Earnings Review
JSW Infra Q1 PAT down 8% YoY, revenue up 18% YoY
This story was originally published at 20:30 IST on 21 July 2026
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--JSW Infra Apr-Jun consol net profit INR 3.47 bln
--Analysts saw JSW Infra Apr-Jun consol net profit at INR 3.95 bln
--JSW Infra Apr-Jun consol revenue INR 14.45 bln
--Analysts saw JSW Infra Apr-Jun consol revenue at INR 14.30 bln
--JSW Infra Apr-Jun consol net profit INR 3.47 bln vs INR 3.85 bln year ago
--JSW Infra Apr-Jun consol revenue INR 14.45 bln vs INR 12.24 bln year ago
--JSW Infra Q1 consol operating EBITDA INR 6.74 bln, up 16% on year
--JSW Infra handled 31 mln tonnes of cargo in Apr-Jun, up 6% on year
--JSW Infra maintains FY27 operating EBITDA guidance of INR 30 bln
--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 Upasika Singhal
MUMBAI – JSW Infrastructure Ltd. reported a fall in its net profit for the June quarter despite strong growth in revenue from operations as its total expenses grew at a faster rate than the growth in both revenue from operations as well as total income. The net profit fell short of the Street's estimate.
The company reported a consolidated net profit of INR 3.47 billion for the June quarter, down nearly 10% from INR 3.85 billion in the year-ago quarter. Analysts had expected the company's net profit at INR 3.95 billion. Sequentially, the company's net profit fell over 17% from INR 4.18 billion.
The company reported better-than-expected revenues from operations at INR 14.45 billion, up 18% on year. The company's revenue beat the Street's estimate of INR 14.30 billion. On a sequential basis, the company's revenues fell over 5% from INR 15.22 billion. The company's total expenses grew over 23% on year to INR 10.39 billion in the reporting quarter from INR 8.41 billion in the year-ago quarter. The company's expenses grew at a faster rate than its revenues, leading to a decline in its net profit.
The company said its earnings before interest, tax, depreciation, and amortisation, grew 16% in the June quarter to INR 6.74 billion. The company said it is on track to meet its EBITDA guidance of INR 30 billion for 2026-27 (Apr-Mar). In the June quarter, the company earned INR 6 billion in operating EBITDA from its ports business alone.
The company attributed its 18% growth in revenue to higher port volumes and continued momentum in the logistics business. The company's profit before tax fell 2% to INR 4.63 billion in the June quarter from INR 4.73 billion a year ago as its other income fell after it deployed surplus funds to finance its capital expenditure.
The company's cargo handling volumes rose 6% on year to 31 million tonnes in the quarter. The company said its cargo volume increased due to higher traffic at Jaigarh, Dharamtar, and South West ports, along with the Ennore Bulk Terminal and contributions from interim operations of the Tuticorin Terminal. However, this growth was partially offset by lower volumes at the company's liquid bulk terminal at Fujairah in the United Arab Emirates, which was shut after being damaged in a drone attack during the West Asia war.
Revenue from the ports business rose 11% on year to INR 12.08 billion in the June quarter, from INR 10.86 billion in the year ago quarter. The revenue increase was driven by volume growth and a favourable product mix, the company said. Revenue from its logistics business rose over 71% to INR 2.37 billion in the reporting quarter from INR 1.38 billion in the year ago quarter. The operational EBITDA of the logistics business rose sharply in the June quarter to INR 730 million from INR 200 million a year ago. This was due to an expansion of its fleet of railway rakes.
The operational EBITDA from the ports business rose over 7% to INR 6.01 billion in the June quarter from INR 5.61 billion a year ago. The ports business' EBIT, excluding other income, was INR 4.6 billion in the quarter, up nearly 7% from INR 4.31 billion in the year-ago quarter. The company's logistics business reported an EBIT of INR 480 million, substantially up from INR 67 million in the year-ago quarter.
JSW Infra's subsidiary Navkar Corp. reported an over 38% revenue growth in the June quarter to INR 1.91 billion from INR 1.38 billion a year ago. Navkar's operating EBITDA rose sharply in the June quarter to INR 330 million, up 62% from INR 200 million in the year-ago quarter. Its net profit grew manifold to INR 120 million in the June quarter from INR 20 million in the year-ago quarter. Navkar contributed over 13% to the company's revenue from operations.
The company grew its fleet of railway rakes to 42 rakes from 13 rakes in the year-ago quarter. The rakes business contributed INR 430 million to the company's revenue from operations, making up over 18% of the company's operating revenue from its logistics business and nearly 3% of the company's consolidated revenue from operations. The company said it plans to increase its fleet to 110 rakes by FY30.
JSW Infra targets to make INR 80 billion in revenue and INR 20 billion in EBITDA from its logistics business by FY30. It plans to invest INR 90 billion in capex between FY25-FY30.
The company's standalone net profit for the June quarter was INR 752 million, up nearly 3% from INR 729 million in the year-ago quarter. Its standalone total income was INR 2.42 billion, up nearly 3% from INR 2.35 billion in the year-ago quarter. This was sharply down from the INR 3.07 billion total income it had reported in the March quarter.
The company's shares ended at INR 344.55 on the National Stock Exchange Tuesday, down over 1% from Monday. The company announced its June quarter earnings after market hours. End
Edited by Pankaj Aher
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