JSW Infrastructure Limited announced its consolidated financial results for the third quarter, demonstrating strong operational performance driven by increased cargo volumes and improved logistics operations. The company's results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on January 16.

Quarterly Financial Performance

The company delivered impressive growth in its third quarter, with key financial metrics showing substantial improvement over the previous year.

Revenue from operations increased by 14.2% to ₹1,349 crores, while net profit grew 9.1% to ₹359 crores. EBITDA rose 10.1% to ₹643 crores, though EBITDA margin declined to 47.6% from 49.5% in the corresponding quarter.

Operational Performance and Cargo Volumes

The company handled cargo volumes of 31.7 million tonnes during the quarter, representing an 8% year-on-year increase. This growth was supported by strong performances at South West Port and Dharamtar Port, along with interim operations at the Tuticorin terminal and the JNPA liquid terminal.

Third-party cargo volumes increased 10% to 15.7 million tonnes, representing a 50% share compared to 49% in the previous year. The growth was partially offset by lower volumes at Paradip Iron Ore and Coal terminals.

Segment-wise Performance Analysis

Port Operations Segment

The port operations segment continued to be the primary revenue driver, with operational revenue rising 9% to ₹1,164 crores from ₹1,063 crores. Growth in cargo volumes, along with a favourable change in the cargo mix, contributed to this performance. Operational EBITDA for the segment increased 7% to ₹611 crores from ₹570 crores.

Logistics Operations - Navkar Corporation

Navkar Corporation delivered exceptional performance during the quarter. EXIM cargo volumes rose 19% year-on-year to 85,000 TEUs, while domestic cargo volumes surged 45% to 405,000 metric tonnes, demonstrating the strength of the logistics operations.

Financial Position and Future Outlook

The company maintained a strong balance sheet with net debt to operating EBITDA at 0.76x and cash and cash equivalents of ₹3,455 crores. For the current financial year, JSW Infrastructure is targeting consolidated operating revenue of ₹5,400 crores and operating EBITDA of ₹2,600 crores.

The company expects EBITDA to grow by approximately 15% in the following year and nearly double within two years, driven by operational momentum, growth projects in the ports business, and the transition of rolling assets from capex to EBITDA contribution within the logistics segment.

JSW Infrastructure Limited announced strong financial results for Q3 FY26, demonstrating robust operational performance across its port and logistics segments. The company, India's second-largest private commercial port operator, reported significant growth in key financial metrics for the quarter ended December 31, 2025.

Financial Performance Highlights

The company delivered impressive financial results with double-digit growth across major parameters:

The port segment specifically showed strong performance with operational revenue increasing from ₹1,063.00 crore in Q3 FY25 to ₹1,164.00 crore in Q3 FY26, representing 9% growth. Port segment operating EBITDA grew 7% to ₹611.00 crore compared to ₹570.00 crore in the corresponding quarter last year.

Operational Performance and Volume Growth

Volume growth was primarily supported by strong performances at the South West Port and Dharamtar Port, along with positive contributions from interim operations at the Tuticorin terminal and JNPA liquid terminal. However, overall growth was partially offset by lower volumes at the Paradip Iron Ore and Coal terminals.

Third-party cargo volumes increased significantly to 15.70 million tonnes from 14.30 million tonnes, representing 10% growth. The share of third-party volume improved to 50% compared to 49% in the previous year, indicating successful diversification of the customer base.

Navkar Corporation, the company's logistics subsidiary, delivered exceptional performance with EXIM cargo volumes reaching 85,000 TEUs (19% YoY growth) and domestic cargo volumes surging to 405,000 metric tonnes (45% YoY increase).

Strategic Expansion Initiatives

JSW Infrastructure announced several key strategic developments during the quarter:

The Oman collaboration with state-owned Minerals Development Oman (MDO) positions the company strategically on major global shipping routes. Construction is planned over 36 months, with commercial operations targeted in H1 CY2029.

The rail rakes business acquisition provides immediate access to Indian Railways' GPWIS and LSFTO schemes, securing a fully operational fleet of 22 rakes with 3 additional rakes under delivery. This transaction is EPS accretive from inception and supports the company's strategy to build an end-to-end multimodal logistics platform.

Financial Position and Growth Outlook

JSW Infrastructure maintains a strong balance sheet with net debt to operating EBITDA ratio of 0.76x and cash and cash equivalents of ₹3,455.00 crore. The company has outlined an ambitious growth plan to increase cargo handling capacity to 400 MTPA by FY 2030 from the current 177 MTPA, supported by a comprehensive capital expenditure plan of ₹30,000.00 crores.

For the logistics segment expansion, the company has earmarked ₹9,000.00 crores to develop a robust pan-India logistics network. The company targets consolidated operating revenue of ₹5,400.00 crore and operating EBITDA of ₹2,600.00 crore for FY2026, with EBITDA expected to grow by approximately 15% in FY2027 and nearly double by FY2028.