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.

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.

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:

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.

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.