- Event Type: Q2 FY27 Earnings Conference Call hosted by Investec Capital Services Limited.
- Event Date and Time: The call was held on 27th October, 2026. A specific time was not mentioned in the transcript.
- Purpose: To discuss operational and financial performance for the quarter and half year ended September 30th, 2026.
- Earnings Timing: The call was held after the earnings announcement.
- Management Participants: Mr. Rinkesh Roy (Joint MD and CEO), Mr. Nagarajan J (CFO), and Mr. Vishesh Pachnanda (Head Investor Relations).
- Availability of Materials: The transcript and accompanying materials are hosted on the Company's website at
https://www.jswinfrastructure.in/investors/quarterly-results/. - UPSI Statement: The transcript includes a standard disclaimer about forward-looking statements but does not contain a specific statement confirming that no Unpublished Price Sensitive Information (UPSI) was shared.
Financial and Operational Highlights from the Call:
- Financial Period Discussed: Q2 and H1 FY27 (Quarter and Half Year ended September 30, 2026).
- Consolidated Performance (H1 FY27): Operating Revenue was INR 2,926 crores (18% YoY growth). Operating EBITDA was INR 1,348 crores (13% YoY growth). Net Profit was INR 686 crores.
- Consolidated Performance (Q2 FY27): Operating Revenue was INR 1,481 crores (17% YoY growth). Operating EBITDA was INR 674 crores (11% YoY growth). PAT was INR 328 crores, down from INR 369 crores in Q2 FY26.
- Cargo Volumes (H1 FY27): Total handled cargo was 60.5 million tonnes. India operations grew 10% YoY.
- Cargo Volumes (Q2 FY27): Total handled cargo was 29.4 million tonnes (2% YoY growth). India operations grew 8% YoY. Third-party cargo accounted for 45% of total volumes.
- Logistics Business (Navkar Corp - Q2): Domestic cargo volumes stood at 459,000 MT (16% YoY growth). EXIM volumes reached 88,000 TEUs (12% YoY growth). Logistics segment EBITDA was INR 81 crores, up from INR 25 crores YoY.
- Logistics Scale-up: The rail rake fleet expanded from 42 rakes in Q1 to 78 rakes by the end of Q2. The company is on track to reach 110 rakes by March 2027.
- Project Updates:
- The Paradip slurry pipeline project is 88% complete and on schedule for commissioning by March 2027.
- Construction is progressing at Jatadhar Port, Odisha.
- Brownfield expansions at Dharamtar and Jaigarh ports are underway, with completions expected in Q4 FY27 and Q1 FY28, respectively.
- A 30-year concession agreement was signed for the 13 MTPA Outer Container Terminal at NSD Dock, Kolkata. Interim operations have commenced at the 6.3 MTPA Kolkata container terminal.
- Guidance: The FY27 logistics EBITDA target is maintained at INR 400 crores, but the expected margin has been revised to 28% from 24% due to an accounting treatment change for the specialized rakes business.
- Capital Expenditure: Cumulative capex spent up to September 2026 is ~INR 8,250 crores, with INR 1,500 crores spent in Q2. An additional INR 6,000 crores of capex is already committed via orders for machinery and civil works.
- Balance Sheet: The company maintained a strong cash position of INR 1,693 crores as of September 2026.
- Fujairah Terminal: Operations were disrupted with an EBITDA loss of ~INR 16 crores in H1. Testing for 8 tanks is underway, with operations expected to commence in the first week of November 2026, though demand in the region remains a concern.
Additional Notes Section
- The document is an official filing submitted to the BSE, NSE, and India INX, enclosing the transcript of the earnings call.
- The transcript contains extensive financial data, operational metrics, and detailed project updates as presented by management during the call.
- A comprehensive disclaimer regarding forward-looking statements is included at the beginning of the transcript.