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.

JSW Infrastructure has secured a significant regulatory milestone with the Ministry of Railways granting no objection for the proposed acquisition of three rail logistics subsidiaries. The approval, received on January 15, 2026, marks a crucial step forward in the company's strategic expansion plans within the rail logistics sector.

Ministry of Railways Grants Approval

The Government of India, Ministry of Railways conveyed its no objection through letter reference No. 2025/TC(FM)/04/46 dated January 14, 2026. The approval specifically covers the change in shareholding pattern of three key entities in favour of JSW Port Logistics Private Limited (JSWPLPL), a wholly owned subsidiary of JSW Infrastructure.

Target Companies and Transaction Structure

The acquisition involves three rail logistics companies currently owned by JSW Shipping & Logistics Private Limited (JSWSLPL). JSW Port Logistics Private Limited will acquire 100% equity stake in each of these entities, as outlined in the Share Purchase Agreement executed in December 2025.

The target companies include:

• JSW Rail Infra Logistics Private Limited - Focused on rail infrastructure logistics
• JSW Minerals Rail Logistics Private Limited - Specializing in minerals transportation
• JSW (South) Rail Logistics Private Limited - Covering southern region rail logistics operations

Regulatory Compliance and Next Steps

The Ministry of Railways approval addresses one of the key conditions precedent outlined in the Share Purchase Agreement. However, the transaction completion remains subject to additional requirements that must be fulfilled before the acquisition can be finalized.

The company stated that the acquisition will be completed upon receipt of requisite approvals from the members of JSW Infrastructure and fulfillment of other conditions precedent as set out in the Share Purchase Agreement.

Strategic Significance

This development represents JSW Infrastructure's continued focus on expanding its logistics capabilities across the transportation value chain. The acquisition of these three rail logistics entities will strengthen the company's position in the integrated logistics sector, complementing its existing port and infrastructure operations.

The regulatory approval demonstrates the government's support for consolidation within the logistics sector, particularly in rail transportation infrastructure. With the Ministry of Railways clearance secured, JSW Infrastructure can now proceed with obtaining the remaining approvals required to complete this strategic transaction.