NSE: JSWINFRA · BSE: 543994
JSW INFRASTRUCTURE LTD
Operates commercial ports and an expanding logistics platform, primarily serving JSW Group's steel operations and other industrial cargo customers. Port Operation generated ₹4,646.91 crore in FY26 (86.7% of segment revenue) and Logistics Operation added ₹714.53 crore (13.3%); the Port segment is the more profitable, with EBIT of ₹1,978.35 crore against ₹82.55 crore at Logistics. Other operating expenses are the largest cost line at 47% of revenue, followed by depreciation at 11.5%, with capex at 46.5% reflecting the asset-heavy nature of port infrastructure. Related-party sales to the JSW Group accounted for 38.17% of total revenue. The company employs 940 permanent staff and 5,635 workers. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Port Operation (87%), Logistics Operation (13%). Asset-heavy port and logistics infrastructure, exposed to industrial cargo cycles
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 3,763 | 4,476 | 5,361 |
| EBITDA (ex other income) | 1,965 | 2,262 | 2,524 |
| margin % | 52.2 | 50.5 | 47.1 |
| Owners' profit | 1,156 | 1,503 | 1,523 |
| EPS, as reported (₹) | 6.01 | 7.27 | 7.32 |
| ROE % · ROCE % | 14.1 · 13.7 | 14.5 · 13.3 | 13.2 · 12.3 |
| Debt / equity (x) | 0.53 | 0.44 | 0.55 |
| Cash from operations | 1,803 | 2,100 | 2,022 |
| Capex | (249) | (2,076) | (2,492) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,001 | 1,182 | 1,283 | 1,224 | 1,266 | 1,350 | 1,522 | 1,445 |
| Profit before tax | 554 | 276 | 581 | 473 | 463 | 439 | 498 | 463 |
| Net profit | 374 | 336 | 516 | 390 | 369 | 365 | 424 | 358 |
| EPS (₹) | 1.80 | 1.59 | 2.46 | 1.85 | 1.74 | 1.72 | 2.01 | 1.65 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Port Operation | 4,647 | 86.7 |
| Logistic Operation | 366 | 6.8 |
| Logistics Operation | 349 | 6.5 |
| Total, before eliminations | 5,361 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADANI PORT & SEZ LTD | 4,04,228 | 29.9 | 4.08 | 18.3 | 12.9 | 8.6 | 25.3 | 68.3 |
| JSW INFRASTRUCTURE LTD ◆ | 73,690 | 44.5 | 6.30 | 27.6 | 13.2 | 10.2 | — | 50.6 |
| GUJARAT PIPAVAV PORT LTD | 7,742 | 13.8 | 3.24 | 9.7 | 21.6 | 25.6 | 9.6 | 69.2 |
| ALLCARGO TERMINALS LTD | 634 | 15.7 | 1.80 | 3.6 | 12.5 | 4.3 | — | 23.1 |
| Starlog Enterprises Limited | 55 | — | 0.82 | — | (19.9) | (13.0) | (43.5) | 18.8 |
| VMS INDUSTRIES LTD. | 43 | 10.8 | 0.77 | — | 1.8 | 2.2 | — | 2.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 44.5 | 15.6 | 8 of 10 | 22% |
| P/B | 6.3 | 1.4 | 11 of 11 | 0% |
| ROCE | 10.2 | 6.7 | 5 of 14 | 69% |
| ROE | 13.2 | 12.4 | 3 of 11 | 80% |
| Debt / Equity | 0.6 | 0.4 | 7 of 11 | 40% |
| EBITDA margin | 50.6 | 39.5 | 6 of 15 | 64% |
| Revenue growth | 18.1 | 13.2 | 5 of 12 | 64% |
| Profit growth | (8.2) | 10.2 | 8 of 13 | 42% |
| Market cap | 73690 | 312 | 3 of 15 | 86% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Exchange informed of recording link filing | investor communications | low | — | — |
| 27 Oct 2026 · Rs 5,499 crore unutilised; port project deadlines delayed | compliance | minimal | — | — |
| 27 Oct 2026 · Q2 FY27 revenue rises 17%, net cash stands at Rs 1,693 crore | investor communications | medium | — | — |
| 27 Oct 2026 · Q2 revenue rises 17%, but profit after tax falls to Rs 328 crore | compliance | low | — | — |
| 27 Oct 2026 · Revenue rises 17%, but JSW Infra Q2 net profit falls 11% | results | high | — | — |
| 16 Oct 2026 · Q2FY27 earnings call scheduled for 27 Oct 2026 at 5:30 PM | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Board meeting on 27 Oct 2026 to approve Q2 FY26-27 results | results | low | — | — |
| 14 Oct 2026 · JSW Infra subsidiary Navkar wins Rs 48 cr railway cargo terminal contract | compliance | low | — | — |
| 6 Oct 2026 · Quarterly certificate confirming all shares are in demat form | compliance | minimal | — | — |
| 5 Oct 2026 · JSW Infra credit ratings reaffirmed by CARE; bank facilities enhanced | credit debt | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.