JSW Infrastructure LimitedQuarter ended 30 September 2026 Results & Financial Update
JSW Infrastructure Limited: Quarter ended 30 September 2026 consolidated results and company financials – revenue ₹1,480.92 Cr, PAT ₹328.23 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
Find an answer
Ask this result
Chart · Market context
JSW Infrastructure price & chart
Market price₹308.95
1Y return—Price return
Loading market chart…
TradingView Lightweight Charts™ · Copyright © 2025 TradingView, Inc.TradingView
Market chartPrice chart temporarily unavailableThe price chart could not be loaded right now. The reported financial results remain available above.
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore JSW Infrastructure Quarter ended 30 September 2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
During the second quarter of fiscal 2027, JSW Infrastructure delivered a 17.02% year-on-year increase in consolidated operating revenue to ₹1,481.02 crore, up from ₹1,265.59 crore in the corresponding period of the previous year. Total income grew to ₹1,669.47 crore compared with ₹1,372.31 crore a year ago.
Profit before tax contracted by 6.94% year-on-year to ₹431.13 crore from ₹463.29 crore, even as operational EBITDA expanded by 11% to ₹674.00 crore compared to ₹610.00 crore in the same quarter last year, supported by volume gains and stellar momentum in the logistics division.
Total cargo volumes handled across the network reached 29.4 million tonnes for the quarter. Within this total, India operations registered an 8% year-on-year volume expansion, driven by higher capacity utilization at key terminals such as Paradip Coal, Ennore Bulk, and Mangalore Coal.
The ports segment generated operational revenue of ₹1,202 crore, representing a 9% year-on-year increase propelled by volume growth, higher ancillary service uptake, and currency translation effects. Operating EBITDA for the ports business rose by 2% to ₹594 crore.
The logistics business emerged as a major growth engine, with revenue jumping significantly to ₹279 crore from ₹163 crore in Q2 FY2026. Operating EBITDA for the logistics segment surged 3.3 times to ₹81 crore, with the segment operating EBITDA margin improving to 28.9% from 15.2% previously.
The balance sheet remained robust, closing the quarter with a net cash position of ₹1,693 crore, gross debt of ₹7,292 crore, and cash and bank balances totaling ₹8,985 crore.
01 · Business model
What does JSW Infrastructure do?
JSW Infrastructure Limited operates as India's second-largest private commercial port operator and a fast-growing logistics platform, forming an integral part of the JSW Group. The company manages thirteen strategically positioned port concessions along the western and eastern coasts of India, alongside an international presence featuring a 465,000 cubic meter liquid storage terminal and two operations and maintenance contracts in the UAE.
The core revenue engines span port operations—encompassing cargo handling, storage, and ancillary maritime services—as well as an expanding logistics segment that delivers integrated rail and multi-modal transportation solutions across key industrial and consumption corridors in India.
Facilities are engineered with high levels of mechanization to handle diverse cargo types, ranging from dry bulk and break bulk to liquid cargo, accommodating vessels up to Cape size to secure rapid turnaround times and optimized asset utilization for a broad industrial customer base.
02 · Historical context
What shaped the business before this quarter
In October 2024, the company accelerated its logistics footprint through the acquisition of Navkar Corporation, laying the foundation for its pan-India multimodal logistics network.
In July 2025, the company was awarded the Kolkata Container Terminal, subsequently commencing interim operations to build volume ahead of full-scale development.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended 30 September 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹1,480.92 Cr | ₹1,265.59 Cr | ₹1,444.83 Cr |
| Total income | ₹1,669.47 Cr | ₹1,372.31 Cr | ₹1,501.63 Cr |
| Profit before tax | ₹431.13 Cr | ₹463.29 Cr | ₹462.79 Cr |
| Profit after tax | ₹328.23 Cr | ₹368.81 Cr | ₹357.60 Cr |
| EPS | ₹1.35 | ₹1.74 | ₹1.65 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
India cargo volumes grew by 8% year-on-year, driven by improved capacity utilization at Paradip Coal, Ennore Bulk, and Mangalore Coal terminals, supplemented by interim operations at Tuticorin Bulk Terminal and Kolkata Container Terminal.
Logistics revenue climbed to ₹279 crore from ₹163 crore in Q2 FY2026, benefiting from the rapid scaling of the rail rake fleet and increasing contributions from rail logistics operations.
What drove margins
Logistics segment operating EBITDA margin expanded sharply to 28.9% from 15.2% in the corresponding quarter of the previous year, driven by higher utilization and expanding scale in the rail logistics business.
Higher depreciation charges of ₹175.08 crore—compared to ₹148.52 crore in Q2 FY2026—reflect the ongoing commissioning of growth projects in the ports business and the continuous capital expenditure scale-up in logistics.
05 · Demand, customers & order book
Where demand is coming from
Total cargo volumes handled across all concessions stood at 29.4 million tonnes for the quarter ended 30 September 2026.
Cumulative cargo handling for the first half of fiscal 2027 reached 60.5 million tonnes, representing a 4% increase over the previous year, with India operations growing 10% year-on-year.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Delivered revenue of ₹279 crore and operating EBITDA of ₹81 crore, reflecting a 3.3x increase in segment EBITDA and margin expansion to 28.9% on the back of expanded rail rake deployment.
Geography and market mix
Growth across domestic assets was partially offset by a challenging operating environment at the Fujairah Liquid Terminal in the UAE.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company remains on track to expand its total cargo-handling capacity from the current 186 Million Tonnes Per Annum (MTPA) to 400 MTPA by 2030.
The operational rail rake fleet expanded from 42 rakes at the beginning of the quarter to 78 rakes by the end of September 2026.
Projects, capex and execution
Executed the 30-year concession agreement for the 13 MTPA Kolkata Outer Container Terminal to strengthen the container business presence on India's eastern coast.
Secured the Letter of Acceptance for developing a Gati Shakti Multi-Modal Cargo Terminal at Kulipalaiyam, Tamil Nadu, expanding the logistics presence to 8 facilities across 5 states.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Successfully completed the acquisition of NCR Rail Infrastructure Limited under an NCLT-approved resolution plan, expanding the logistics footprint into North India.
Continuing to build out an integrated logistics platform combining port concessions, 8 strategic logistics assets, and a rapidly expanding rail fleet to serve industrial corridors.
09 · Reported developments
What changed operationally
Logistics segment operating EBITDA grew 3.3 times year-on-year to ₹81 crore, with margins rising to 28.9% as rail fleet operations scaled efficiently.
Honored at the All India Maritime and Logistics Awards (MALA) 2026 for expanding its footprint across the ports and logistics value chain, while JSW Dharamtar Port won the Smart Port Digital Transformation Award.
10 · Pressure points & risks
What is not going smoothly
Net profit declined by 11% year-on-year to ₹328.23 crore, weighed down by unrealized forex losses from currency depreciation and elevated finance and depreciation expenses.
11 · Items worth noticing
The line items that can distort a quick read
Management explicitly noted that consolidated profitability was impacted by unrealized foreign exchange losses resulting from rupee depreciation during the quarter.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
Gross debt stood at ₹7,292 crore at the close of the quarter, fully covered by cash reserves, yielding a net cash surplus of ₹1,693 crore.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Kolkata Interim Operations
Commenced interim operations at the 6.3 MTPA Kolkata Container Terminal to capture early volume throughput ahead of the full-scale commissioning.
Reported update
Rail Fleet Expansion Roadmap
Plans to take the rail rake fleet from 78 rakes up to 110 rakes by March 2027, with 32 additional rakes scheduled for delivery during the second half of the fiscal year.
14 · Previous-quarter changes
What changed since the previous quarter
Operating revenue moved from ₹1,444.83 crore in Q1 FY2027 to ₹1,481.02 crore in Q2 FY2027.
Profit after tax moved from ₹357.60 crore in Q1 FY2027 to ₹328.23 crore in Q2 FY2027.
15 · Key Q&A
The quarter, answered directly
What does JSW Infrastructure do?
JSW Infrastructure Limited operates as India's second-largest private commercial port operator and a fast-growing logistics platform, forming an integral part of the JSW Group. The company manages thirteen strategically positioned port concessions along the western and eastern coasts of India, alongside an international presence featuring a 465,000 cubic meter liquid storage terminal and two operations and maintenance contracts in the UAE.
What is the clearest takeaway from Quarter ended 30 September 2026?
During the second quarter of fiscal 2027, JSW Infrastructure delivered a 17.02% year-on-year increase in consolidated operating revenue to ₹1,481.02 crore, up from ₹1,265.59 crore in the corresponding period of the previous year. Total income grew to ₹1,669.47 crore compared with ₹1,372.31 crore a year ago.
What drove revenue or demand?
India cargo volumes grew by 8% year-on-year, driven by improved capacity utilization at Paradip Coal, Ennore Bulk, and Mangalore Coal terminals, supplemented by interim operations at Tuticorin Bulk Terminal and Kolkata Container Terminal.
What mattered most for margins or profitability?
Logistics segment operating EBITDA margin expanded sharply to 28.9% from 15.2% in the corresponding quarter of the previous year, driven by higher utilization and expanding scale in the rail logistics business.
What changed operationally beyond the headline numbers?
The company remains on track to expand its total cargo-handling capacity from the current 186 Million Tonnes Per Annum (MTPA) to 400 MTPA by 2030.
What are the main pressure points disclosed for the quarter?
Net profit declined by 11% year-on-year to ₹328.23 crore, weighed down by unrealized forex losses from currency depreciation and elevated finance and depreciation expenses.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
Scenario revenue / income₹0 cr
Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Rail Fleet Milestone: Tracking the scheduled delivery of 32 additional rail rakes during H2 FY2027 to reach the target fleet size of 110 rakes by March 2027.
- 02
Project Execution Progress: Execution milestones on the 30-year concession for the 13 MTPA Kolkata Outer Container Terminal and the Kulipalaiyam Gati Shakti terminal development.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.