JSW Infrastructure Limited has successfully completed its postal ballot process, with shareholders overwhelmingly approving a material related party transaction. The company announced the voting results on January 20, 2026, following the conclusion of the remote e-voting period on January 19, 2026.

Postal Ballot Resolution Details

The postal ballot sought shareholder approval for a material related party transaction between JSW Port Logistics Private Limited, a wholly owned subsidiary of JSW Infrastructure, and JSW Shipping & Logistics Private Limited, a promoter group company. The resolution was classified as an ordinary resolution under the postal ballot notice dated December 8, 2025.

Voting Results and Participation

The postal ballot demonstrated strong shareholder support for the proposed transaction:

The voting process recorded participation from 1,227 shareholders, with 1,150 voting in favour and 77 voting against the resolution. Notably, promoter and promoter group shareholders abstained from voting on this resolution, as required under Regulation 23(4) of the SEBI Listing Regulations for material related party transactions.

E-Voting Process and Timeline

The remote e-voting process was conducted through KFin Technologies Limited's platform from December 21, 2025, at 9:00 AM to January 19, 2026, at 5:00 PM. The company had 470,970 shareholders on the record date of December 12, 2025, who were eligible to participate in the postal ballot.

Scrutinizer's Report and Compliance

Sunil Agarwal of Sunil Agarwal & Co., Company Secretaries, served as the appointed scrutinizer for the postal ballot process. The scrutinizer confirmed that the ordinary resolution was passed with the requisite majority and deemed effective from January 19, 2026. The voting process was conducted in compliance with the Companies Act, 2013, and SEBI Listing Regulations.

Regulatory Compliance and Documentation

The postal ballot was conducted following MCA circulars, with notices sent electronically to shareholders whose email addresses were registered with depositories. The company published newspaper advertisements on December 20, 2025, in Financial Express (English) and Navshakti (Marathi) to inform shareholders about the postal ballot process. All voting results and scrutinizer reports have been made available on the company's website and stock exchange platforms as required under regulatory guidelines.

JSW Infrastructure shares are trading with gains of 7% on Monday, January 19, despite the company cutting its full-year volume growth guidance at the end of the third quarter. The stock is currently trading 6.60% higher at ₹274.60, reflecting investor confidence in the company's long-term growth strategy.

Revised Guidance and Volume Projections

JSW Infrastructure has adjusted its volume growth expectations for financial year 2026, now projecting growth between 5% to 6%, down from the earlier guidance of 8% to 10%. The revision comes as volume growth has been negatively impacted by lower volumes at the Paradip Iron Ore and Coal terminals.

Ambitious Financial Projections

Despite the near-term guidance adjustment, JSW Infrastructure has laid out robust growth plans for the next three years. The company intends to invest ₹9,000 crore as capex between financial year 2025 to financial year 2030, demonstrating its commitment to substantial infrastructure development.

Analyst Recommendations and Market Outlook

Brokerage firm Jefferies has maintained its "buy" rating on the stock and raised its price target to ₹360 from ₹355 earlier. The firm expects JSW Infrastructure's valuation premium to sustain with higher growth and scarcity premium to a certain extent.

JM Financial has also maintained its "buy" rating with a price target of ₹400 per share, noting that the company's low leverage provides sufficient room for capex. The firm indicated that support for further funding the capex may emerge despite the primary fund raise.

Long-term Capacity Expansion Strategy

The company's expansion strategy remains focused on significantly enhancing its operational capabilities in the marine port and services sector. Despite the near-term volume guidance cut, JSW Infrastructure sees volume capacity rising from 177 MTPA in the current financial year to 299 MTPA in financial year 2028, with the ultimate target of 400 MTPA by FY 2030.

This substantial capacity enhancement reflects the company's strategic approach to meet growing infrastructure demands and capitalize on increasing trade volumes, positioning it as a major player in India's port infrastructure development.