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Informist, Tuesday, Jul. 21, 2026

 

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--JSW Infra: Co faced dynamic, challenging environment Q1 in W Asia
--CONTEXT: Comments from JSW Infra's management in post earnings analyst call
--JSW Infra: Murbe environmental nod moves multi modal connectivity aim ahead
--JSW Infra: Q1 volume growth weighed down by fall in Fujairah volume
--JSW Infra: W Asia war had no cost escalation effect on ongoing projects Q1
--JSW Infra: Saw on and off LPG, diesel supply issues Q1 due to W Asia war
--JSW Infra: See Murbe corridor construction works starting in Q3
--JSW Infra: Jaigarh port volumes drove Q1 revenue, EBITDA growth
--JSW Infra: See treasury income shooting up FY27 on QIP proceeds
--JSW Infra: To operationalise 8 tanks in Fujairah terminal by early Aug
--JSW Infra:To deliver cargo volume of 127 mln tonne FY27, excluding Fujairah
--JSW Infra: Q1 ports EBITDA hit by about INR 600 mln on Fujairah volume loss

 

By Rajesh Gajra and Eshitva Prakash

 

MUMBAI – The war in West Asia did not escalate the cost of JSW Infrastructure Ltd.'s ongoing under-construction projects in the June quarter, but volume and earnings before interest, tax, depreciation, and amortisation were adversely impacted by lower third-party cargo volumes at the company's Fujairah liquid terminal in the United Arab Emirates, according to the management.

 

Speaking to investors and analysts at the post-earnings conference call Tuesday, a senior official said the company handled overall 31 million tonnes of cargo in the June quarter, up 6% on year, and "this growth was delivered despite a negligible contribution from our Fujairah operations due to the challenging operating environment in the Middle East." However, the company's ports segment EBITDA in the June quarter would have been higher by around INR 600-INR 700 million had the Fujairah operations not been disrupted.

 

To a query from an analyst on whether the geopolitical crisis resulted in cost escalations for the company's under-construction projects, including the slurry pipeline, the official said the company had no cost escalation problem in crossing a key milestone with 251 kilometre of the slurry pipeline project completed during the quarter, representing 83% execution and keeping the project on track for March 2027 completion timeline. The West Asia war has not affected this or any ongoing projects, the official said.

 

There were, however, on and off issues with liquefied petroleum gas and diesel availability, but these were a normal part of project execution, the official said. "So, we have moved ahead and the projects are moving on quite nicely," he said.

 

The Jaigarh port of the company handled 5.41 million tonnes cargo in the June quarter, up from 5.26 million tonnes in the trailing quarter and 4.27 million tonnes in the year-ago quarter. The port contributed significantly to the revenue and EBITDA for the quarter, the official said.

 

The Jaigarh port handled a good cargo mix, including alumina, and project-related, and third-party volumes also went up during the quarter, he said. To an analyst's question, the official said the cargo handled by the port in the June quarter was not recurring in nature.

 

On the likely recovery of Fujairah liquid terminal operations, the official said the company expects to get eight tanks in the terminal operational by the end of this month or early August. "So, they will be ready for operations and then it depends on the climate at that point of time, whether prices are low, whether ships are going to come in," he said.

 

JSW Infrastructure will deliver cargo volume of 127 million tonnes per year for 2026-27 (Apr-Mar), after accounting for the loss of volume at Fujairah, according to the management. A senior official affirmed the company's operating EBITDA guidance of around INR 30 billion for FY27 and INR 50 billion for FY28. In FY27, the company also expects to see treasury income shooting up on account of the proceeds from the recent qualified institutional placement of INR 75.03 billion by the company.

 

The official said JSW Infrastructure had received environmental clearance and approval for rail connectivity to the dedicated freight corridor for Murbe port in Maharashtra, marking a key development milestone. The construction work for this corridor will start in the December quarter, he said.

 

The company reported its June quarter earnings after market hours Tuesday. The consolidated net profit declined 9.9% on year to INR 3.47 billion on a revenue growth of 18% at INR 14.45 billion. Tuesday, shares of JSW Infrastructure closed 1.12% down at INR 344.55 on the NSE.  End

 

Edited by Deepshikha Bhardwaj

 

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