JSW Infrastructure (JSWINFRA) Q3 25/26 earnings summary

Executive summary

• Q3 FY2026 saw strong operational and financial performance, with total cargo handled reaching 31.7 million tons (+8% YoY) and 90 million tons in 9M FY26 (+5% YoY), driven by key ports, logistics, and overseas operations.

• Consolidated revenue from operations for Q3 FY26 was ₹1,350 crore (+14% YoY), with net profit at ₹365 crore (+9% YoY), and 9M FY26 revenue at ₹3,839 crore (+20% YoY), net profit at ₹1,123 crore (+12% YoY).

• Logistics, especially Navkar, delivered robust growth, with Q3 EXIM volume up 19% YoY, domestic volume up 45% YoY, and 9M FY26 EXIM up 23% YoY, domestic up 35% YoY.

• Net debt as of December 2025 was ₹1,888 crore, with net debt/Op EBITDA at 0.76x and a strong cash position.

• Financial results were reviewed and approved by the Audit Committee and Board on January 16, 2026.

Financial highlights

• Q3 FY26 consolidated operating revenue was ₹1,350 crore (+14% YoY), operating EBITDA at ₹644 crore (+10% YoY), and PAT at ₹365 crore (+9% YoY).

• 9M FY26 operating EBITDA was ₹1,835 crore (+13% YoY), with an EBITDA margin of 54.5%.

• Navkar's Q3 revenue was ₹186 crore, EBITDA ₹33 crore, and net profit ₹9 crore, reversing a prior loss.

• Profit before tax for Q3 was ₹439.17 crore, up from ₹275.91 crore YoY.

• Net worth increased 15% YoY to ₹10,192 crore as of Dec 2025; ROCE improved to 15.4% (TTM).

Outlook and guidance

• FY2026 revenue guidance is ₹5,400 crore with operating EBITDA of ₹2,600 crore.

• Ports segment targets revenue of ₹8,000 crore and EBITDA of ₹4,300 crore by FY28E, with a CAGR of 30%+ from FY25-28.

• Logistics segment targets revenue of ₹3,650 crore and EBITDA of ₹700 crore by FY28E, with a CAGR of 38% from FY25-28.

• Cargo volume target for FY2026 is 123 million tons, with 6%-7% growth expected in FY2027 and a ramp-up to 165-175 million tons by FY2028.

• EBITDA is expected to grow ~15% in FY2027 and double by FY2028 from FY2026 levels.