JSW Infrastructure, India's second-largest private port operator, has reported robust financial results for the first half of fiscal year 2026, alongside announcing significant expansion plans to solidify its market position.

Financial Highlights

The company posted impressive growth across key financial metrics for H1 FY26:

Operational Performance

JSW Infrastructure handled 58.2 million tonnes (MT) of cargo in H1 FY26, marking a 4.40% increase year-on-year. The company's current operational capacity stands at 177 million tonnes per annum (mtpa).

Expansion Strategy

The port operator has outlined an ambitious growth strategy:

• Capacity Expansion: Plans to increase capacity from 177 mtpa to 400 mtpa by FY30.
• Logistics Business: Targeting ₹8,000.00 crore revenue from the logistics segment by FY30.
• Capital Expenditure: Allocated ₹9,000.00 crore for expansion between FY25-30.

Key Projects Update

1. V.O. Chidambarana Port, Tuticorin

   • 7 mtpa berth under construction
   • 60% pile foundation completed
   • Expected completion: Q1 FY27

2. JNPA Liquid Terminal

   • Two liquid cargo berths with 4.5 mtpa capacity
   • Commercial operations to commence in November 2025

3. Kolkata Container Terminal

   • Signed 30-year concession agreement in September 2025
   • Capacity: 0.45 million TEUs (6.3 mtpa)
   • Expected completion: H1 FY28

4. Slurry Pipeline Project, Odisha

   • 302 km pipeline from Nuagaon to Jagatsinghpur
   • 218.3 km of welding and 194.4 km of lowering completed
   • Estimated completion: March 2027

5. Jatadhar Port

   • 30 mtpa capacity greenfield port
   • 4.5 million cubic meters of dredging completed
   • Target completion: March 2027

Strong Financial Position

JSW Infrastructure maintains a robust balance sheet with a net debt of ₹1,810.00 crore and cash balances of ₹3,088.00 crore as of September 30, 2025. The company's net debt to operating EBITDA ratio stands at a healthy 0.75x.

Logistics Segment Performance

The company's logistics arm, including Navkar Corporation , showed strong growth:

• Domestic cargo volumes up 29.00% YoY in H1 FY26
• EXIM cargo volumes increased by 25.00% YoY in H1 FY26

Future Outlook

With its strategic expansion plans and strong financial performance, JSW Infrastructure is well-positioned to capitalize on India's growing port sector. The company's focus on both brownfield expansions and greenfield projects, coupled with its foray into logistics, sets a solid foundation for sustained growth in the coming years.

As India aims to quadruple its port capacity to 10,000 mtpa by 2047, JSW Infrastructure's expansion strategy aligns well with the national vision for port infrastructure development.

Sustainability Initiatives

The company has also made strides in sustainability, reporting improvements in specific energy consumption and GHG emission intensity. JSW Infrastructure is committed to various community development initiatives, including health, education, and environmental projects.

With its robust performance and clear growth strategy, JSW Infrastructure appears well-equipped to strengthen its position in India's port and logistics sector, supporting the country's economic growth and infrastructure development goals.

Navkar Corporation Limited , a leading integrated logistics service provider, has announced a significant move to strengthen its strategic partnership with JSW Steel Limited. The company has issued a postal ballot notice seeking shareholder approval for a material related party transaction with JSW Steel, potentially worth Rs 725 crore over the next three financial years.

Transaction Details

The proposed transaction involves a range of logistics services, including:

1. Cargo handling
2. Multimodal transportation
3. Stockyard services
4. Rail handling
5. Reimbursement of expenses

The transaction values, excluding applicable taxes, are proposed as follows:

Strategic Importance

This move comes in the wake of JSW Port Logistics Private Limited, a wholly-owned subsidiary of JSW Infrastructure Limited, acquiring a 70.37% equity stake in Navkar Corporation through a share purchase agreement dated June 27, 2024. As a result, JSW Steel Limited is now considered a related party to Navkar Corporation under SEBI Listing Regulations.

Leveraging Existing Infrastructure

Navkar Corporation plans to utilize its existing infrastructure to provide these services, including:

• Stockyards at Panvel and Wadharva
• Private Freight Terminals (PFTs) at Panvel and Morbi
• In-house railway rakes
• Trucking fleet

The company operates these facilities to handle both EXIM and domestic cargo, offering integrated, cost-effective logistics solutions to JSW Steel.

Expansion Plans

Navkar Corporation has indicated plans to develop additional stockyards and warehouses to support increased volumes of steel and other group cargo. This expansion is expected to enhance asset utilization, optimize logistics operations, and generate cost savings in JSW Steel's supply chain management processes.

Shareholder Approval Process

The e-voting period for shareholders to cast their votes on this proposal runs from October 19, 2025, to November 17, 2025. The Audit Committee and Board of Directors have already approved the transaction, confirming it is conducted at arm's length basis and in the ordinary course of business.

Financial Impact

The proposed transaction represents approximately 31% of Navkar Corporation's annual turnover, highlighting its significance to the company's operations. For JSW Steel, the transaction value amounts to about 0.09% of its consolidated turnover, based on the immediately preceding financial year's figures.

Conclusion

This strategic move by Navkar Corporation to deepen its relationship with JSW Steel could potentially lead to sustainable growth, improved operational efficiency, and long-term value creation for the company and its shareholders. As the logistics sector continues to evolve, such partnerships between major players in the steel and logistics industries may set new benchmarks for integrated supply chain solutions in India.

Shareholders will play a crucial role in determining the future of this significant transaction, with their votes deciding whether Navkar Corporation can proceed with this extensive logistics service agreement with JSW Steel Limited.