The National Company Law Tribunal (NCLT) Mumbai has approved the resolution plan submitted by JSW Infrastructure for NCR Rail, marking a significant development in the corporate restructuring landscape.

NCLT Approval Details

The Mumbai bench of NCLT has granted its approval to JSW Infrastructure's resolution plan for NCR Rail. This regulatory clearance represents a crucial step in the corporate insolvency resolution process, allowing the infrastructure company to move forward with its acquisition and restructuring strategy.

Strategic Implications

The NCLT's approval enables JSW Infrastructure to proceed with its plans for NCR Rail, a company operating in the railway infrastructure sector. This development is part of the broader corporate insolvency resolution framework designed to revive distressed companies through viable resolution plans.

The approval signifies that JSW Infrastructure's proposal met the necessary regulatory requirements and was deemed suitable for addressing NCR Rail's financial challenges. This acquisition aligns with JSW Infrastructure's expansion strategy in the transportation and logistics infrastructure segment.

Resolution Process Completion

With the NCLT's green light, JSW Infrastructure can now implement its resolution plan for NCR Rail. The approval marks the successful completion of the legal and regulatory review process, paving the way for the actual takeover and operational restructuring of the railway infrastructure entity.

JSW Infrastructure shares declined 2.02% to ₹260.05 in Friday's trading session, making it one of the top losers on the Nifty Midcap 150 index. This price decrease represents a notable drop from its previous close, despite the company's strong underlying financial performance.

Strong Revenue Growth Trajectory

JSW Infrastructure has demonstrated consistent financial growth over recent years. The company's consolidated annual revenue has shown impressive expansion, growing steadily from ₹1,603.57 crores in 2021 to ₹4,476.14 crores in 2025. This represents substantial business growth across the infrastructure sector.

Quarterly Performance Highlights

The quarterly financials reflect continued positive momentum. Revenue for the quarter ending December 2025 reached ₹1,349.66 crores, up from ₹1,181.83 crores in December 2024. Net profit for the same period stood at ₹364.85 crores, compared to ₹335.62 crores in the previous year.

Balance Sheet Strengthening

The company's balance sheet reflects robust financial health with total assets increasing from ₹8,254 crores in March 2021 to ₹16,928 crores in March 2025. Notably, the debt-to-equity ratio has improved significantly from 1.36 in 2021 to 0.48 in 2025, indicating enhanced financial stability and reduced leverage.

Corporate Actions and Dividends

JSW Infrastructure has maintained consistent dividend payments to shareholders. The company announced a final dividend of ₹0.80 per share (40%) on April 30, 2025, with an effective date of July 1, 2025. Previously, a final dividend of ₹0.55 per share (27.5%) was announced on May 3, 2024, effective from July 19, 2024.

Despite the day's decline, JSW Infrastructure remains a constituent of the Nifty Midcap 150 index, reflecting its significant market presence in the infrastructure sector.