JSW Infrastructure Q2 FY27 PAT Up 17% YoY

JSW Infrastructure – Investor Presentation Summary

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; Growth partially offset by challenging environment at Fujairah Liquid Terminal and lower volumes at Jaigarh Port and Paradip Iron Ore Terminal.

Navkar Corporation (Subsidiary) Performance: Revenue from Operations: ₹279 crore in Q2 FY27 (up 72% YoY) and ₹517 crore in H1 FY27 (up 72% YoY); Operating EBITDA: ₹81 crore in Q2 FY27 (up 226% YoY) and ₹153 crore in H1 FY27 (up 242% YoY); Margin: 28.9% in Q2 FY27 and 29.7% in H1 FY27; Domestic volumes up 16%/26% YoY in Q2/H1 FY27; EXIM volumes up 12%/7% YoY in Q2/H1 FY27.

Q2 FY27

H1 FY27

Drivers of financial performance: Revenue growth from increased cargo volumes and new terminal operations.
Comparison to market estimates: Not Specified.
Key Risks: Challenging operating environment at Fujairah Liquid Terminal; Lower volumes at Jaigarh Port and Paradip Iron Ore Terminal.

Capital Expenditure: Multiple projects with estimated Capex: Tuticorin (₹600 Crore), Kolkata (₹740 Crore), LPG at Jaigarh (₹900 Crore), Expansion at Dharamtar & Jaigarh (₹2,359 Crore), Jatadhar Port (₹3,050 Crore), Keni Port (₹4,119 Crore), Slurry Pipeline (₹4,000 Crore).
Free Cash Flow: Not Specified.
Operating Cash Flow: Not Specified.
Net Debt Movement: Not Specified.
Investment Rationale: Focus on capacity expansion, technology upgrades, and logistics integration.

Investments in Innovation: Scaling rail rake fleet to 110 by Mar-27 and targeting 140 container rakes medium term; Developing Gati Shakti Multi-Modal Cargo Terminals; Expanding into ICDs and Multi-Modal Logistics Parks (MMLPs).
Expected impact on growth: ~2.4x increase in overall port capacity by 2030.
Strategic Rationale: Leveraging JSW Group's diverse business locations to set up railway sidings and infrastructure; Expanding logistics presence through inorganic acquisitions and partnerships.

Macro/Industry Trends: Government initiatives like GPWIS and LSFTO supporting rail logistics growth.
Impact on Company: Enabling expansion of rail rake fleet and logistics business.

Strategic Outlook: Focus on growth through greenfield projects, brownfield expansions, and logistics foray.
FY Guidance: Targeting 110 rakes by Mar-27; Keni Port commercial operations expected in FY2030.
Market Share Targets: Not Specified.
Risks and Opportunities: Challenging operating environments at certain terminals; Growth opportunities from new concessions and expansions.

Key Performance Indicators (H1 FY27, unaudited): Specific Water Consumption: 15.9 l/tch; Specific Energy Consumption: 29.8 KJ/tch; Renewable Energy Consumption: 9.9 MWh; GHG Emissions (Scope 1 & 2): 6,614 tCO2e.