JSWINFRA - JSW Infrast

📊 NSE: JSWINFRA 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 8:42

💰 Financial Performance

Revenue Growth by Segment

Total Operating Income (TOI) grew 19% YoY to INR 4,490 Cr in FY25 from INR 3,783 Cr in FY24. In H1FY26, TOI grew 24% YoY to INR 2,489 Cr, driven by a 21% YoY increase in Q1FY26 (INR 1,224 Cr) due to higher cargo volumes and inorganic growth from the logistics segment.

Geographic Revenue Split

Not specifically disclosed by percentage, but operations are diversified across the eastern and western coasts of India, including major hubs like Jaigarh, Dharamtar, and Paradip.

Profitability Margins

Gross Cash Accruals (GCA) increased 19.3% to INR 2,005 Cr in FY25 from INR 1,681 Cr in FY24. Net profit for the newly acquired railway rake business is projected at INR 60 Cr in FY27 and INR 90 Cr in FY28, indicating an EPS-accretive trajectory.

EBITDA Margin

PBILDT margin was 50.69% in FY25. Margins declined to 46.32% in H1FY26 (compared to 47.84% in H1FY25) and 47.49% in Q1FY26 (compared to 50.97% in Q1FY25) due to the consolidation of the lower-margin logistics business (Navkar Corporation).

Capital Expenditure

Planned capital outlay of INR 13,500 Cr to INR 14,000 Cr over FY26-FY28. Approximately 60% of total capex planned through FY30 is allocated to greenfield projects, including the Jatadhar port and Keni port.

Credit Rating & Borrowing

Assigned [ICRA]AA+ (Stable) rating in September 2025. The company maintains a robust capital structure with an overall gearing of 0.48x and net debt to PBILDT of 0.82x as of March 31, 2025.

⚙️ Operational Drivers

Raw Materials

Not applicable as a service provider; primary operational inputs include fuel for vessels/equipment and electricity for port operations.

Capacity Expansion

Current cargo handling capacity is 177 MMTPA as of June 30, 2025. Expansion plans include increasing Jaigarh and Dharamtar port capacities and commissioning the Jatadhar port to support JSW Steel's expansion to 15 MTPA at Dolvi.

Raw Material Costs

Not applicable; however, operating costs are impacted by the consolidation of the logistics segment, which has a higher cost-to-revenue ratio than core port operations.

Manufacturing Efficiency

Jaigarh port reported a moderate utilization of 36% in FY25, constrained by limited hinterland connectivity, which the company is addressing through rail and pipeline investments.

Logistics & Distribution

The company is transitioning to a multimodal provider, acquiring 100% of three JSW rail logistics entities for an enterprise value of INR 1,212 Cr to manage 45 total rakes.

📈 Strategic Growth

Expected Growth Rate

25%

Growth Strategy

Growth is driven by a 28% CAGR in cargo volumes (FY20-FY25) and strategic acquisitions like Navkar Corp and the JSW rail rake business (Enterprise Value INR 1,212 Cr). The company is also executing a massive INR 14,000 Cr capex plan for greenfield ports and slurry pipelines to serve anchor customers like JSW Steel and JSW Cement.

Products & Services

Port handling for dry bulk, break bulk, liquid bulk, gases, and containers; railway rake logistics; slurry pipeline transportation; and marine services.

Brand Portfolio

JSW Infrastructure, JSW Jaigarh Port, JSW Dharamtar Port, Navkar Corporation.

New Products/Services

Multimodal logistics services including rail rake operations (projected FY28 EBITDA of INR 250 Cr) and slurry pipeline operations for iron ore transport.

Market Expansion

Expanding presence on both Eastern and Western coasts of India; specifically targeting increased third-party cargo to reduce group dependency from 51% to lower levels.

Market Share & Ranking

Second-largest port operator in India with 177 MMTPA capacity, following APSEZ.

Strategic Alliances

Long-term service agreements with Bhushan Power and Steel Limited (BPSL), JSW Steel, and JSW Cement for guaranteed cargo volumes.

🌍 External Factors

Industry Trends

The industry is shifting toward multimodal connectivity and integrated logistics. JSWINFRA is positioning itself by moving beyond port gates into rail and pipeline infrastructure to capture a larger share of the value chain.

Competitive Landscape

Primary competitor is Adani Ports (APSEZ) with 633 MMT capacity; JSWINFRA competes on the basis of strategic location and captive group volumes.

Competitive Moat

Durable advantages include long-term concession periods, strategic integration with JSW Group's 15 MTPA Dolvi expansion, and high entry barriers for greenfield port development. These are sustainable due to the capital-intensive nature of the assets.

Macro Economic Sensitivity

Highly sensitive to Indian EXIM trade volumes and industrial production (Steel/Cement), which drive the 28% cargo CAGR.

Consumer Behavior

Increased national focus on 'Gati Shakti' and multimodal transport is driving demand for integrated port-to-factory logistics solutions.

Geopolitical Risks

Exposure to global trade disruptions that could affect container and bulk cargo volumes across its 177 MMTPA capacity.

⚖️ Regulatory & Governance

Industry Regulations

Subject to Board of Major Port Authority pricing controls at specific terminals; must comply with the regulatory requirement to reduce promoter shareholding to 75% by September 2026.

Environmental Compliance

Exposed to risks regarding coal volume handling; mitigation includes a focus on renewable energy and waste management to meet tightening environmental norms.

Taxation Policy Impact

Not specifically disclosed; follows standard Indian corporate tax rates.

Legal Contingencies

The valuation reports assume no material adverse change or undisclosed litigations, but no specific pending court case values were provided in the documents.

⚠️ Risk Analysis

Key Uncertainties

Project execution and ramp-up risks for greenfield projects (60% of capex) could impact the projected 25% growth rate if timelines slip.

Geographic Concentration Risk

Concentrated in India, with significant revenue dependency on the Maharashtra cluster (Jaigarh and Dharamtar ports).

Third Party Dependencies

While reducing, the company still depends on JSW Group for 51% of its revenue, making it vulnerable to the steel and cement industry cycles.

Technology Obsolescence Risk

Low risk in physical port infrastructure, but digital transformation in logistics (tracking/automation) is necessary to maintain competitiveness with Navkar Corp integration.