Monitoring Agency Report for the quarter ended 30th June, 2025
JSWINFRA · price
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JSW Infrastructure has submitted the quarterly Monitoring Agency Report from CARE Ratings covering its Rs. 2,800 crore IPO (September 2023). Of the Rs. 2,726.13 crore earmarked for specific objects, Rs. 1,905 crore has been utilised so far, with Rs. 821.13 crore still unutilised. During Q1FY26 alone, only Rs. 14.96 crore was deployed, mainly as inter-corporate deposit to subsidiary Jaigarh Port for the LPG Terminal project. The full Rs. 880 crore earmarked for subsidiary debt repayment and the Rs. 666.05 crore for general corporate purposes (used for acquisitions of Marine Oil Terminal and PNP Maritime) have been fully utilised. The LPG Terminal, electric sub-station, dredger, and Mangalore Container Terminal expansion projects are running behind schedule, partly blamed on heavy rains and material delivery delays, though management says there is no material impact on the company's credit profile. The unutilised Rs. 821.13 crore is parked in fixed deposits across Axis Bank, IndusInd Bank, and Yes Bank earning 5-7.9% interest.
No deviation from stated IPO objects and no major concerns flagged by the monitoring agency, which is neutral to positive for shareholders. However, the slow pace of capex deployment and project delays at Jaigarh Port and Mangalore Container Terminal could temper near-term growth visibility, though idle funds are still earning healthy interest in FDs.