JSW Infrastructure (JSWINFRA) Q4 24/25 earnings summary

Executive summary

• Achieved 9% year-on-year growth in cargo handled, reaching 117 million tons for FY25, with third-party cargo up 34% and now comprising 49% of the mix.

• Total revenue grew 20% year-on-year to INR 4,829 crores, EBITDA rose 17% to INR 2,615 crores, and net profit increased 31% to INR 1,521 crores.

• Board recommended a dividend of ₹0.80 per share, representing 40% of face value, up from 27.5% in FY24.

• Major acquisitions included a 70.37% stake in Navkar Corporation (logistics) and the Slurry Pipeline business, with a long-term take-or-pay agreement.

• Strong balance sheet with net debt to operating EBITDA at 0.65x and gross debt of ₹4,659 crore as of March 31, 2025.

Financial highlights

• Q4 FY25 port cargo volumes were 31.2 million tons, up 5% year-on-year, driven by strong demand at key terminals and new operations at Tuticorin and JNPA.

• Consolidated revenue for the quarter was INR 1,372 crores, with EBITDA at INR 730 crores, up 14% and 7% year-on-year, respectively.

• Ports segment FY25 revenue was ₹4,226 crore (+12% YoY), operating EBITDA margin at 54.4%.

• Logistics segment (Navkar) FY25 revenue was ₹250 crore, with a net loss of ₹26 crore post-acquisition.

• Net worth increased to ₹9,329 crore, and ROCE improved to 18.4% in FY25 from 14.3% in FY24.

Outlook and guidance

• Targeting 10% growth in port volumes and 50% revenue growth in logistics for FY 2026.

• Expansion plan to reach 400 million tons per annum capacity by FY 2030 remains on track, with multiple greenfield and brownfield projects underway.

• Logistics business aiming for INR 8,000 crores revenue and 25% EBITDA margin by FY 2028.

• Growth levers include privatisation bids, value-accretive acquisitions, and leveraging the balance sheet for inorganic opportunities.

• Confident in meeting conservative guidance despite global uncertainties.