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JSW Infrastructure reported consolidated revenue growth of 18% YoY

ICICIdirect Research 22 Jul 2026 DISCLAIMER

News: JSW Infrastructure reported consolidated revenue growth of 18% YoY to ₹ 1445 crore led by 11% YoY growth in Ports (₹ 1208 crore) and 72% YoY growth in Logistics business. Ports cargo volumes were up 6% YoY at 31 MT led by strong performance at Jaigarh Port. Consolidated EBITDA margins were lower 85 bps YoY (down 389 bps QoQ) at 46.6%. Consolidated EBITDA was up 16% YoY at ₹ 674 crore. However, lower other income and higher effective tax rate led to 10% YoY dip (down 29% QoQ) in consolidated net profit at ₹ 347 crore.

View: The company’s overall ports volumes were affected by lower volumes at Fujairah terminal (Middle East crisis). Adjusting for the same, ports cargo volumes were up 11% YoY. It expects cargo volumes of 127 MT (up 4.5% YoY) for FY27 baking in 40% volumes from Fujairah terminal for FY27. EBITDA margins during Q1FY27 were affected by ~₹ 65-70 crore lower contribution from Fujairah terminal and ~₹ 8-9 crore on off expenses related to Jaigarh port. It retained its capacity expansion plan to achieve 300 MT/ 400 MT port capacities by FY28E/ FY30E respectively from current 186 MT. Consolidated EBITDA target of ₹ 3000 crore/ ₹ 5000 crore for FY27E/ FY28E were also retained.

Impact: Positive

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