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.

Navkar Corporation has delivered exceptional financial performance for the fiscal year ended March 31, 2026, reporting a net profit of ₹301.46 crore compared to a net loss of ₹453.02 crore in the previous fiscal year. The company's revenue for FY26 stood at ₹687.46 crore, representing a 41.04% year-on-year growth from ₹487.31 crore in FY25. The Board of Directors approved the audited financial results on April 20, 2026, with statutory auditors M/s. Uttam Abuwala Ghosh & Associates issuing an unmodified opinion.

Q4 Performance Highlights

For the quarter ended March 31, 2026, Navkar Corporation reported revenue of ₹200.77 crore, a significant increase from ₹104.21 crore in the corresponding quarter of the previous year, representing 92.63% year-on-year growth. The company achieved a net profit of ₹13.98 crore in Q4 FY26, marking a turnaround from the net loss of ₹18.53 crore in Q4 FY25.

Operational Efficiency and EBITDA

The company demonstrated strong operational performance with profit before exceptional items and tax reaching ₹23.19 crore in Q4 FY26 against a loss of ₹35.25 crore in Q4 FY25. For the full fiscal year, profit before tax stood at ₹48.68 crore compared to a loss of ₹66.94 crore in the previous year. Total expenses for FY26 were ₹641.90 crore, showing disciplined cost management despite revenue expansion.

Balance Sheet Strength

As of March 31, 2026, Navkar Corporation's total assets stood at ₹2,210.38 crore, an increase from ₹2,146.67 crore in the previous year. The company maintained a strong equity base of ₹1,957.96 crore compared to ₹1,928.49 crore in FY25. Cash and cash equivalents improved significantly to ₹14.75 crore from ₹3.85 crore, reflecting enhanced liquidity position.

Corporate Governance and Regulatory Compliance

The Board approved the appointment of Ms. Parul Shah as Internal Auditor for FY 2026-27. Ms. Shah brings over 15 years of experience in internal audit and assurance services. Additionally, Mr. Jesus Leo ceased to be designated as Senior Management Personnel due to organizational restructuring. The trading window for designated persons will reopen from April 22, 2026.

Pursuant to Regulation 30 and 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the company published newspaper advertisements on April 21, 2026, in Free Press Journal (English) and Nav-Shakti (Marathi) regarding the audited financial results. The company confirmed it does not qualify as a Large Corporate under SEBI criteria, with outstanding qualified borrowings at ₹133.48 crore as of March 31, 2026.

Financial Performance Overview

The combined impact of revenue growth, operational efficiency improvements, and profitability turnaround highlights Navkar Corporation's strong financial transformation in FY26. The company successfully reversed its loss-making position from the previous year, achieving positive net profit margins and strengthening its balance sheet. The unmodified audit opinion from statutory auditors further validates the quality of financial reporting and operational excellence during the fiscal year.