JSW Infrastructure Limited – 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 Mar-27.
  • Secured LOA for Development of Gati Shakti Multi-Modal Cargo Terminal at Kulipalaiyam, Tamil Nadu, enhancing logistics presence to 8 facilities across 5 states.
  • Completed acquisition of NCR Rail Infrastructure Limited.

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

Segment-wise Performance

Ports Segment:

  • Recording 8% YoY growth in Q2 FY27 for India operations.

Navkar Corp Segment:

  • Q2 FY27 Revenue from Operations: ₹279 crore, up 72% YoY.
  • Q2 FY27 Operating EBITDA: ₹81 crore, up 226% YoY.
  • Q2 FY27 EBITDA Margin: 28.9% vs 15.2% in Q2 FY26.
  • H1 FY27 Revenue from Operations: ₹517 crore, up 72% YoY.
  • H1 FY27 Operating EBITDA: ₹153 crore, up 242% YoY.
  • H1 FY27 EBITDA Margin: 29.7% vs 14.9% in H1 FY26.
  • Domestic volumes up 16%/26% YoY in Q2/H1 FY27.
  • EXIM volumes up 12%/7% YoY in Q2/H1 FY27.

Explanation of significant changes in segment performance: Strong growth in Navkar Corp driven by increased domestic and EXIM volumes.

Financial Highlights

Q2 FY27 Consolidated:

  • Revenue from Operations: ₹1,481 crore, +17% YoY.
  • Operating EBITDA: ₹1,348 crore, +13% YoY.
  • Profit Before Tax: ₹431 crore.
  • Profit After Tax: ₹328 crore.

H1 FY27 Consolidated:

  • Revenue from Operations: ₹2,926 crore, +18% YoY.
  • Operating EBITDA: Not explicitly stated for H1.
  • Profit Before Tax: ₹894 crore.
  • Profit After Tax: ₹686 crore.

Drivers of financial performance: Higher revenue growth from operations.

Balance Sheet Snapshot

  • Cash & Bank: ₹8,985 crore (as of 30th Sep 2026).
  • Gross Debt: ₹7,292 crore (as of 30th Sep 2026).
  • Net Cash: ₹1,693 crore.

Financial Health Insights: Strong balance sheet with net cash position.

Capex & Cash Flow Health

Capital Expenditure: Multiple projects with estimated Capex detailed in project updates.

Investment Rationale: Focus on capacity expansion, greenfield and brownfield projects, and logistics integration.

Strategic & R&D Initiatives

Investments in Innovation: Development of new terminals (Tuticorin, Kolkata, Jatadhar, Keni), brownfield expansion (Dharamtar, Jaigarh), slurry pipeline, and logistics facilities (GCT, ICDs, MMLPs).

Expected impact on growth: Targeting ~2.4x increase in overall port capacity by 2030.

Strategic Rationale: Expanding into high-growth markets, enhancing multi-modal logistics capabilities, and leveraging JSW Group's business locations.

Industry Trends & Business Environment

Macro/Industry Trends: Government initiatives like GPWIS and LSFTO supporting rail infrastructure growth.

Impact on Company: Enabling target of 110 specialised rakes and 140 container rakes in the medium term.

Management Commentary & Growth Outlook

Strategic Outlook: Focus on growth through greenfield ICDs & MMLPs, Gati Shakti Multi-Modal Cargo Terminals (asset light model), inorganic opportunities, partnerships, and investment into rail & container rakes.

FY Guidance:

  • FY27 Cargo Guidance: 125-130 MT.
  • FY28 Cargo Guidance: 145-150 MT.

Key Project Updates

V.O. Chidambarana Port, Tuticorin: 7mtpa dry bulk berth, Capex ₹600 Crore, interim operations handling 1.63MT in Q2 FY27, expected completion Q4 FY27.

Kolkata Container Terminal: 0.45 million TEUs capacity, Capex ₹740 Crore, interim operations handling 0.05MT in Q2 FY27, expected completion Q3 FY28.

LPG at Jaigarh: 2mtpa capacity, Capex ₹900 Crore, marine operations to start by March 2027.

Expansion at Dharamtar & Jaigarh: 36mtpa capacity expansion, Capex ₹2,359 Crore, Dharamtar expected completion March 2027, Jaigarh June 2027.

Jatadhar Port: Phase I 30mtpa, Capex ₹3,050 Crore, mechanization works to be completed by March 2027.

Keni Port: 30mtpa greenfield port, Capex ₹4,119 Crore, commercial operations expected FY2030.

Slurry Pipeline Project: 30 mtpa, 302KM, Capex ₹4,000 Crore, construction to be completed by March 2027.

Sustainability

Key Performance Indicators provided for H1 FY27 (unaudited): Specific energy consumption, Water consumption, Renewable energy consumption, GHG emissions intensity.