JSW Infra FY26 Revenue Up 20%; Dividend ₹0.90, Targets 400 MTPA
JSW Infrastructure announced its audited FY26 results, reporting a 20% increase in consolidated revenue to ₹5,361 crore and a 15% rise in Operating EBITDA to ₹2,604 crore. The company handled 122 million tonnes of cargo, up 4% YoY, and recommended a dividend of ₹0.90 per share. Management maintained its guidance to reach 400 MTPA capacity by FY2030 with a capex of ₹39,000 crore.
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JSW Infrastructure Limited announced its audited standalone and consolidated financial results for the fourth quarter and full year ended March 31, 2026. The company reported consolidated revenue from operations of ₹5,361 crore, up 20% year-on-year, and Operating EBITDA of ₹2,604 crore, up 15% YoY. Adjusted PAT for FY26 stood at ₹1,644 crore, an increase of 12% YoY. The Board of Directors recommended a dividend of ₹0.90 per equity share of ₹2/- each for the financial year 2025-26, subject to shareholder approval.
Q4 FY26 Operational and Financial Highlights
During the quarter, the company handled cargo volumes of 31.6 million tonnes, a 1% increase year-on-year. Volume growth was driven by strong performance at South West Port, Dharamtar Port, and Jaigarh Port, supported by higher anchor customer volumes. This was partly offset by lower volumes at the Fujairah facility due to disruptions from the ongoing Middle East conflict. Consolidated operational revenue rose 19% to ₹1,522 crore in Q4 FY26. Q4 EBITDA stood at ₹650 crore versus ₹640 crore in Q4 FY25, with the EBITDA margin contracting to 42.90% from 49.95% year-on-year. Adjusted PAT for the quarter stood at ₹528 crore, up 15% year-on-year.
| Key Metrics: | Q4 FY26 | Q4 FY25 | Change (YoY) |
|---|---|---|---|
| Cargo Volumes: | 31.6 Million Tonnes | ~31.3 Million Tonnes | +1% |
| Revenue from Operations: | ₹1,522 Crore | ₹1,283 Crore | +19% |
| EBITDA: | ₹650 Crore | ₹640 Crore | — |
| EBITDA Margin: | 42.90% | 49.95% | — |
| Adjusted PAT: | ₹528 Crore | ~₹459 Crore | +15% |
| Key Metrics: | FY26 | FY25 | Change (YoY) |
|---|---|---|---|
| Cargo Volumes: | 122 Million Tonnes | ~117 Million Tonnes | +4% |
| Revenue from Operations: | ₹5,361 Crore | ₹4,476 Crore | +20% |
| Operating EBITDA: | ₹2,604 Crore | ~₹2,264 Crore | +15% |
| Adjusted PAT: | ₹1,644 Crore | ~₹1,468 Crore | +12% |
Consolidated Financial Performance
On a consolidated basis, total income for the year rose to ₹5,707.39 crore from ₹4,829.09 crore in FY25. Total expenses for the year increased to ₹3,754.82 crore from ₹3,026.25 crore. The profit before exceptional items and tax for the full year was ₹1,952.57 crore. Exceptional items of ₹79.73 crore were recorded for the year, including an estimated loss of ₹67.83 crore arising from a fire at the Liquid Terminal at Fujairah and estimated past service costs of ₹11.89 crore related to the Labour Codes. The statutory auditors, M/s. Shah Gupta & Co., issued an audit report with an unmodified opinion on the financial results.
| Financial Metrics (Consolidated): | Q4 FY26 (₹ crore) | Q4 FY25 (₹ crore) | FY26 (₹ crore) | FY25 (₹ crore) |
|---|---|---|---|---|
| Revenue from Operations: | 1,522.34 | 1,283.18 | 5,361.44 | 4,476.14 |
| Total Income: | 1,612.00 | 1,371.90 | 5,707.39 | 4,829.09 |
| Total Expenses: | 1,041.69 | 790.55 | 3,754.82 | 3,026.25 |
| Net Profit: | 423.67 | 515.58 | 1,546.90 | 1,521.48 |
| Basic EPS (₹): | 2.01 | 2.46 | 7.32 | 7.27 |
Segment-Wise Performance
Port Operations remained the dominant contributor, with segment income of ₹4,646.91 crore for FY26, up from ₹4,226.41 crore in FY25. Logistics Operations recorded segment income of ₹714.53 crore for FY26, compared to ₹249.73 crore in FY25, reflecting significant growth driven by Navkar Corporation's performance and the consolidation of newly acquired rail rakes operations.
| Segment Performance (Consolidated): | Q4 FY26 (₹ crore) | Q4 FY25 (₹ crore) | FY26 (₹ crore) | FY25 (₹ crore) |
|---|---|---|---|---|
| Port Operations Income: | 1,294.50 | 1,152.27 | 4,646.91 | 4,226.41 |
| Logistics Operations Income: | 227.84 | 130.91 | 714.53 | 249.73 |
| Port Operations Results: | 566.73 | 525.46 | 1,978.35 | 1,831.23 |
Growth Strategy and Guidance
JSW Infrastructure has outlined a plan to more than double its cargo handling capacity to 400 Million Tonnes Per Annum (MTPA) by FY2030 or earlier, up from the current capacity of 183 MTPA. The company has outlined a capital expenditure plan of ₹30,000 crore for port infrastructure and ₹9,000 crore for expanding the logistics segment. The company is targeting consolidated operating revenue of ₹6,850 crore and Operating EBITDA of ₹3,000 crore for FY2027.
| Growth Guidance: | Details |
|---|---|
| Target Capacity: | 400 MTPA by FY2030 or earlier |
| Current Capacity: | 183 MTPA |
| Capex Plan (Ports): | ₹30,000 crore |
| Capex Plan (Logistics): | ₹9,000 crore |
| FY2027 Revenue Target: | ₹6,850 crore |
| FY2027 EBITDA Target: | ₹3,000 crore |
How will JSW Infrastructure finance its ₹39,000 crore combined capex plan for ports and logistics without significantly deteriorating its current Net Debt/EBITDA ratio of 1.2x?
With the Fujairah facility already impacted by Middle East conflict disruptions and a fire incident, what is the company's contingency strategy for its international operations if geopolitical tensions escalate further?
Given the sharp 186% year-on-year growth in Logistics Operations segment income, how quickly can JSW Infrastructure scale its 65-rake fleet toward a pan-India network, and which corridors are likely to be prioritized?
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