JSW Infrastructure Q2 FY27 results: net profit down 11.0% to ₹328.23 crore, revenue up 17.0%

How did JSW Infrastructure perform in Q2 FY27?

JSW Infrastructure’s consolidated revenue for Q2 FY27 was ₹1,481 crore, up 17.0% from ₹1,266 crore in Q2 FY26 and 2.5% from ₹1,445 crore in Q1 FY27. EBITDA rose 10.6% year on year to ₹674.43 crore, but the margin was 45.5%, down 2.7 percentage points from Q2 FY26 and 1.1 percentage points from Q1 FY27.

Consolidated profit before tax was ₹431.13 crore, down 6.9% from ₹463.29 crore a year earlier and 6.8% from ₹462.79 crore in the previous quarter. Net profit fell 11.0% year on year to ₹328.23 crore and 8.2% sequentially from ₹357.60 crore, while basic EPS declined to ₹1.35 from ₹1.74 and ₹1.65, respectively. On a standalone basis, revenue was ₹163.86 crore and profit was ₹279.13 crore.

The company also filed standalone and consolidated unaudited results for the quarter and half year ended 30 September 2026. The board approved the results after they were reviewed and recommended by the audit committee, and the statutory auditors issued a limited review report.

What changed in JSW Infrastructure's costs and profit?

Total expenses rose 36.2% year on year to ₹1,238 crore from ₹909.02 crore in Q2 FY26 and were 19.2% higher than ₹1,039 crore in Q1 FY27. Finance costs increased ₹152.18 crore to ₹256.77 crore from ₹104.59 crore, while other expenses rose ₹151.09 crore to ₹748.22 crore from ₹597.13 crore.

Depreciation was ₹175.08 crore, up ₹26.56 crore from ₹148.52 crore in Q2 FY26, while employee cost was ₹58.27 crore, down ₹0.51 crore from ₹58.78 crore. There was no exceptional item in the quarter, and total income increased 21.7% year on year to ₹1,669.47 crore.

Against Q1 FY27, finance costs rose ₹154.72 crore to ₹256.77 crore, other expenses increased ₹33.57 crore to ₹748.22 crore, and depreciation increased ₹9.29 crore to ₹175.08 crore. Other income rose ₹131.75 crore to ₹188.55 crore, while tax was ₹102.90 crore, down ₹2.29 crore from ₹105.19 crore. The filing did not state a specific reason for the year-on-year increase in finance costs.

How did the first half of FY27 go?

In H1 FY27, consolidated revenue was ₹2,925.75 crore, up 17.5% from ₹2,489.44 crore in H1 FY26, while total income rose 18.1% to ₹3,171.1 crore from ₹2,686.01 crore. The company handled 60.5 million tonnes of cargo during the first half, including 29.4 million tonnes in Q2.

Profit before tax declined 4.5% to ₹893.92 crore from ₹935.85 crore, and net profit fell 9.6% to ₹685.83 crore from ₹758.38 crore. Basic EPS was ₹3.0, down from ₹3.59 in H1 FY26.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹29,120.49 crore, compared with ₹20,358.45 crore at 31 March 2026. Total equity rose to ₹18,841.82 crore from ₹11,692.74 crore, while borrowings increased to ₹7,292.17 crore from ₹6,409.85 crore. Cash was ₹1,024.13 crore, against ₹797.75 crore at the previous balance sheet date.

H1 FY27 operating cash flow was ₹849.59 crore, compared with ₹1,311.25 crore in H1 FY26. Investing cash flow was negative ₹7,535.14 crore against negative ₹1,000.57 crore, financing cash flow was ₹6,911.93 crore against negative ₹316.13 crore, and capital expenditure was ₹1,233.61 crore compared with ₹902.14 crore.

How has JSW Infrastructure done over the last 8 quarters?

Revenue rose in each of the last eight quarters on a year-on-year basis. It peaked at ₹1,522.34 crore in Q4 FY26 and was ₹1,480.92 crore in Q2 FY27, after ₹1,444.83 crore in Q1 FY27.

Net profit reached its highest point in the period shown at ₹515.58 crore in Q4 FY25 and its lowest at ₹328.23 crore in Q2 FY27. The EBITDA margin also peaked at 50.5% in Q4 FY26 and fell to 45.5% in Q2 FY27 from 46.6% in Q1 FY27.

Which businesses drove the quarter?

Port Operation reported Q2 FY27 revenue of ₹1,201.6 crore, up 9.0% from ₹1,102.89 crore in the year-ago quarter, and EBIT of ₹484.71 crore, compared with ₹492.94 crore. Its reported EBIT margin was 40.3%.

Logistic Operation reported revenue of ₹279.32 crore and EBIT of ₹58.24 crore, with an EBIT margin of 20.9%. The filing did not provide year-ago revenue or EBIT for this segment, so a growth rate cannot be stated from the supplied figures.

What else did the company announce?

On 27 October 2026, JSW Infrastructure filed its Q2 FY27 results presentation for the unaudited standalone and consolidated financial results and the board outcome, together with the statutory auditors’ limited review report. The same-day presentation was titled “Q2 FY27 revenue rises 17%, net cash stands at Rs 1,693 crore”.

The supplied same-day filings did not announce a dividend, fund raise or appointment. The earlier board-meeting intimation stated that the trading window would reopen on 30 October 2026 after the results meeting on 27 October 2026.

What did JSW Infrastructure's management say?

The CFO said, “We continue to stick with that INR16,500 crores guidance,” referring to FY27 capex, and said management was confident logistics EBITDA would be slightly above INR400 crore. The rail fleet reached 78 rakes at Q2-end, with management targeting 110 rakes by March 2027, and it maintained a port-capacity roadmap of 300 MTPA by FY28 and 400 MTPA by FY30.

Management identified risks from weaker Fujairah storage-tank demand, uncertain ship arrivals, environmental-clearance delays at Keni Port, regulatory delays for Jaigarh tankage works, and currency depreciation. It said Fujairah generated a negative EBITDA contribution of about INR16 crore in H1 FY27, while its call for H2 FY27 India cargo growth was 8-10% year on year.

The joint managing director and CEO said, “Currently, as I told you earlier also, the demand for storage tanks in that area has come down substantially because of the problem. The ships are not coming there.” The earnings call did not record an analyst question in the supplied excerpt.

How did JSW Infrastructure shares react?

The filing appeared after market hours. JSW Infrastructure’s shares were up 1.9% after 5 minutes, 0.8% after 15 minutes and 1.1% after 30 minutes, then closed 0.6% below the previous close on the reaction day. By the next day’s close, the stock was up 2.5% from its pre-results close, and by the fifth session it was up 9.2%.

The Port & Port services sector’s median move was negative 1.0% on the reaction day, up 1.6% by the next close and up 8.4% by the fifth session. JSW Infrastructure’s moves were 0.4 percentage points above the sector median on the reaction day, 0.9 percentage points above it by the next close and 0.8 percentage points above it by the fifth session. Earlier results-day moves included 10.2% on 28 October 2024 and negative 5.9% on 18 July 2024.