💰 Financial Performance

Revenue Growth by Segment

Revenue from operations grew 11.4% YoY to INR 484.49 Cr in FY25 from INR 434.87 Cr in FY24. In Q2 FY26, volume handled grew 21% YoY for ICD (20k TEUs), 20% YoY for CFS (59k MT), and 46% YoY for domestic volumes (394k MT).

Geographic Revenue Split

Not disclosed in percentage terms; operations are concentrated in Maharashtra (Nhava-Sheva) and Gujarat (Morbi).

Profitability Margins

FY25 Net Margin was -12.5% due to a loss before tax of INR 60.83 Cr on revenue of INR 484.49 Cr. H1 FY26 Logistics segment (including Navkar) reported a PBT margin of 4.2% (INR 12.8 Cr PBT on INR 300.8 Cr revenue).

EBITDA Margin

H1 FY26 Logistics segment Operating EBITDA margin was 14.9% (INR 44.8 Cr EBITDA on INR 300.8 Cr revenue). FY25 RoCE declined to -2.24% from 0.86% in FY24, a 359% reduction due to lower EBIT.

Capital Expenditure

JSW Infrastructure (Ultimate Holding Company) has a planned group-level Capex of INR 9,000 Cr for the FY25-30 period to drive expansion and acquisitions.

Credit Rating & Borrowing

Upgraded to CRISIL AA-/Stable and CRISIL A1+ following the JSW acquisition. Interest coverage was 5.77x in FY24, though finance costs rose 47.7% YoY to INR 20.70 Cr in FY25.

⚙️ Operational Drivers

Raw Materials

Diesel fuel for vehicle and crane operations and Electricity for warehouse and office utilities represent the primary operational inputs.

Import Sources

Not applicable as a service industry provider.

Capacity Expansion

Current assets include 3 CFS at Nhava-Sheva, 1 ICD at Morbi, 1 Gati Shakti Cargo Terminal at Somathane, and 8 owned container rakes. Expansion is supported by JSW's INR 9,000 Cr group capex plan.

Raw Material Costs

Cost of services reached INR 389.98 Cr in FY25, representing 80.5% of revenue, an increase of 28.9% YoY from INR 302.40 Cr.

Manufacturing Efficiency

RoCE was -2.24% in FY25, impacted by a reduction in EBIT linked to accrued income adjustments.

Logistics & Distribution

Logistics is the core business; cost of services (INR 389.98 Cr) represents the primary distribution and operational expense.

📈 Strategic Growth

Expected Growth Rate

20-25%

Growth Strategy

Growth will be achieved through integration with JSW Infrastructure's port network, ramping up utilization at the nascent Morbi ICD, and operationalizing the Somathane Gati Shakti Cargo Terminal (GCT) to capture higher domestic and EXIM volumes.

Products & Services

Container Freight Station (CFS) services, Inland Container Depot (ICD) services, Private Railway Freight Terminal (PFT) operations, Multimodal Logistics Park services, warehousing, container repair, and temperature-controlled storage.

Brand Portfolio

Navkar Corporation, JSW Infrastructure.

New Products/Services

Gati Shakti Cargo Terminal (GCT) at Somathane and expanded temperature-controlled chambers for hazardous materials.

Market Expansion

Expansion into the Morbi, Gujarat industrial cluster through the ICD and strengthening the presence at Nhava-Sheva, Maharashtra.

Market Share & Ranking

JSW Infrastructure is the second largest private port operator in India with 177 MTPA capacity.

Strategic Alliances

Acquisition by JSW Infrastructure Limited (Ultimate Holding Company) through its subsidiary JSW Port Logistics Private Limited.

🌍 External Factors

Industry Trends

Growing preference for multimodal logistics and rail transport over road; the Gati Shakti initiative is driving infrastructure development in the sector.

Competitive Landscape

Faces intense competition from major CFS operators at JNPT, many of whom are owned by or affiliated with dedicated shipping lines.

Competitive Moat

Sustainable moat through ownership of critical infrastructure like private railway sidings and large-scale CFS/ICD facilities in strategic locations like JNPT and Morbi, which are difficult to replicate.

Macro Economic Sensitivity

Highly sensitive to India's EXIM trade volumes and GDP growth; a 1% change in trade volume typically impacts logistics revenue by a similar margin.

Consumer Behavior

Not applicable as the business is B2B logistics.

Geopolitical Risks

Global trade disruptions or changes in import-export regulations could significantly impact container throughput at JNPT and Morbi.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by Customs policies (DPD), Monitory and Fiscal policies, and infrastructure development regulations.

Taxation Policy Impact

Effective tax rate for the logistics segment in H1 FY26 was approximately 32% (INR 4.1 Cr tax on INR 12.8 Cr PBT).

Legal Contingencies

Not disclosed in available documents; auditors provided a clean opinion on the FY25 financial statements.

⚠️ Risk Analysis

Key Uncertainties

The ramp-up of the Morbi ICD (currently in nascent stage) and the long-term impact of the DPD policy on CFS volume utilization.

Geographic Concentration Risk

High concentration in Maharashtra (Nhava-Sheva) and Gujarat (Morbi), making the company vulnerable to regional economic or regulatory shifts.

Third Party Dependencies

High dependency on shipping lines for container volumes and customs for regulatory clearances.

Technology Obsolescence Risk

Low risk; the company uses integrated Tracker software for organizational data, accounting, and consolidation.

Credit & Counterparty Risk

Exposure to shipping lines and large industrial clients; receivables quality is supported by long-term relationships and JSW Group's financial oversight.