | ₹416 Cr | ₹417 Cr |
| Reserves | ₹2.8k Cr | ₹3.2k Cr | ₹3.6k Cr | ₹7.6k Cr | ₹9.8k Cr | ₹10.5k Cr |
| Borrowings | ₹3.9k Cr | ₹4.7k Cr | ₹4.6k Cr | ₹4.8k Cr | ₹5.3k Cr | ₹6.9k Cr |
| Other liabilities | ₹1.3k Cr | ₹1.2k Cr | ₹750 Cr | ₹909 Cr | ₹2.2k Cr | ₹2.4k Cr |
| Total liabilities | ₹8.1k Cr | ₹9.2k Cr | ₹9.3k Cr | ₹13.7k Cr | ₹17.7k Cr | ₹20.2k Cr |
| Fixed assets | ₹4.9k Cr | ₹6.1k Cr | ₹6.0k Cr | ₹7.8k Cr | ₹9.6k Cr | ₹10.5k Cr |
| Capital work in progress | ₹1.1k Cr | ₹80 Cr | ₹46 Cr | ₹132 Cr | ₹2.2k Cr | ₹3.2k Cr |
| Investments | ₹296 Cr | ₹283 Cr | ₹307 Cr | ₹244 Cr | ₹249 Cr | ₹25 Cr |
| Other assets | ₹1.8k Cr | ₹2.7k Cr | ₹3.0k Cr | ₹5.6k Cr | ₹5.7k Cr | ₹6.5k Cr |
| Total assets | ₹8.1k Cr | ₹9.2k Cr | ₹9.3k Cr | ₹13.7k Cr | ₹17.7k Cr | ₹20.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −9.68 pp while DIIs added +6.37 pp. The shareholder count shrank 2% to 4,30,425.
- Promoters
- 73.9%
- FIIs
- 11.2%
- DIIs
- 9.2%
- Public
- 5.4%
- Others
- 0.3%
Since Jun 2025
- Promoters −9.68 pp
- DIIs +6.37 pp
- FIIs +4.57 pp
How it drifted, 12 quarters
Over this window promoters fell from 85.6% to 73.9% — −11.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 85.6%, FIIs 3.6%, DIIs 4.1%, Public 3.4%, Others 3.2%.Dec '23: Promoters 85.6%, FIIs 2.4%, DIIs 4.1%, Public 5.2%, Others 2.7%.Mar '24: Promoters 85.6%, FIIs 2.3%, DIIs 3.6%, Public 6.1%, Others 2.3%.Jun '24: Promoters 85.6%, FIIs 4.2%, DIIs 2.7%, Public 5.8%, Others 1.7%.Sep '24: Promoters 85.6%, FIIs 4.2%, DIIs 2.5%, Public 6.3%, Others 1.4%.Dec '24: Promoters 85.6%, FIIs 4.1%, DIIs 2.7%, Public 6.3%, Others 1.3%.Mar '25: Promoters 85.6%, FIIs 4.8%, DIIs 2.7%, Public 5.7%, Others 1.3%.Jun '25: Promoters 83.6%, FIIs 6.6%, DIIs 2.8%, Public 6.0%, Others 1.0%.Sep '25: Promoters 83.6%, FIIs 7.3%, DIIs 2.5%, Public 5.6%, Others 0.9%.Dec '25: Promoters 83.6%, FIIs 7.1%, DIIs 2.2%, Public 6.3%, Others 0.8%.Mar '26: Promoters 83.6%, FIIs 6.9%, DIIs 2.4%, Public 6.3%, Others 0.7%.Jun '26: Promoters 73.9%, FIIs 11.2%, DIIs 9.2%, Public 5.4%, Others 0.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- SBI Contra Fund Mutual fund newly disclosed 2.37% held
- HDFC Trustee Company Limited-HDFC Flexi Cap Fund Mutual fund newly disclosed 2.37% held
- Fidelity Advisor International Capital Appriciatio Global fund house newly disclosed 1.97% held
- Quant Mutual Fund-Quant Mid Cap Fund Mutual fund newly disclosed 1.00% held
The same filing shows 4 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of JSW Infrast above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Sajjan Jindal , Sangita Jindal (Trustees of Sajjan Jindal Family Trust) | 69.52% | −9.20 pp |
| SBI Contra Fund Mutual fund | 2.37% | newly disclosed |
| HDFC Trustee Company Limited-HDFC Flexi Cap Fund Mutual fund | 2.37% | newly disclosed |
| Siddeshwari Tradex Private Limited | 2.20% | −0.25 pp |
| JSL Limited | 2.20% | −0.25 pp |
| Fidelity Advisor International Capital Appriciatio Global fund house | 1.97% | newly disclosed |
| Government Of Singapore - E Sovereign | 1.82% | −0.35 pp |
| Quant Mutual Fund-Quant Mid Cap Fund Mutual fund | 1.00% | newly disclosed |
| P R Jindal Huf | 0.00% | unchanged |
| Sangita Jindal | 0.00% | unchanged |
| Sajjan Jindal | 0.00% | unchanged |
| Tanvi Shete | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in JSWINFRA
Filings to Aug 2026
0 new, 7 added, 4 trimmed, 0 sold out — net −34.67 L shares (−3.4%).
- Held by funds
- ₹3.3k Cr
- 26 schemes
- Biggest holder
- SBI Contra Fund
- ₹680 Cr · 1.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Contra Fund SBI Mutual Fund | ₹680 Cr | held | Jun '26 |
| SBI Flexicap Fund SBI Mutual Fund | ₹592 Cr | −34.51 L | Jun '26 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹576 Cr | held | Jun '26 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹540 Cr | held | Jun '26 |
| SBI Midcap Fund SBI Mutual Fund | ₹296 Cr | held | Jun '26 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹103 Cr | −3.00 L | Sep '23 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹72 Cr | held | Jun '26 |
| SBI Retirement Benefit Fund - Aggressive Plan SBI Mutual Fund | ₹68 Cr | held | Jun '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
7 added, 4 trimmed — net −34.67 L shares (−3.4%)
- Funds are sitting on
- -3%
- vs est. average cost
- Held by funds
- ₹3.3k Cr
- 26 schemes · ≈ 3.9% of the company
- Biggest holder
- SBI Contra Fund
- ₹680 Cr · 1.4% of that fund
- Longest holder
- Nippon India Power & Infra Fund
- 3y · since Sep '23
Shares held by these funds +530%
Sep '23 10.30 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse JSW Infrast
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