JSW Infrastructure – Investor Presentation Summary

Key Operational Highlights

  • Total cargo handled: 29.4 MT in Q2 FY27 and 60.5 MT in H1 FY27
  • Cargo volumes at India operations up 8% YoY in Q2 FY27 and 10% YoY in H1 FY27
  • Rail rake fleet scaled to 78, progressing towards 110 rakes by March 2027
  • Secured LOA for Development of Gati Shakti Multi-Modal Cargo Terminal at Kulipalaiyam, Tamil Nadu, enhancing logistics presence to 8 facilities across 5 states

Key drivers of operational performance: Improved capacity utilization at Paradip Coal, Ennore Bulk and Mangalore Coal terminals; interim operations at Tuticorin Bulk Terminal and Kolkata Container Terminal; robust throughput growth at multiple ports.

Financial Highlights

Revenue: ₹2,926 Crore (H1 FY27) +18% YoY

EBITDA: ₹1,348 Crore Operating EBITDA (H1 FY27) +13% YoY

PAT: ₹686 Crore (H1 FY27)

Q2 FY27 Financials:

Revenue: ₹1,481 Crore +17% YoY

Operating EBITDA: ₹674 Crore +11% YoY

PAT: ₹328 Crore

Margins: Operating EBITDA margin not specified for H1/Q2 consolidated

YoY comparison: H1 Revenue +18%, H1 Operating EBITDA +13%, H1 PAT not provided with YoY comparison

Drivers of financial performance: Growth driven by increased cargo volumes and operational efficiency; Navkar Corporation delivered strong growth with domestic volumes up 16%/26% YoY and EXIM volumes up 12%/7% YoY in Q2/H1 FY27.

Key Risks: Challenging operating environment at Fujairah Liquid Terminal; lower volumes at Jaigarh Port and Paradip Iron Ore Terminal mentioned as partial offsets to growth.

Balance Sheet Snapshot

Net Debt/Equity: Net cash of ₹1,693 Crore

Cash & Bank: ₹8,985 Crore

Gross Debt: ₹7,292 Crore (as of 30th September 2026)

Financial Health Insights: Strong balance sheet with net cash position; robust operational cash flow generation.

Capex & Cash Flow Health

Capital Expenditure: Multiple projects with estimated capex - Tuticorin (₹600 Crore), Kolkata (₹740 Crore), LPG at Jaigarh (₹900 Crore), Dharamtar & Jaigarh expansion (₹2,359 Crore), Jatadhar Port (₹3,050 Crore), Keni Port (₹4,119 Crore), Slurry Pipeline (₹4,000 Crore)

Investment Rationale: Focus on capacity expansion from 186 MTPA to 400 MTPA by 2030; development of integrated logistics platform; diversification into multi-cargo ports.

Strategic & R&D Initiatives

Investments in Innovation: Slurry pipeline project (30 MTPA, 302km); development of greenfield ports (Jatadhar, Keni); brownfield expansion at existing ports; rail infrastructure investment.

Expected impact on growth: Targeting 2.4x increase in overall capacity by 2030; slurry pipeline to serve JSW Steel's expansion needs.

Strategic Rationale: Leveraging JSW Group's diverse business locations to set up railway sidings and infrastructure; expanding into ICDs and Multi-Modal Logistics Parks; participating in GCT bids.

Industry Trends & Business Environment

Macro/Industry Trends: Government initiatives including Bharatmala (65,000 kms+ highways), Sagarmala ($100 Bn+ port modernization), PM Gatishakti multi-model connectivity projects; Maritime India Vision 2030 focusing on brownfield capacity augmentation and mega ports development; adoption of Landlord Model creating opportunities for private operators.

Impact on Company: Government policies creating growth opportunities in ports and logistics; rail advantage with lowest cost per tonne/km targeting 45% freight share by 2030.

Management Commentary & Growth Outlook

Strategic Outlook: Company aims to be India's 2nd largest private ports operator and fast-growing logistics platform with 400 MTPA capacity by 2030.

FY Guidance: Targeting 110 specialized rakes by March 2027; 140 container rakes in medium term; capacity expansion to 400 MTPA by 2030.

Risks and Opportunities: Government policies and regulations identified as factors that could affect future performance; political, economic, legal and social conditions in India noted as risk factors.

ESG Updates

Sustainability Performance: Specific energy consumption: 0.09 GJ/tch (H1 FY27); Water consumption: 0.03 m³/tch (H1 FY27); GHG emissions: 4.92 kg CO₂e/tch (H1 FY27)

CSR Initiatives: 73,375 people benefited through health initiatives; 37,214 students supported through education; 10,000+ individuals provided access to safe drinking water; 12,000+ plants/saplings planted; 2,00,000+ people covered under waste management projects.