Operating EBITDA of ₹644 Crore up 10% YoY
Profit After Tax (PAT) of ₹365 Crore up 9% YoY
JSW Infrastructure Limited (the “Company”), a part of the JSW Group and India’s second-largest private commercial port operator, today announced its results for the third quarter ended 31st December, 2025.
Q3 FY2026 - Key Highlights
Cargo Handled Volumes of 31.7 Million Tonnes, up 8% YoY
Operational Revenue of ₹1,350 Crore up 14% YoY
Operational EBITDA of ₹644 Crore an increase of 10% YoY
Profit After Tax (PAT) of ₹365 Crore up 9% YoY
Strong Balance Sheet, well-positioned to pursue growth
Net Debt to Operating EBITDA (TTM*) of 0.76x
Cash and Cash equivalents of ₹3,455 Crore
*Trailing Twelve Months
Q3 FY2026- Operational & Consolidated Financial Performance
During the quarter, the Company handled cargo volumes of 31.7 Million Tonnes which is higher by 8% over the last year. Volume growth was primarily supported by strong performances at the South West Port and Dharamtar Port. Interim operations at the Tuticorin terminal and the JNPA liquid terminal also contributed positively. However, overall growth was partially offset by lower volumes at the Paradip Iron Ore and Coal terminals.
The Third party cargo has increased to 15.7 Million Tonnes from 14.3 Million Tonnes, representing 10% growth and the share of third party volume stood at 50% vs 49% a year ago.
Growth in cargo volumes, along with a favourable change in the cargo mix, led to a 9% increase in operational revenue for the port segment, rising from ₹1,063 crore in Q3 FY2025 to ₹1,164 crore in Q3 FY2026. Operational EBITDA for the port segment increased by 7%, reaching ₹611 crore compared to ₹570 crore in the corresponding quarter last year.
Navkar Corporation delivered strong operational and financial performance in Q3 FY2026. Total EXIM cargo volumes increased to 85,000 TEUs, reflecting a robust 19% year-on-year growth. Domestic cargo volumes rose sharply to 405,000 metric tonnes, a significant 45% increase compared to the same period last year.
The increase in port volumes, coupled with the strong performance of Navkar Corporation’s business, resulted in a 14% year-on-year growth in operational revenue, which stood at ₹1,350 crore. Operational EBITDA rose to ₹644 crore, reflecting a 10% YoY increase. Consequently, PAT stood at ₹365 crore, registering a 9% year-on-year growth.
Key Updates
Expands Global Footprint with Strategic Collaboration in Oman: The Company has signed an agreement with state-owned Minerals Development Oman (MDO) to develop and operate a 27 MTPA port, with a project cost of $419 million. Oman’s strategic location on major global shipping routes, combined with strong logistics infrastructure and proximity to key markets in South Asia and Southeast Asia positions it as a natural hub for mineral exports. With abundant reserves of limestone, gypsum, and dolomite—critical for India’s steel and cement sectors—the proposed port will act as a key export gateway, enhancing efficiency and regional trade connectivity. Construction is planned over 36 months, with commercial operations targeted in H1 CY2029.
Acquisition of Rail Rakes business to strengthen Logistics Segment – The Company, through its wholly owned subsidiary JSW Port Logistics Private Limited has acquired 100%equity shares of JSW Rail Infra Logistics Pvt Ltd (JRIL), JSW Minerals Rail Logistics Pvt Ltd (JMRL) and JSW (South) Rail Logistics Pvt Ltd (JSRL) from JSW Shipping & Logistics Pvt Ltd for an Enterprise Value of ₹1,212 crore.
The acquisition provides immediate access to Indian Railways’ GPWIS and LSFTO schemes, securing a fully operational fleet of 22 rakes (as of 31 Dec 2025) with 3 additional rakes under delivery, along with long-term licenses under these programs. The transaction is EPS accretive from inception and supports the Company’s strategy to build an end-to-end multimodal logistics platform integrating ports, terminals, ICD/CFS facilities, and rail connectivity.
Received Letter of Acceptance (LoA) for Gati Shakti Multi-Modal Cargo Terminal at Somathane, Maharashtra: Navkar Corporation Limited, a subsidiary of the Company, has received the Letter of Acceptance from the Railways for developing a Gati Shakti Multi-Modal Cargo Terminal (GCT) at Somathane, fully located on Railway land, under the GCT policy.
Growth Strategy & Guidance
As previously announced the Company has embarked on a growth plan to increase its cargo handling capacity to 400 Million Tonnes Per Annum (MTPA) by FY 2030 or earlier, up from the current capacity of 177 MTPA. To achieve this, it has outlined a comprehensive capital expenditure (capex) plan of ₹30,000 crores. Additionally, the Company has earmarked ₹9,000 crores for expanding its logistics segment. This expansion aims to build on the Navkar acquisition to develop a robust pan-India logistics network. With a strong balance sheet, the Company is well-positioned to pursue both organic and inorganic growth without compromising its leverage ratios.
The Company is targeting consolidated operating revenue of ₹5,400 crore and operating EBITDA of ₹2,600 crore for FY2026. Building on this base, EBITDA is expected to grow by ~15% in FY2027 and nearly double by FY2028. This outlook reflects strong operational momentum, clear visibility on growth projects in the Ports business, and the transition of rolling assets from capex to EBITDA contribution within the Logistics segment.
