NewsJSW Infrastructure Reports Strong Q3 FY26 Performance with 8% Cargo Growth and Strategic AcquisitionsJSW Infrastructure Reports Strong Q3 FY26 Performance with 8% Cargo Growth and Strategic Acquisitions
JSW Infrastructure Limited reported strong Q3 FY26 results with 8% YoY cargo growth to 31.73 MT and 9% port revenue growth. The company announced a ₹1,212 crore rail logistics acquisition adding 25 rakes and international expansion in Oman with a 27 MTPA port project. Nine-month cargo volumes reached 89.97 MT with 6% growth, while the logistics segment achieved 18% EBITDA margins in Q3 FY26.
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JSW Infrastructure Limited has announced its unaudited financial results for the quarter and nine months ended December 31, 2025, showcasing strong operational performance and strategic growth initiatives across its port and logistics segments.
Operational Performance Highlights
The company demonstrated solid growth momentum in Q3 FY26, with total cargo handling reaching 31.73 million tonnes, marking an 8% year-on-year increase from 29.42 MT in Q3 FY25. For the nine-month period, cargo volumes stood at 89.97 MT compared to 85.66 MT in the corresponding period last year, reflecting 6% growth.
| Metric | Q3 FY25 | Q3 FY26 | Growth (%) | 9M FY25 | 9M FY26 | Growth (%) |
|---|---|---|---|---|---|---|
| Total Cargo Handled (MT) | 29.42 | 31.73 | +8% | 85.66 | 89.97 | +6% |
| Port Revenue Growth | - | - | +9% | - | - | +11% |
| Operating EBITDA Growth | - | - | +7% | - | - | +4% |
The customer mix remained balanced with third-party cargo accounting for 50% of volumes in Q3 FY26, while JSW Group cargo comprised the remaining 50%. This diversified portfolio demonstrates the company's ability to serve both captive and external customers effectively.
Financial Performance
JSW Infrastructure's port segment delivered strong financial results with revenue growth of 9% year-on-year in Q3 FY26 and 11% growth for the nine-month period. Operating EBITDA for the port business grew 7% YoY in Q3 and 4% for nine months FY26, indicating healthy operational efficiency.
The logistics segment, which includes JSW Port Logistics and Navkar Corporation Limited, reported revenue from operations of ₹185.80 crore in Q3 FY26 and ₹486.70 crore for nine months FY26. The segment achieved an operating EBITDA of ₹33.20 crore (18% margin) in Q3 and ₹78.00 crore (16% margin) for the nine-month period.
| Logistics Segment (₹ crore) | Q3 FY26 | 9M FY26 |
|---|---|---|
| Revenue from Operations | 185.80 | 486.70 |
| Operating EBITDA | 33.20 | 78.00 |
| Operating EBITDA Margin | 18% | 16% |
| Profit After Tax | 8.40 | 17.00 |
Strategic Rail Logistics Acquisition
The company announced a major strategic acquisition involving 100% equity of three rail logistics entities from JSW Shipping & Logistics Private Limited, with an overall enterprise value of ₹1,212.00 crore. This transaction includes:
- JSW Mineral Rail Logistics Private Limited (JMRL) with 19 rakes (15 online and 4 to be deployed)
- JSW Rail Infra Logistics Private Limited (JRIL) with 6 rakes (all online)
- JSW (South) Rail Logistics Private Limited (JSRL) with licenses to operate rakes and route approvals underway for 20 additional rakes
The transaction is expected to be completed by Q4 FY26, significantly expanding JSW Infrastructure's rail logistics capabilities.
International Expansion and Growth Projects
JSW Infrastructure is pursuing international expansion through a strategic partnership in Oman, where JSW Overseas FZE holds a 51% stake alongside Minerals Development Oman's 49% stake in a port project. The Dhofar port project features:
| Project Parameter | Details |
|---|---|
| Capacity | 27 MTPA |
| Total Capex | US$419 Million |
| Commercial Operation Date | H1 CY29 |
| Location | Dhofar, Oman |
The company is also advancing multiple domestic projects, including the V.O. Chidambarana Port in Tuticorin with 90% pile foundation work completed and interim cargo operations of 1.38 MT in Q3 FY26. The Kolkata Container Terminal project, with 0.45 million TEUs capacity and ₹740.00 crore estimated capex, is progressing with detailed engineering work underway.
Future Guidance and Capacity Expansion
JSW Infrastructure has outlined ambitious growth targets through FY28, projecting operating revenue to reach approximately ₹11,650.00 crore and operating EBITDA of around ₹5,000.00 crore by FY28. The company plans to increase its total operational capacity to approximately 2.4 times current levels by 2030, supported by ongoing brownfield expansions and greenfield projects across its port network.
Key expansion projects include capacity increases at Dharamtar (21 MTPA) and Jaigarh (15 MTPA) ports, backed by the anchor customer's 5 MTPA steel-making capacity expansion at Dolvi, with an estimated combined capex of ₹2,359.00 crore targeting completion by March 2027.
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