JSW Infrastructure (JSWINFRA) Q1 26/27 earnings summary

Executive summary

• Cargo volumes grew 6% YoY to 31 million tonnes in Q1 FY27, with India operations up 11% YoY and consolidated operating revenue rising 18% YoY to ₹1,445 crore; operating EBITDA increased 16% YoY to ₹674 crore, maintaining healthy margins.

• PAT for the quarter was ₹358 crore, with a strong balance sheet supported by cash and bank balances of ₹9,863 crore and gross debt of ₹7,094 crore as of June 30, 2026.

• Major capacity expansions were completed at South West Port and Mangalore Container Terminal, with interim operations commencing at Kolkata Container Terminal.

• Successfully completed a QIP of ₹7,503 crore and secured Moody’s Baa3 investment grade rating with a stable outlook.

Financial highlights

• Port segment revenue increased 11% YoY to ₹1,208 crore; port EBITDA up 7% YoY to ₹601 crore, margin at 49.8%.

• Logistics segment revenue rose to ₹237 crore (up from ₹138 crore YoY); EBITDA at ₹73 crore, margin at 30.6%.

• Navkar reported 62% YoY EBITDA growth to ₹33 crore; net profit up to ₹12 crore from ₹2 crore YoY.

• PAT for the quarter was ₹358 crore vs ₹390 crore YoY, reflecting lower PBT and higher ETR.

• ROCE improved to 17.2% from 13.4% YoY; net worth rose to ₹17,375 crore as of June 2026.

Outlook and guidance

• FY27 cargo volume guidance set at 127 million tonnes, factoring in reduced Fujairah contribution.

• Operating EBITDA guidance reaffirmed at INR 3,000 crore for FY27 and INR 5,000 crore for FY28.

• FY27 consolidated operating revenue projected at ₹6,850 crore, with FY28 targets of ₹8,000 crore revenue and ₹4,300 crore EBITDA.

• Targeting capacity expansion to 300 million tonnes by FY28 and 400 million tonnes by FY30.