JSW Infrastructure (JSWINFRA) Q2 25/26 earnings summary

Executive summary

• Cargo volumes handled reached 58.2 million tons for H1 FY26, up 4% YoY, with domestic cargo volumes rising 29% and strong growth in logistics and port segments.

• Revenue for H1 FY26 was INR 2,686 crore, a 23% YoY increase; EBITDA grew 14% to INR 1,387 crore, and net profit rose 13% to INR 758 crore.

• Major progress in greenfield port projects at Keni, Murbe, and Jatadhar, with regulatory milestones achieved and construction underway.

• Logistics business expanded with acquisition of Kudathini rail siding and strong performance from Navkar Corporation, which returned to profitability.

• Secured investment grade rating (BBB-/Stable) from S&P and Fitch; strong balance sheet with cash and bank balance of ₹3,088 crore as of 30 Sep 2025.

Financial highlights

• Q2 FY26 operational revenue was INR 1,100 crore, up YoY; operational EBITDA for ports at INR 585 crore, margin improved to 53%.

• Group cargo volumes grew 6% YoY; third-party volumes declined due to Paradip shortfall.

• Navkar Corporation revenue rose to INR 163 crore, EBITDA to INR 25 crore, net profit to INR 4 crore from a loss last year.

• Consolidated Q2 PBT was INR 463 crore (down from INR 554 crore YoY due to non-cash FX adjustments); underlying PBT up 17% YoY excluding these.

• PAT for Q2 FY26 was INR 369 crore, slightly down YoY; H1 PAT rose 13% YoY to INR 758 crore.

Outlook and guidance

• FY26 cargo volume growth guidance maintained at 8%-10%, with H2 expected to outperform H1 due to firmer iron ore prices and seasonal trends.

• CapEx guidance for FY26: INR 4,000 crore for ports, INR 1,500 crore for logistics.

• Logistics revenue target for FY26 remains INR 7–8 billion, with EBITDA target of INR 1 billion.

• By FY30, logistics revenue targeted at INR 8,000 crore, with 60% domestic and 40% Exim mix, and 35%-40% from group customers.

• Roadmap targets 2.3x increase in port capacity by FY30, with multiple expansions and greenfield projects underway.