JSW Infrastructure Limited (JSWINFRA)
₹340.10 +1.63% last close, 16 Oct
Q2 FY27 results
📅 Next results: 27 Oct 2026 (board meeting)JSW Infrastructure Limited's board meets on 27 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, JSW Infrastructure's revenue was ₹1,445 Cr (+18.1% year on year, -5.1% on the previous quarter), and net profit ₹358 Cr (-8.2% year on year); the operating margin was 46.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,445 | +18.1% | -5.1% |
| Operating profit | ₹674 | +15.9% | -12.4% |
| Net profit | ₹358 | -8.2% | -15.7% |
| EPS (₹) | 1.65 | -10.8% | -17.1% |
| Operating margin | 46.6% | — | — |
JSWINFRA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 51.76% of the JSWINFRA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.85%. That is close to its usual level. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 58.1% · 60.9% · 52.1% · 62.2% · 51.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
JSW Infrastructure's listed subsidiary, Navkar Corporation Limited, has received a Letter of Acceptance (LoA) from Southern Railway for the construction and operation of a Gati Shakti Multi-Modal Cargo Terminal. The contract is valued at approximately ₹48 crore and will be executed entirely on railway land at Kulipalaiyam station (Tamil Nadu). Navkar is required to complete construction within 18 months, followed by a licensing period of 35 years. Relative to JSW Infra's TTM revenue of ₹5,582 crore, the order is financially minor (<1%), but strategically enhances multimodal rail connectivity.
- Subsidiary Navkar Corporation won a contract valued at approximately ₹48,00,00,000 (₹48 Cr)
- Project involves construction and operation of a Gati Shakti Multi-Modal Cargo Terminal on railway land at Kulipalaiyam station
- Construction must be completed within 18 months from approval or land handover
- Railway land is licensed for an operational tenure of 35 years
CARE Ratings has reaffirmed JSW Infrastructure Limited's Issuer Rating at 'CARE AA+; Stable'. Long Term / Short Term bank facilities have been enhanced from ₹480.00 crore to ₹660.00 crore, maintaining the 'CARE AA+; Stable / CARE A1+' rating. Additionally, short-term bank facilities were expanded with ₹10.00 crore assigned 'CARE A1+' and ₹40.00 crore (enhanced from ₹20.00 crore) reaffirmed at 'CARE A1+'. Total rated bank facilities now stand at ₹710 crore, reflecting robust creditworthiness against total debt of ₹4,560 crore.
- Issuer Rating reaffirmed at 'CARE AA+; Stable'
- Long Term / Short Term bank facilities enhanced to ₹660.00 crore from ₹480.00 crore (reaffirmed CARE AA+; Stable / CARE A1+)
- Short Term bank facilities enhanced to ₹40.00 crore from ₹20.00 crore (reaffirmed CARE A1+)
- New Short Term bank facility of ₹10.00 crore assigned 'CARE A1+' rating
JSW Infrastructure's subsidiary, JSW Jatadhar Marine Services Private Limited, has been assigned a new credit rating of 'CARE AA-; Stable' by Care Ratings Limited. The assigned rating covers long-term bank facilities totaling ₹2,100.00 crore. This ₹2,100 crore debt facility represents approximately 46% of JSW Infrastructure's total debt (₹4,560 crore) and 37.6% of its TTM revenue (₹5,582 crore). The rating supports the subsidiary's debt-raising capacity as JSW Infra progresses on developing the Jatadhar port infrastructure.
- CARE Ratings assigned 'CARE AA-; Stable' to subsidiary JSW Jatadhar Marine Services Private Limited
- Credit rating applies to long-term bank facilities of ₹2,100.00 crore
- Rated amount is equivalent to ~46% of consolidated debt (₹4,560 crore)
- Rating intimation received on September 22, 2026, and disclosed on September 23, 2026
JSW Infrastructure announced that Care Ratings Limited has upgraded the long-term credit rating of its subsidiary, South West Port Limited, to CARE AA; Stable from CARE AA-; Stable. The short-term rating for the facilities was reaffirmed at CARE A1+. The rating action covers total bank facilities of ₹41.00 crore, comprising ₹40.00 crore in long-term/short-term facilities and ₹1.00 crore in short-term facilities. Given JSW Infrastructure's total debt of ₹4,560 crore, the rated amount is relatively modest, representing less than 1% of consolidated debt.
- Long-term bank facilities rating upgraded to CARE AA; Stable from CARE AA-; Stable for subsidiary South West Port Limited
- Short-term bank facilities rating reaffirmed at CARE A1+
- Total rated bank facilities amount to ₹41.00 crore (₹40.00 crore LT/ST and ₹1.00 crore ST)
- Rating revision received by the company via email on September 22, 2026
JSW Infrastructure announced that Care Ratings Limited has upgraded the long-term credit rating of its subsidiary, South West Port Limited, to CARE AA; Stable from CARE AA-; Stable. The short-term rating for the facilities was reaffirmed at CARE A1+. The rating action covers total bank facilities of ₹41.00 crore, comprising ₹40.00 crore in long-term/short-term facilities and ₹1.00 crore in short-term facilities. Given JSW Infrastructure's total debt of ₹4,560 crore, the rated amount is relatively modest, representing less than 1% of consolidated debt.
- Long-term bank facilities rating upgraded to CARE AA; Stable from CARE AA-; Stable for subsidiary South West Port Limited
- Short-term bank facilities rating reaffirmed at CARE A1+
- Total rated bank facilities amount to ₹41.00 crore (₹40.00 crore LT/ST and ₹1.00 crore ST)
- Rating revision received by the company via email on September 22, 2026
JSW Infrastructure subsidiary JSW Jaigarh Port Limited received a credit rating upgrade from Care Ratings on September 22, 2026. The long-term rating for Rs 600.00 Cr bank facilities was upgraded from CARE AA; Stable to CARE AA+; Stable. Long-term rating on an additional Rs 135.00 Cr long/short-term facilities was also upgraded to CARE AA+; Stable, while short-term ratings on Rs 10.00 Cr facilities were reaffirmed at CARE A1+. The upgraded debt facilities total Rs 745.00 Cr, representing approximately 16.3% of JSW Infrastructure's consolidated debt of Rs 4,560 Cr.
- Long-term bank facilities of Rs 600.00 Cr upgraded to CARE AA+; Stable from CARE AA; Stable
- Long-term/short-term bank facilities of Rs 135.00 Cr upgraded to CARE AA+; Stable / CARE A1+
- Short-term bank facilities of Rs 10.00 Cr reaffirmed at CARE A1+
- Total rated bank facilities under the revision stand at Rs 745.00 Cr
- Press release issued by Care Ratings Limited on September 22, 2026
Care Ratings Limited has reaffirmed JSW Infrastructure Limited's Issuer Rating at 'CARE AA+; Stable'. Long-term/short-term bank facilities were enhanced from Rs 280.00 crore to Rs 480.00 crore and reaffirmed at CARE AA+; Stable / CARE A1+. Additionally, short-term bank facilities of Rs 20.00 crore were reaffirmed at CARE A1+, bringing rated bank facilities to a total of Rs 500.00 crore. The affirmation reflects ongoing creditworthiness across its Rs 4,560 crore total debt base.
- Issuer Rating reaffirmed at CARE AA+; Stable
- Long Term / Short Term Bank Facilities enhanced to Rs 480.00 Cr from Rs 280.00 Cr (reaffirmed at CARE AA+; Stable / CARE A1+)
- Short Term Bank Facilities of Rs 20.00 Cr reaffirmed at CARE A1+
- Total rated bank facilities increased by Rs 200.00 Cr to Rs 500.00 Cr
JSW Infrastructure's wholly owned subsidiary, JSW Port Logistics Private Limited, has received a Letter of Intent (LoI) from the Inter-Ministerial Committee, Ministry of Finance (CBIC) to set up an Inland Container Depot (ICD) at Kudathini, Ballari District, Karnataka. The project will establish the first ICD in the Ballari region for handling EXIM cargo. The LoI mandates the facility to become operational within a 1-year timeline. While broad financial consideration was marked not applicable in the regulatory filing, this develops their brownfield rail siding acquired in September 2025 into a full Multi-Modal Logistics Park.
- LoI granted by the Inter-Ministerial Committee (CBIC, Ministry of Finance) received on September 10, 2026
- Requires the Kudathini ICD to be made operational within a 1-year execution timeline
- Project marks the first Inland Container Depot established in the Ballari region
- Follows earlier rail siding acquisition on September 11, 2025 and interim operations start on March 10, 2026
JSW Infrastructure has completed the acquisition of 100% shareholding in NCR Rail Infrastructure Limited through its step-down subsidiary, Khurja Rail Terminal Private Limited, under the IBC resolution process. The acquisition cost is ₹467.47 crore, alongside ₹41.94 crore paid to purchase ~39.57 acres of land from Arshiya Limited (total outlay ~₹509.41 crore, representing ~9.1% of TTM revenue). The acquired asset operates a Private Freight Terminal in Khurja, UP, with six rail lines, ~0.2 million sq ft of warehousing, and ~130 acres of land bank located ~40 km from the upcoming Jewar Airport. In FY26, NCR Rail reported revenue of ₹11.19 crore and a net loss of ₹25.96 crore.
- Acquisition cost of ₹467.47 crore plus ₹41.94 crore for ~39.57 acres of land, totaling ~₹509.41 crore in cash consideration
- Acquired 100% equity of NCR Rail and its non-operational subsidiary AMD Business Support Services (acquired for ₹1,00,000)
- Assets include a Private Freight Terminal with 6 rail lines, ~0.2 million sq ft of operational warehousing, and ~130 acres land bank
- NCR Rail reported FY26 revenue of ₹11.19 crore and PAT loss of ₹25.96 crore, with historical liabilities resolved via the NCLT plan
JSW Infrastructure Limited has scheduled interactions across three institutional investor conferences in September 2026. The company will participate in the Morgan Stanley Virtual India Industrials & Energy Seminar on September 16, followed by in-person meetings at the Jefferies 5th India Forum in Gurgaon on September 18. Additionally, it will attend the J.P. Morgan India Conference in Mumbai on September 22, comprising both group and one-on-one sessions. No unpublished price sensitive information is expected to be shared.
- Virtual group meeting scheduled at Morgan Stanley Seminar on 16th September, 2026
- Group and one-on-one meetings scheduled at Jefferies 5th India Forum on 18th September, 2026 in Gurgaon
- Group and one-on-one meetings scheduled at J.P. Morgan India Conference on 22nd September, 2026 in Mumbai
JSW Infrastructure Limited announced that Mr. Lalit Singhvi has stepped down from his advisory role with effect from the end of the day on August 31, 2026, due to personal commitments. He will continue to serve as a Non-Executive Non-Independent Director on the board. Additionally, he has stepped down from four board committees: Audit, Risk Management, Finance, and Business Investment Committees. The company confirmed that board and committee compositions continue to comply with the Companies Act, 2013, and SEBI Listing Regulations.
- Stepped down from advisory role effective 31st August, 2026 (end of the day)
- Continues to serve as Non-Executive Non-Independent Director (DIN: 05335938)
- Relinquished membership across 4 Board committees: Audit, Risk Management, Finance, and Business Investment
- Initially appointed with remuneration as advisor effective 1st September 2025
JSW Infrastructure Limited has scheduled participation in the Ashwamedh – Elara India Dialogue 2026 institutional investor conference. The meetings are set to take place on September 2, 2026, in Mumbai. The format includes both group and one-on-one interactions with institutional investors. This is a routine disclosure under Regulation 30 of SEBI LODR Regulations.
- Participation scheduled for September 2, 2026
- Event: Ashwamedh – Elara India Dialogue 2026
- Venue: Grand Hyatt, Santacruz, Mumbai
- Meeting format: Group and One on One Meeting
JSW Infrastructure Limited has executed a Share Purchase Agreement (SPA) to acquire 100% of the share capital of JSW Overseas FZE from JSW Terminal (Middle East) FZE. Following this transaction, JSW Overseas FZE will shift from being a step-down wholly owned subsidiary to a direct wholly owned subsidiary of the company. The transaction remains subject to regulatory approvals under the laws of India and the UAE. Deal value and financial consideration were not disclosed in the filing.
- Executed Share Purchase Agreement on August 22, 2026, at around 7:00 p.m. IST
- Acquires 100% of the share capital of JSW Overseas FZE from JSW Terminal (Middle East) FZE
- Converts JSW Overseas FZE from a step-down subsidiary into a direct wholly owned subsidiary
- Transaction is subject to regulatory approvals from relevant authorities in India and the UAE
- Follows earlier corporate intimation dated January 16, 2026
Fitch Ratings has affirmed JSW Infrastructure Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-' with a Stable outlook. The affirmation also covers its USD 400 million senior secured notes due in 2029. This maintains the company's investment-grade foreign currency credit profile without any changes to debt terms or outlook.
- Fitch Ratings affirmed Long-Term Foreign-Currency IDR at 'BBB-' with Stable Outlook
- Rating affirmed for USD 400 million senior secured notes due 2029
- Rating agency release dated 19th August, 2026 and intimation received on 20th August, 2026
JSW Infrastructure Limited has submitted the voting results and scrutinizer's report for its 20th Annual General Meeting held on August 13, 2026. Shareholders approved all proposed resolutions with requisite majority, including the adoption of FY26 financial statements and declaration of a dividend of Re. 0.90 per equity share of face value Rs. 2. Additionally, resolutions regarding material related-party transactions between subsidiaries (including JSW Dharamtar Port and JSW Rail Infra Logistics) and JSW Steel Limited received required approval, with related parties abstaining from voting.
- Shareholders approved a dividend of Re. 0.90 per equity share of Rs. 2 face value with 99.9999% votes in favour
- Adoption of FY26 Standalone and Consolidated Financial Statements passed with 99.9980% favourable votes on 2,187,867,876 votes polled
- Material Related Party Transactions with JSW Steel Limited across subsidiaries passed with over 99.99% minority shareholder support, with related parties abstaining
- Total number of registered shareholders on the AGM record date was 427,118
Financial Performance
Revenue Growth by Segment
Total Operating Income (TOI) grew 19% YoY to INR 4,490 Cr in FY25 from INR 3,783 Cr in FY24. In H1FY26, TOI grew 24% YoY to INR 2,489 Cr, driven by a 21% YoY increase in Q1FY26 (INR 1,224 Cr) due to higher cargo volumes and inorganic growth from the logistics segment.
Geographic Revenue Split
Not specifically disclosed by percentage, but operations are diversified across the eastern and western coasts of India, including major hubs like Jaigarh, Dharamtar, and Paradip.
Profitability Margins
Gross Cash Accruals (GCA) increased 19.3% to INR 2,005 Cr in FY25 from INR 1,681 Cr in FY24. Net profit for the newly acquired railway rake business is projected at INR 60 Cr in FY27 and INR 90 Cr in FY28, indicating an EPS-accretive trajectory.
EBITDA Margin
PBILDT margin was 50.69% in FY25. Margins declined to 46.32% in H1FY26 (compared to 47.84% in H1FY25) and 47.49% in Q1FY26 (compared to 50.97% in Q1FY25) due to the consolidation of the lower-margin logistics business (Navkar Corporation).
Capital Expenditure
Planned capital outlay of INR 13,500 Cr to INR 14,000 Cr over FY26-FY28. Approximately 60% of total capex planned through FY30 is allocated to greenfield projects, including the Jatadhar port and Keni port.
Credit Rating & Borrowing
Assigned [ICRA]AA+ (Stable) rating in September 2025. The company maintains a robust capital structure with an overall gearing of 0.48x and net debt to PBILDT of 0.82x as of March 31, 2025.
Operational Drivers
Raw Materials
Not applicable as a service provider; primary operational inputs include fuel for vessels/equipment and electricity for port operations.
Capacity Expansion
Current cargo handling capacity is 177 MMTPA as of June 30, 2025. Expansion plans include increasing Jaigarh and Dharamtar port capacities and commissioning the Jatadhar port to support JSW Steel's expansion to 15 MTPA at Dolvi.
Raw Material Costs
Not applicable; however, operating costs are impacted by the consolidation of the logistics segment, which has a higher cost-to-revenue ratio than core port operations.
Manufacturing Efficiency
Jaigarh port reported a moderate utilization of 36% in FY25, constrained by limited hinterland connectivity, which the company is addressing through rail and pipeline investments.
Logistics & Distribution
The company is transitioning to a multimodal provider, acquiring 100% of three JSW rail logistics entities for an enterprise value of INR 1,212 Cr to manage 45 total rakes.
Strategic Growth
Expected Growth Rate
25%
Growth Strategy
Growth is driven by a 28% CAGR in cargo volumes (FY20-FY25) and strategic acquisitions like Navkar Corp and the JSW rail rake business (Enterprise Value INR 1,212 Cr). The company is also executing a massive INR 14,000 Cr capex plan for greenfield ports and slurry pipelines to serve anchor customers like JSW Steel and JSW Cement.
Products & Services
Port handling for dry bulk, break bulk, liquid bulk, gases, and containers; railway rake logistics; slurry pipeline transportation; and marine services.
Brand Portfolio
JSW Infrastructure, JSW Jaigarh Port, JSW Dharamtar Port, Navkar Corporation.
New Products/Services
Multimodal logistics services including rail rake operations (projected FY28 EBITDA of INR 250 Cr) and slurry pipeline operations for iron ore transport.
Market Expansion
Expanding presence on both Eastern and Western coasts of India; specifically targeting increased third-party cargo to reduce group dependency from 51% to lower levels.
Market Share & Ranking
Second-largest port operator in India with 177 MMTPA capacity, following APSEZ.
Strategic Alliances
Long-term service agreements with Bhushan Power and Steel Limited (BPSL), JSW Steel, and JSW Cement for guaranteed cargo volumes.
External Factors
Industry Trends
The industry is shifting toward multimodal connectivity and integrated logistics. JSWINFRA is positioning itself by moving beyond port gates into rail and pipeline infrastructure to capture a larger share of the value chain.
Competitive Landscape
Primary competitor is Adani Ports (APSEZ) with 633 MMT capacity; JSWINFRA competes on the basis of strategic location and captive group volumes.
Competitive Moat
Durable advantages include long-term concession periods, strategic integration with JSW Group's 15 MTPA Dolvi expansion, and high entry barriers for greenfield port development. These are sustainable due to the capital-intensive nature of the assets.
Macro Economic Sensitivity
Highly sensitive to Indian EXIM trade volumes and industrial production (Steel/Cement), which drive the 28% cargo CAGR.
Consumer Behavior
Increased national focus on 'Gati Shakti' and multimodal transport is driving demand for integrated port-to-factory logistics solutions.
Geopolitical Risks
Exposure to global trade disruptions that could affect container and bulk cargo volumes across its 177 MMTPA capacity.
Regulatory & Governance
Industry Regulations
Subject to Board of Major Port Authority pricing controls at specific terminals; must comply with the regulatory requirement to reduce promoter shareholding to 75% by September 2026.
Environmental Compliance
Exposed to risks regarding coal volume handling; mitigation includes a focus on renewable energy and waste management to meet tightening environmental norms.
Taxation Policy Impact
Not specifically disclosed; follows standard Indian corporate tax rates.
Legal Contingencies
The valuation reports assume no material adverse change or undisclosed litigations, but no specific pending court case values were provided in the documents.
Risk Analysis
Key Uncertainties
Project execution and ramp-up risks for greenfield projects (60% of capex) could impact the projected 25% growth rate if timelines slip.
Geographic Concentration Risk
Concentrated in India, with significant revenue dependency on the Maharashtra cluster (Jaigarh and Dharamtar ports).
Third Party Dependencies
While reducing, the company still depends on JSW Group for 51% of its revenue, making it vulnerable to the steel and cement industry cycles.
Technology Obsolescence Risk
Low risk in physical port infrastructure, but digital transformation in logistics (tracking/automation) is necessary to maintain competitiveness with Navkar Corp integration.
Credit & Counterparty Risk
Strong credit profile with 60-day receivable cycle and high-quality anchor clients (JSW Steel, BPSL) ensuring steady cash flows.
