Navkar Corporation Limited , a subsidiary of JSW Infrastructure, delivered a strong operational and financial performance in Q4 and FY26, with consolidated revenue from operations rising 20% to ₹5,361 Crore and Operating EBITDA growing 15% year-on-year to ₹2,604 Crore. Total cargo handled for FY26 stood at 122 MT, reflecting a 4% year-on-year increase, with third-party cargo accounting for 48% of total volumes. The results presentation was filed with BSE Limited and the National Stock Exchange of India Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, on May 08, 2026. Subsequently, on May 12, 2026, Navkar Corporation Limited announced that the transcript of the Earnings Conference Call held on May 08, 2026, conducted by its ultimate holding company JSW Infrastructure Limited, is now available on the company's website at www.navkarcorp.com .

FY26 Consolidated Financial Performance

JSW Infrastructure's full-year consolidated financials reflect broad-based growth across revenue and profitability metrics. The company's reported Profit Before Tax (PBT) for FY26 stood at ₹1,873 Crore compared to ₹1,803 Crore in FY25, while reported Profit After Tax (PAT) came in at ₹1,547 Crore versus ₹1,521 Crore in FY25. The following table summarises the key consolidated financial indicators:

For Q4 FY26 specifically, reported PBT stood at ₹498 Crore compared to ₹581 Crore in Q4 FY25, while reported PAT was ₹424 Crore versus ₹516 Crore in Q4 FY25. For Q4 FY26, underlying performance metrics were stated before considering an exceptional item of ₹68 Crore pertaining to an estimated loss from a fire incident at the Fujairah Liquid Terminal, ₹5 Crore towards employee costs pursuant to the implementation of the new Labour Code, and an unrealized forex loss of ₹43 Crore. For the full year FY26, the corresponding adjustments comprised the same ₹68 Crore exceptional item, ₹12 Crore towards employee costs, and an unrealized forex loss of ₹26 Crore.

Logistics Segment Performance

The logistics segment, which includes JSW Port Logistics and Navkar Corporation, reported revenue from operations of ₹714.5 Crore for FY26 and ₹227.8 Crore for Q4 FY26. Operating EBITDA for the segment stood at ₹141.8 Crore for FY26 (margin: 20%) and ₹63.7 Crore for Q4 FY26 (margin: 28%). The rail rakes business contributed ₹25 Crore in FY26 and ₹26 Crore in Q4 FY26. The table below presents the detailed logistics segment financials:

Operational Performance – Ports

JSW Infrastructure operates a total capacity of 183 mtpa across its strategically located port assets in India. The following table provides a comprehensive cargo-handled breakdown across all terminals for FY26 and FY25:

Key Project Updates

JSW Infrastructure has multiple projects at various stages of development across new terminals, brownfield expansions, and port connectivity infrastructure.

New Terminals:

Brownfield Expansions:

Greenfield Ports & Connectivity:

Guidance for FY27 and FY28

JSW Infrastructure has provided forward-looking guidance for its consolidated operations. The company targets consolidated Operating Revenue of ₹10,800 Crore and Operating EBITDA of ₹5,000 Crore, reflecting its growth roadmap anchored by capacity additions and logistics expansion. The ports business guidance excludes future privatization bids.

Navkar Corporation Limited, a listed subsidiary of JSW Infrastructure Limited, disclosed the latter's May 2026 corporate investor presentation to the stock exchanges on May 11, 2026, in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The presentation provides a comprehensive overview of JSW Infrastructure's operational performance, financial results, capital project pipeline, and strategic growth roadmap.

FY26 Operational and Financial Highlights

JSW Infrastructure reported strong operational and financial performance for FY26. Total cargo handled reached 122 MT, reflecting a 4% increase year-on-year, with third-party cargo contributing 48% of total volumes. The following table summarises the key consolidated financial metrics:

Note: Adjusted PAT for FY26 is before considering an exceptional item of ₹68 crore loss from the fire incident at the Fujairah Liquid Terminal, ₹12 crore towards employee costs pursuant to the implementation of new Labour Code, and unrealized forex loss of ₹26 crore.

Cargo Handled Across Key Terminals

The presentation provides a detailed breakdown of cargo handled (in MMT) across JSW Infrastructure's Indian and overseas operations for Q4 FY26 and full-year FY26:

Key Capital Projects in Progress

JSW Infrastructure is executing a multi-project capital expenditure programme across new terminals, brownfield expansions, and port connectivity infrastructure. Key updates include:

New Terminals:

• V.O. Chidambarana Port, Tuticorin: Construction of a 7 mtpa dry bulk berth with estimated capex of ₹600 Crore; foundation and piling 100% completed and civil work pertaining to conveyor is 90% completed; cargo handled through interim operations stood at 1.46 MT in Q4 FY26 and 4.43 MT in FY26; expected completion by H2 CY26.
• Kolkata Container Terminal: Capacity of 0.45 million TEUs (6.3 mtpa) with estimated capex of ₹740 Crore; concession agreement signed in September 2025; Mobile Harbour Cranes (MHC) mobilized and custom clearance received; interim operations expected to commence shortly; expected completion in H1 FY28.

Brownfield Expansions:

• Expansion at Dharamtar & Jaigarh: Combined capacity expansion of 36 mtpa — Dharamtar (21 mtpa) and Jaigarh (15 mtpa) — with estimated capex of ₹2,359 Crore; targeting completion by March 2027. At Jaigarh, civil work relating to berths is completed and dredging work is 60% completed. At Dharamtar, berth construction is 48% completed, substation building work is 49% completed, and prefabricated structure for substation is 40% received at site and 30% erected.
• LPG Terminal at Jaigarh: Capacity of 2 mtpa with estimated capex of ₹900 Crore; PESO approval received; detailed engineering work under progress; targeting completion during FY2027.
• Mangalore Container Expansion: Capacity expansion from 4.2 to 6 mtpa with estimated capex of ₹150 Crore; empty handler delivered and commissioned; reach stackers delivery expected in Q1 FY27; expected completion by Q2 FY27.

Greenfield Ports:

• Keni Port: 30 mtpa all-weather multi-cargo deep water port with estimated capex of ₹4,119 Crore; Environment Internal Assessment (EIA) report finalized, awaited for Coastal Regulation Zone (CRZ) recommendations; commercial operations expected to commence in FY2029.
• Jatadhar Port: 30 mtpa capacity with estimated capex of ₹3,050 Crore; concession agreement signed in June 2025 by the anchor customer; pile foundation work 80% completed; 7 million cubic meter (CBM) dredging completed; construction targeted for completion by March 2027.

Port Connectivity:

• Slurry Pipeline Project (30 mtpa): 302 KM pipeline in Odisha (Nuagaon to Jagatsinghpur) with estimated capex of ₹4,000 Crore; 247 km of welding (82%) and 235 km of lowering (78%) completed; long-term Take or Pay Agreement with JSW Steel in place; construction targeted for completion by March 2027.

FY27 and FY28 Guidance

The presentation outlines consolidated financial guidance for the upcoming fiscal years:

Note: Ports business guidance does not include future privatisation bids. Figures represent Operating Revenue and Operating EBITDA.

Logistics Presence and Infrastructure Assets

JSW Infrastructure's total operational port capacity stands at 183 mtpa across its strategically located Indian assets. The company's logistics segment, which includes Navkar Corporation and GCT, is supported by key equipment comprising 3,221 domestic standard containers, 602 trailers for last-mile delivery, 42 rakes (including 6 on lease), and 6 RTG cranes. Logistics land parcels are held at Panvel, Maharashtra (143 acres total) and Morbi, Gujarat (140 acres total), aggregating 283 acres across both locations.

Sustainability Highlights

On the sustainability front, JSW Infrastructure has been rated "Low Risk" and holds a CDP Management Level "A-" rating for Climate Change. The company tracks specific energy consumption, GHG emission intensity, and specific freshwater consumption as key environmental performance indicators, with FY26 figures noted as unaudited pending completion of audit.