Volume Growth: 10-12% for FY25
Management maintained full-year volume growth guidance of 10-12%, expecting recovery from Dolvi shutdown in Q2 onwards and incremental contributions from newly acquired PNP and Liquid Terminal UAE assets.
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400 Million Tonnes Capacity by FY 2030
Company targets to enhance present cargo facility capacity from current levels to 400 million tonnes by FY 2030 or earlier through organic expansions (Jatadhar port, JNPA Liquid Berth, Tuticorin berth) and potential acquisitions.
Annual CapEx: INR 13,000-14,000 crore
Management confirmed CapEx plans of approximately INR 13,000-14,000 crore for the next year, funded through strong internal cash generation and existing net cash position of INR 195 crore.
Long-term ROCE: 18-19%
Target ROCE of 18-19% over long term, acknowledging near-term pressure to 15-16% as new CapEx assets ramp up utilization, with recovery expected as assets reach optimal utilization levels.
10% Annual Volume Growth Guidance Reiterated
Management firmly stands by the 10% throughput growth target for FY26, citing stronger H2 historical trends and positive July momentum to offset Q1 monsoon-related weakness.
Logistics Revenue INR 700-800 crore for FY26
JSW Infrastructure expects logistics segment to generate INR 700-800 crore revenue in FY26 with INR 100 crore EBITDA, driven by Navkar and planned network expansion.
Capacity Expansion to 400 MTPA by FY2030
Target to scale cargo handling capacity from 177 MTPA to 400 MTPA by FY2030 or earlier through greenfield projects, port privatization opportunities, and value-accretive acquisitions.
INR 8,000 Crore Logistics Revenue Target
Logistics business targeting INR 8,000 crore revenue with 20-25% EBITDA margins by FY30, including expansion to 25-30 inland container depots across India.
Fujairah Terminal Annual EBITDA Contribution
Expected $20-22 million annual EBITDA run-rate from the 465,000 cubic meter Fujairah oil terminal acquisition (closing expected December 2023), with potential capacity expansion on adjacent land.
Committed CapEx of INR 1,200 crore
INR 1,200 crore from IPO proceeds allocated for: 2 MMT LPG project at Jaigarh Port (expected completion January 2026) and Mangalore Container Terminal expansion (expected completion February 2025).
Jatadhar Greenfield Port - Phase 1 Timeline
Total capacity of 52 MMT (30 MMT Phase 1, 22 MMT Phase 2). All environmental and other approvals already in place. Concession agreement expected within 2 weeks; construction to take approximately 3 years from commencement.
Long-term Growth Target
Management aims to maintain 22%+ CAGR trajectory over long term, citing 22% CAGR over 20 years and 40% CAGR over last 4 years. India port privatization pipeline of ~1,500 MMT capacity under PPP offers significant growth opportunity.
~10% volume growth for FY25
Management maintained volume growth guidance at approximately 10% for FY25, slightly tempered from initial higher expectations due to the planned JSW Steel Dolvi shutdown impact in Q1, which cannot be recouped.
400 MTP capacity by FY30
288 MTP by FY28 is all under construction with clear timelines. Journey to 400 MTP by FY30 comprises Keni (LOI received, land acquisition underway) and Murbe (LOI received, initial capacity 33 MTP). Any further acquisitions or government terminal bids would be upside over 400 MTP.
Target project IRR of 16%
All projects are pursued based on an internal hurdle rate of 16% project IRR. Once 60% utilization is reached, ROCE typically improves to ~18%, with fast ramp-up expected given cargo visibility and anchor customers.
Effective tax rate ~25%
Q2 effective tax rate of ~32% included one-time items (forex gain remeasurement, non-80-IA income, capital gains tax changes). Going forward, normalized rate expected to be ~25% as 80-IA benefits decline.
FY26 Volume Growth: 8%-10%
Management expects significantly better H2 performance driven by seasonal patterns, firming iron ore prices, and robust October volumes compared to September. Iron ore prices have started recovering with large miners resuming movements.
Port CapEx: INR 4,000 Cr for FY26
The company continues with its annual capital expenditure guidance for the port business, covering greenfield projects at Keni, Murbe, and Jatadhar, plus the iron ore slurry pipeline.
Logistics CapEx: INR 1,500 Cr for FY26
Investment guidance for logistics business expansion including the Kudathini multimodal park (INR 380 crore total including INR 57 crore acquisition) and additional rail terminals and GCTs.
Navkar EBITDA: INR 100 Cr for FY26
Navkar Corporation is expected to deliver INR 100 crore EBITDA for full FY26, with H1 already at INR 45 crore. The company confirmed this guidance after H1 performance review.
Third-party cargo share to reach 40% in next quarter
Management reaffirmed target of 40% third-party share in near term, supported by PNP integration enabling hub-and-spoke model with rail connectivity.
Paradip Coal Terminal capacity utilization to reach 70-80% in 2-3 years
Operating at 60% capacity currently, management expects 70-80% utilization within 2-3 years given strong demand and government push for coastal coal movement.
PNP and Fujairah to contribute INR 50+ crore EBITDA in Q4
Both acquisitions closed in late December; management expects Q4 EBITDA contribution in excess of INR 50 crore from these assets.
Jatadhar concession agreement expected within 4 weeks
All EC and final clearances received; concession agreement signing expected within 4 weeks, after which project construction will commence.
Cargo Volume Growth Target
The company maintains its 10% cargo volume growth guidance for FY2025, expecting continued momentum from third-party additions and new terminal ramp-ups at JNPA and Tuticorin interim operations.
400 MMTPA Capacity by FY30
The company targets 400 million tons per annum capacity by FY2030 through greenfield projects (Keni, Murbe, Jatadhar) and brownfield expansions at existing ports, requiring ₹15,000 crore port capex.
₹8,000 Crore Logistics Revenue at 25% EBITDA Margin
Logistics segment (under JSW Port Logistics Company platform including Navkar) targets ₹8,000 crore revenue with 25% EBITDA margin by FY30, powered by 15-20 GCT terminals, rake acquisitions, and container fleet investments totaling ₹9,000 crore.
Port EBITDA Margin Expansion to 58-59%
As greenfield ports (65-70% margins) constitute larger share of the capacity mix by FY30, blended port EBITDA margins are expected to rise from current 50-52% to 58-59%, offsetting lower-margin major port concessions.
FY2026 Revenue: INR 5,400 crores, EBITDA: INR 2,600 crores
Consolidated operating revenue and EBITDA targets for full year FY2026, representing ~20% revenue growth and ~13% EBITDA growth from 9M run-rate.
FY2027 EBITDA growth of ~15% YoY
Building on FY2026 base, management anticipates ~15% EBITDA growth in FY2027, driven by full-year contribution from rail acquisition and ramp-up at new terminals.
FY2028 EBITDA to double from FY2026 base
EBITDA expected to approximately double by FY2028, driven by four major projects: slurry pipeline (take-or-pay, ~INR 800 crore), Jaigarh expansion, Dharamtar expansion, and Jatadhar Port commissioning.
FY2026 CapEx: INR 3,500 crores; FY2027-28 CapEx: INR 16,500 crores
FY2026 spend split: INR 2,000 crores ports, INR 1,500 crores logistics (including INR 1,200 crore acquisition). FY2027-28 combined: INR 13,000 crores ports + INR 3,500 crores logistics.
FY2028 Volume Target: 165-175 MMT
Management targets 165-175 MMT cargo volume by FY2028, up from ~123 MMT in FY2026, implying ~35-42% growth driven by slurry pipeline, Jatadhar, and Jaigarh/Dharamtar steel expansion.
Volume growth target of 10-12% YoY for FY25
Management expects cargo volumes to grow at 10-12% in the immediate next year, translating to approximately 11-13 million tons incremental volume.
Third-party cargo share target of 45%
The company aims to increase third-party cargo proportion from current 40% to approximately 45% by next year-end, demonstrating focus on business model diversification.
2030 capacity target of 400 million tons at 15% CAGR
The 2030 growth plan targets 2.4x capacity expansion from existing 170 million tons to 400 million tons, requiring approximately INR 30,000 crore investment over six years (INR 14,000 crore in first three years, INR 16,000 crore in next three years).
Sustained 15-17% volume CAGR over long term
While immediate YoY guidance is 10-12%, management sees sustainable CAGR of 15-17% over long-term horizon given infrastructure sector characteristics.
FY26 Port Volume Growth: 10%
Conservative volume growth target for FY26 with interim operations at JNPT Liquid and Tuticorin contributing ~50% of incremental volumes. Growth supplemented by better utilization at Paradip coal terminal and Goa.
FY26 Logistics Revenue Growth: 50%
Full year logistics revenue guidance of approximately INR 730+ crores based on INR 485 crores in FY25. Navkar to achieve INR 100 crores EBITDA in FY26 from normalized base of INR 50-55 crores.
FY26 CapEx: INR 5,500 Crores
INR 4,000 crores allocated to port business and INR 1,500 crores to logistics segment including INR 170 crores for Navkar, INR 600 crores for rail wagons, and GCT investments.
FY30 Logistics Revenue Target: INR 8,000 Crores
Long-term target with EBITDA margin approaching 25% from current 12-13%. Total investment of INR 9,000 crores planned over five years to achieve this scale.
FY2027 Operating EBITDA Target: INR 3,000 crore
Consolidated operating EBITDA expected to grow 15% YoY, driven by higher volumes at Goa, Jaigarh, and Paradip; phased debottlenecking at Ennore; and accelerated commencement of SMPK Kolkata Container Terminal interim operations.
FY2028 Operating EBITDA Target: INR 5,000 crore
Nearly double from FY2026 base, driven by ports capacity additions and sustained EBITDA contributions from logistics assets including Navkar, rail rakes, and upcoming Gati Shakti terminals.
Logistics EBITDA FY2027: INR 400 crore
Navkar expected to contribute ~INR 200 crore, with the balance from rail rake operations (25 rakes to contribute ~INR 150 crore) and Gati Shakti terminals.
CapEx Plan FY2027-28: INR 16,500 crore
INR 13,000 crore for ports business and INR 3,500 crore for logistics, with 40% spend in FY2027 and 60% in FY2028. Cumulative outflow of INR 6,200 crore already spent plus INR 5,300 crore committed.
Fleet Scale-up to ~250 Rakes
Medium-term objective to expand rail fleet to 250 rakes over next 2-3 years, with clear focus on asset utilization, returns, and earnings visibility.