JSW Infrastructure Limited has received its Monitoring Agency Report for the quarter ended March 31, 2026, submitted by CARE Ratings Limited pursuant to Regulation 32(6) of the Listing Regulations read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report covers the utilisation of proceeds from the company's Initial Public Offering (IPO) — a fresh issue of 235,294,117 equity shares aggregating to Rs. 2,800 crore — which was open for subscription from September 25, 2023, to September 27, 2023.

IPO Proceeds Utilisation Overview

As of March 31, 2026, JSW Infrastructure has cumulatively utilised Rs. 2,056.33 crore out of a total proposed outlay of Rs. 2,726.13 crore across all objects of the issue. During Q4FY26 alone, the company deployed Rs. 85.15 crore. The following table summarises the utilisation status across all objects:

During Q4FY26, JSW Infrastructure Limited (JSWIL) invested Rs. 58.65 crore in JSW Jaigarh Port Limited (JPL) — comprising Rs. 16.61 crore towards the LPG Terminal Project and Rs. 42.04 crore towards the electric sub-station — and Rs. 26.50 crore in JSW Mangalore Container Terminal Private Limited (JSW MCTPL).

Deployment of Unutilised IPO Proceeds

The remaining Rs. 669.80 crore of unutilised proceeds has been deployed in fixed deposits across multiple banks as at the end of the quarter. The details are as follows:

Capex Implementation Delays Flagged

CARE Ratings has flagged delays in the implementation of certain capital expenditure objects against the timelines specified in the offer document. For the LPG Terminal Project, the entire capex of Rs. 865.75 crore was to be incurred by Fiscal 2026, against which only Rs. 266.83 crore has been incurred till March 31, 2026; the exact period of delay is not ascertainable. Similarly, for the electric sub-station, Rs. 57.55 crore has been incurred against the target of Rs. 59.40 crore by Fiscal 2026, with the exact delay period also not ascertainable.

For the expansion at JSW Mangalore Container Terminal Private Limited, the entire capex of Rs. 151.05 crore was to be incurred by Fiscal 2025, against which Rs. 82.02 crore has been incurred till March 31, 2026 — with the exact delay period not ascertainable. The purchase and installation of the dredger, originally targeted for completion by Fiscal 2025, was completed in Fiscal 2026, with a minuscule amount of Rs. 0.63 crore utilised in Q1FY26.

General Corporate Purposes Utilisation

The entire allocation of Rs. 666.05 crore under General Corporate Purposes has been fully utilised. The breakdown of this utilisation is presented below:

Monitoring Agency Observations

CARE Ratings confirmed that there are no deviations from the objects or expenditures disclosed in the offer document, and no change in the means of finance for the objects of the issue. The Monitoring Agency noted that the company transferred issue proceeds from the public account to a monitoring account (Axis Bank) and then to various fixed deposits, which were subsequently transferred to current accounts (maintained with Axis Bank and Yes Bank) for utilisation, rather than directly from the monitoring account. Accordingly, the Monitoring Agency relied on management declarations and a Chartered Accountant certificate from M/s Shah Gupta & Co., Chartered Accountants (Statutory Auditor), dated April 22, 2026, to ascertain fund utilisation. All statutory approvals related to the objects remain in progress, as per the Red Herring Prospectus.

JSW Infrastructure Limited announced its audited standalone and consolidated financial results for the fourth quarter and full year ended March 31, 2026. The company reported consolidated revenue from operations of ₹5,361 crore, up 20% year-on-year, and Operating EBITDA of ₹2,604 crore, up 15% YoY. Adjusted PAT for FY26 stood at ₹1,644 crore, an increase of 12% YoY. The Board of Directors recommended a dividend of ₹0.90 per equity share of ₹2/- each for the financial year 2025-26, subject to shareholder approval.

Q4 FY26 Operational and Financial Highlights

During the quarter, the company handled cargo volumes of 31.6 million tonnes, a 1% increase year-on-year. Volume growth was driven by strong performance at South West Port, Dharamtar Port, and Jaigarh Port, supported by higher anchor customer volumes. This was partly offset by lower volumes at the Fujairah facility due to disruptions from the ongoing Middle East conflict. Consolidated operational revenue rose 19% to ₹1,522 crore in Q4 FY26. Q4 EBITDA stood at ₹650 crore versus ₹640 crore in Q4 FY25, with the EBITDA margin contracting to 42.90% from 49.95% year-on-year. Adjusted PAT for the quarter stood at ₹528 crore, up 15% year-on-year.

Consolidated Financial Performance

On a consolidated basis, total income for the year rose to ₹5,707.39 crore from ₹4,829.09 crore in FY25. Total expenses for the year increased to ₹3,754.82 crore from ₹3,026.25 crore. The profit before exceptional items and tax for the full year was ₹1,952.57 crore. Exceptional items of ₹79.73 crore were recorded for the year, including an estimated loss of ₹67.83 crore arising from a fire at the Liquid Terminal at Fujairah and estimated past service costs of ₹11.89 crore related to the Labour Codes. The statutory auditors, M/s. Shah Gupta & Co., issued an audit report with an unmodified opinion on the financial results.

Segment-Wise Performance

Port Operations remained the dominant contributor, with segment income of ₹4,646.91 crore for FY26, up from ₹4,226.41 crore in FY25. Logistics Operations recorded segment income of ₹714.53 crore for FY26, compared to ₹249.73 crore in FY25, reflecting significant growth driven by Navkar Corporation's performance and the consolidation of newly acquired rail rakes operations.

Growth Strategy and Guidance

JSW Infrastructure has outlined a plan to more than double its cargo handling capacity to 400 Million Tonnes Per Annum (MTPA) by FY2030 or earlier, up from the current capacity of 183 MTPA. The company has outlined a capital expenditure plan of ₹30,000 crore for port infrastructure and ₹9,000 crore for expanding the logistics segment. The company is targeting consolidated operating revenue of ₹6,850 crore and Operating EBITDA of ₹3,000 crore for FY2027.