JSW Infrastructure Limited, India's second-largest private commercial port operator, announced strong financial results for the third quarter ended December 31, 2025, demonstrating robust operational performance across its diversified portfolio.

Financial Performance Highlights

The company delivered impressive growth across key financial metrics during Q3 FY26:

The company maintained a strong financial position with net debt to operating EBITDA ratio of 0.76x and cash and cash equivalents of ₹3,455.00 crore, positioning it well for future growth initiatives.

Operational Performance and Segment Analysis

Cargo volume growth of 8% to 31.7 million tonnes was primarily driven by strong performances at South West Port and Dharamtar Port, along with positive contributions from interim operations at Tuticorin terminal and JNPA liquid terminal. However, overall growth was partially offset by lower volumes at Paradip Iron Ore and Coal terminals.

Third-party cargo volumes increased significantly to 15.7 million tonnes from 14.3 million tonnes, representing 10% growth. The share of third-party volume improved to 50% compared to 49% in the previous year, indicating successful diversification efforts.

The port segment showed solid performance with operational revenue rising 9% from ₹1,063.00 crore in Q3 FY25 to ₹1,164.00 crore in Q3 FY26. Operational EBITDA for the port segment increased 7% to ₹611.00 crore compared to ₹570.00 crore in the corresponding quarter last year.

Navkar Corporation Performance

Navkar Corporation delivered exceptional operational results during the quarter:

This strong performance from Navkar Corporation contributed significantly to the overall revenue growth of the consolidated entity.

Strategic Developments and Expansion

JSW Infrastructure announced several major strategic initiatives during the quarter:

Oman Port Development: The company signed an agreement with state-owned Minerals Development Oman (MDO) to develop and operate a 27 MTPA port with a project cost of $419.00 million. Construction is planned over 36 months, with commercial operations targeted in H1 CY2029.

Rail Rakes Business Acquisition: Through its wholly-owned subsidiary JSW Port Logistics Private Limited, the company acquired 100% equity shares of three rail logistics companies for an enterprise value of ₹1,212.00 crore. The acquisition provides:

• Immediate access to Indian Railways' GPWIS and LSFTO schemes
• Fully operational fleet of 22 rakes with 3 additional rakes under delivery
• EPS accretive transaction from inception

Gati Shakti Terminal: Navkar Corporation received Letter of Acceptance from Railways for developing a Gati Shakti Multi-Modal Cargo Terminal at Somathane, Maharashtra, under the GCT policy.

Growth Strategy and Financial Guidance

The company has outlined an ambitious expansion plan to increase cargo handling capacity to 400 Million Tonnes Per Annum by FY 2030 from current capacity of 177 MTPA. This growth strategy includes:

For FY2026, JSW Infrastructure targets consolidated operating revenue of ₹5,400.00 crore and operating EBITDA of ₹2,600.00 crore. The company expects EBITDA to grow approximately 15% in FY2027 and nearly double by FY2028, reflecting strong operational momentum and clear visibility on growth projects.

Navkar Corporation delivered exceptional quarterly performance, marking a complete turnaround from the previous year with strong revenue growth and significantly improved operating metrics. The integrated logistics solutions provider demonstrated robust business momentum across its operations during the December quarter.

Financial Performance Highlights

The company's financial transformation was evident across key metrics, with profitability returning after the previous year's losses.

Operating Performance Strengthens

The company's operating performance showed material improvement, with EBITDA margins expanding dramatically to 18% from 6% in the corresponding quarter last year. This significant margin expansion reflects improved operating leverage and enhanced cost efficiency across the business operations. The EBITDA surge to ₹33.60 crore from ₹7.30 crore previously demonstrates the company's ability to scale operations effectively while maintaining cost discipline.

Market Response

The strong earnings performance translated into positive market reaction, with shares of Navkar Corporation trading at ₹112.97 on the NSE, representing a gain of nearly 14% following the earnings announcement. The stock reached an intraday high of ₹113.98, reflecting investor confidence in the company's improved financial performance and operational turnaround.

Business Operations

Navkar Corporation operates as an integrated logistics solutions provider in India, with comprehensive operations spanning multiple segments:

• Container Freight Stations for cargo handling
• Private Freight Terminals for logistics operations
• Inland Container Depots for container management
• Import and export cargo handling services
• Warehousing and customs clearance services
• Container train operations with dedicated railway infrastructure

The company's multimodal transport capabilities, supported by dedicated railway lines, position it well to serve the growing logistics demand in the Indian market.