JSW Infrastructure (JSWINFRA) Q2 26/27 earnings summary

Executive summary

• H1 FY27 cargo handled was 60.5 million tons; India operations grew 10% YoY versus 5% industry growth. Q2 cargo was 29.4 million tons, with India operations up 8%.

• H1 FY27 revenue from operations rose 18% YoY to INR 2,925.75 crore; operating EBITDA increased 13% to INR 1,348 crore. Growth continued despite Fujairah disruption and softer volumes at selected ports.

Financial highlights

• Q2 FY27 consolidated revenue from operations was INR 1,480.92 crore, up 17% YoY; total income was INR 1,669.47 crore and operating EBITDA was INR 674 crore, up 11%.

• Q2 PBT was INR 431.13 crore and net profit was INR 325.94 crore; H1 PBT was INR 893.92 crore and net profit INR 685.83 crore, down from INR 758.38 crore in H1 FY26.

• Q2 total revenue was INR 1,669.47 crore, up 22% YoY; H1 total revenue was INR 3,171 crore, up 18%.

• Q2 results reflected unrealized FX losses from rupee depreciation, higher depreciation and a higher effective tax rate.

Outlook and guidance

• FY27 EBITDA target is INR 2,950–3,000 crore, comprising ports at INR 2,550–2,560 crore and logistics slightly above INR 400 crore; Fujairah remains a key uncertainty.

• FY27 logistics EBITDA margin guidance increased to 28% from 24%, while the EBITDA target remained INR 400 crore; FY28 margin guidance will be revisited in Q3 or Q4.

• Rail fleet is targeted to reach 110 rakes by March 2027, with a medium-term target of 140 container rakes; H2 domestic cargo growth of 8%–10% YoY is expected despite a planned 30-day Tuticorin shutdown.

• Port capacity targets remain 300 MTPA by FY28 and ~400 MTPA by FY30; FY27–28 capex guidance is INR 16,500 crore.

• Logistics FY30 targets are INR 8,000 crore revenue and INR 2,000 crore EBITDA, with FY25–30 capex of INR 9,000 crore; Keni commercial operations are expected in FY30.