JSW Infrastructure (JSWINFRA) Q2 25/26 earnings summary

Executive summary

• Cargo volumes handled reached 58.2 million tons for April–September 2025, up 4% year-over-year, with domestic cargo volumes rising 29% in H1 and 46% in Q2.

• Revenue for H1 FY 2026 was INR 2,686 crore, a 23% year-over-year increase; EBITDA rose 14% to INR 1,387 crore, and net profit grew 13% to INR 758 crore.

• Major regulatory and construction milestones achieved at Keni, Murbe, and Jatadhar greenfield ports, with a combined initial capacity of 93 million tons per annum.

• 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 FY 2026 port cargo volumes were 28.9 million tons, up 3% year-over-year; group cargo share increased to 54%.

• Consolidated Q2 revenue was INR 1,372 crore, EBITDA INR 716 crore, up 26% and 18% year-over-year, respectively.

• Operational revenue for Q2 FY 2026 was INR 1,100 crore; port segment EBITDA was INR 585 crore, margin improved to 53%.

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

• PBT for Q2 FY 2026 was INR 463 crore (down from INR 554 crore YoY), but underlying PBT grew 17% excluding non-cash FX adjustments.

Outlook and guidance

• Full-year 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 FY 2026: INR 4,000 crore for ports, INR 1,500 crore for logistics; logistics revenue target INR 7–8 billion and EBITDA INR 1 billion.

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

• Logistics segment aims for ₹8,000 crore revenue and ₹2,000 crore EBITDA by FY30, with ₹9,000 crore capex planned FY25–30.

• Navkar Corporation EBITDA guidance for FY 2026 is INR 100 crore.