JSW Infrastructure announced its audited standalone and consolidated financial results for the quarter and year ended 31st March, 2026, reporting a rise in revenue and EBITDA alongside a decline in consolidated net profit for the quarter. The Board of Directors recommended a dividend of ₹0.90 per equity share of ₹2/- each for the financial year 2025-26. The results were reviewed by the Audit Committee and approved at the Board meeting held on 8th May, 2026, with M/s. Shah Gupta & Co., Chartered Accountants, issuing an unmodified audit opinion on both standalone and consolidated financial results.

Consolidated Financial Performance

On a consolidated basis, the company reported strong revenue growth for both the quarter and the full year. Revenue from operations for the quarter stood at ₹1,522.34 crore, up from ₹1,283.18 crore in the corresponding quarter of the previous year. EBITDA for the quarter rose to ₹770 crore from ₹640 crore year-on-year, with the EBITDA margin improving to 50.53% from 49.95%. However, consolidated net profit for the quarter declined to ₹423.67 crore from ₹515.58 crore in the same quarter last year, impacted by exceptional items. For the full year, consolidated revenue from operations grew to ₹5,361.44 crore from ₹4,476.14 crore, while annual consolidated net profit rose marginally to ₹1,546.90 crore from ₹1,521.48 crore.

The following table summarizes key consolidated financial metrics:

Operational Highlights

The company handled total cargo of 122 million tonnes (MT) for the fiscal year, registering a 4% year-on-year growth. Third-party cargo volume accounted for 48% of the total volume. Segment-wise, Port Operations remained the dominant revenue contributor. For the quarter, Port Operations generated segment income of ₹1,294.50 crore, while Logistics Operations contributed ₹227.84 crore. For the full year, Port Operations income stood at ₹4,646.91 crore against ₹4,226.41 crore in the prior year, and Logistics Operations income grew significantly to ₹714.53 crore from ₹249.73 crore.

Exceptional Items and Balance Sheet

The consolidated financial results include exceptional items of ₹72.49 crore for the quarter and ₹79.73 crore for the year. These comprise an estimated loss of ₹67.83 crore due to a fire at the Liquid Terminal in Fujairah during the quarter, and past service costs of ₹4.65 crore for the quarter (₹11.89 crore for the year) related to the notification of Labour Codes by the Government of India. The consolidated balance sheet reflects total assets of ₹20,358.45 crore as at 31st March, 2026, compared to ₹16,928.49 crore as at 31st March, 2025, with total equity rising to ₹11,692.74 crore from ₹10,488.79 crore. Consolidated cash and cash equivalents at year-end stood at ₹797.75 crore, up from ₹611.25 crore.

Corporate Developments and Guidance

During the quarter, the company, through its wholly owned subsidiary JSW Port Logistics Private Limited, acquired a 100% stake in JSW (South) Rail Logistics Private Limited, JSW Minerals Rail Logistics Private Limited, and JSW Rail Infra Logistics Private Limited. The Board approved the appointment of M/s. Kishore Bhatia and Associates as Cost Auditor and Mr. Haresh Dua as Internal Auditor for financial year 2026-27. Looking ahead, the company provided guidance for FY27 and FY28, targeting consolidated operating revenue of ₹10,800 crore and operating EBITDA of ₹5,000 crore by FY28.

JSW Infrastructure Limited has received its Monitoring Agency Report for the quarter ended March 31, 2026, submitted by CARE Ratings Limited pursuant to Regulation 32(6) of the Listing Regulations read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report covers the utilisation of proceeds from the company's Initial Public Offering (IPO) — a fresh issue of 235,294,117 equity shares aggregating to Rs. 2,800 crore — which was open for subscription from September 25, 2023, to September 27, 2023.

IPO Proceeds Utilisation Overview

As of March 31, 2026, JSW Infrastructure has cumulatively utilised Rs. 2,056.33 crore out of a total proposed outlay of Rs. 2,726.13 crore across all objects of the issue. During Q4FY26 alone, the company deployed Rs. 85.15 crore. The following table summarises the utilisation status across all objects:

During Q4FY26, JSW Infrastructure Limited (JSWIL) invested Rs. 58.65 crore in JSW Jaigarh Port Limited (JPL) — comprising Rs. 16.61 crore towards the LPG Terminal Project and Rs. 42.04 crore towards the electric sub-station — and Rs. 26.50 crore in JSW Mangalore Container Terminal Private Limited (JSW MCTPL).

Deployment of Unutilised IPO Proceeds

The remaining Rs. 669.80 crore of unutilised proceeds has been deployed in fixed deposits across multiple banks as at the end of the quarter. The details are as follows:

Capex Implementation Delays Flagged

CARE Ratings has flagged delays in the implementation of certain capital expenditure objects against the timelines specified in the offer document. For the LPG Terminal Project, the entire capex of Rs. 865.75 crore was to be incurred by Fiscal 2026, against which only Rs. 266.83 crore has been incurred till March 31, 2026; the exact period of delay is not ascertainable. Similarly, for the electric sub-station, Rs. 57.55 crore has been incurred against the target of Rs. 59.40 crore by Fiscal 2026, with the exact delay period also not ascertainable.

For the expansion at JSW Mangalore Container Terminal Private Limited, the entire capex of Rs. 151.05 crore was to be incurred by Fiscal 2025, against which Rs. 82.02 crore has been incurred till March 31, 2026 — with the exact delay period not ascertainable. The purchase and installation of the dredger, originally targeted for completion by Fiscal 2025, was completed in Fiscal 2026, with a minuscule amount of Rs. 0.63 crore utilised in Q1FY26.

General Corporate Purposes Utilisation

The entire allocation of Rs. 666.05 crore under General Corporate Purposes has been fully utilised. The breakdown of this utilisation is presented below:

Monitoring Agency Observations

CARE Ratings confirmed that there are no deviations from the objects or expenditures disclosed in the offer document, and no change in the means of finance for the objects of the issue. The Monitoring Agency noted that the company transferred issue proceeds from the public account to a monitoring account (Axis Bank) and then to various fixed deposits, which were subsequently transferred to current accounts (maintained with Axis Bank and Yes Bank) for utilisation, rather than directly from the monitoring account. Accordingly, the Monitoring Agency relied on management declarations and a Chartered Accountant certificate from M/s Shah Gupta & Co., Chartered Accountants (Statutory Auditor), dated April 22, 2026, to ascertain fund utilisation. All statutory approvals related to the objects remain in progress, as per the Red Herring Prospectus.