JSW Infrastructure reports 17% rise in Q2 revenue to Rs 14.81 billion

JSW Infrastructure reported a 17% year-on-year (YoY) increase in consolidated revenue from operations to Rs 14.81 billion in the second quarter of FY2027, compared with Rs 12.66 billion in the same quarter last year. Operating EBITDA rose 11% to Rs 6.74 billion from Rs 6.10 billion.

The company’s profit after tax (PAT) declined to Rs 3.28 billion from Rs 3.69 billion in Q2 FY2026, mainly due to unrealised foreign exchange losses following the depreciation of the Indian rupee.

During the quarter, total cargo volumes stood at 29.4 million tonnes, with cargo volumes from the company’s India operations growing 8% year on year.

The ports segment recorded revenue of Rs 12.02 billion, up 9% from Rs 11.03 billion in the corresponding quarter last year. Operating EBITDA for the segment stood at Rs 5.94 billion, an increase of 2%, mainly due to higher cargo volumes.

The increase in port volumes was supported by improved capacity utilisation at Paradip Coal, Ennore Bulk and Mangalore Coal terminals. Interim operations at the Tuticorin Bulk Terminal and Kolkata Container Terminal also contributed to the growth.

However, the overall increase was partly offset by a challenging operating environment at Fujairah Liquid Terminal, along with lower volumes at Jaigarh Port and Paradip Iron Ore Terminal.

The logistics business recorded revenue of Rs 2.79 billion during the quarter, compared with Rs 1.63 billion in the same period last year. Operating EBITDA for the segment increased to Rs 810 million from Rs 250 million, a 3.3-fold rise.

The EBITDA margin improved to 28.9% from 15.2%, driven by a higher contribution from the rail logistics business. The company increased its rail rake fleet from 42 at the beginning of the quarter to 78 by the end of September. It expects to receive another 32 rakes during the second half of the financial year, taking the total fleet to 110 by March 2027.

At the consolidated level, profit before tax (PBT) stood at Rs 4.31 billion, compared with Rs 4.63 billion in Q2 FY2026. The decline was mainly due to unrealised foreign exchange losses and higher depreciation charges following the commissioning of growth projects in the ports business and the expansion of the logistics segment. Higher other income partly offset the impact.

As of the end of the quarter, the company reported net cash of Rs 16.93 billion, gross debt of Rs 72.92 billion and cash and bank balances of Rs 89.85 billion.

H1 FY2027 performance
During the first half of FY2027, JSW Infrastructure handled 60.5 million tonnes of cargo, a 4% increase over the same period last year. India operations recorded 10% YoY growth.

The increase was supported by higher throughput at Paradip Coal, Dharamtar Port, Jaigarh Port and Ennore Bulk Terminal, along with interim operations at Tuticorin Bulk Terminal. Growth was partly offset by the operating environment at Fujairah Liquid Terminal.

Revenue from operations for the first half increased 18% year on year to Rs 29.26 billion, while operating EBITDA rose 13% to Rs 13.48 billion. PAT for the period stood at Rs 6.86 billion.

Key developments
During the quarter, JSW Infrastructure signed a 30-year concession agreement for the 13 MTPA Kolkata Outer Container Terminal, strengthening its container business on India’s eastern coast.

The company also started interim operations at the 6.3 MTPA Kolkata Container Terminal, which was awarded in July 2025, to increase volumes ahead of full-scale operations.

It completed the acquisition of NCR Rail Infrastructure under the National Company Law Tribunal-approved resolution plan, expanding its logistics presence in North India.

The company also received a Letter of Acceptance for developing a Gati Shakti Multi-Modal Cargo Terminal at Kulipalaiyam in Tamil Nadu. The development will expand its logistics presence to eight facilities across five states.

JSW Infrastructure is India’s second-largest private commercial port operator and operates 13 port concessions along the country’s west and east coasts. Its logistics network comprises eight facilities and a rail fleet of 78 rakes.