JSWINFRA Q2 FY26 earnings call.
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Revenue
₹1,266 Cr
verified against source
Revenue YoY
26%
reported change
EBITDA
₹716 Cr
latest reported figure
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Actual signal trajectory
Where this quarter sits.
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What the record says.
JSW Infrastructure reported Q2 FY26 consolidated revenue of INR 1,372 crore (+26% YoY) and EBITDA of INR 716 crore (+18% YoY), though PAT declined to INR 369 crore from INR 374 crore due to a non-cash FX loss of INR 5 crore versus a INR 155 crore gain in Q2 FY25. 28.9 million tons of cargo was handled (+3% YoY), but the 2.1 million ton shortfall at Paradip Iron Ore Terminal due to weak iron ore export markets dragged overall performance. Without Paradip headwinds, volume growth would have been ~10%. The company maintained its FY26 guidance of 8%-10% volume growth, expecting better H2 performance as iron ore prices firm up. Capital commitments stand at INR 3,300 crore with INR 902 crore already deployed in H1. Management is progressing on three greenfield ports (Keni, Murbe, Jatadhar) totaling 93 MTPA capacity, with Jatadhar and the 302-km slurry pipeline both on track for March 2027 completion. Navkar Corporation delivered strong domestic volume growth of +46% YoY to 394,000 MT. Risks include iron ore market volatility and the early-stage nature of the logistics expansion strategy.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- 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.
- 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 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.
Risks flagged
- While October volumes are trending better than September (estimated ~5 lakh tons vs ~3 lakh tons in Q2), management acknowledged Q3 may still see YoY decline unless prices improve further. The iron ore export market remains unpredictable and could impact full-year growth guidance.
- The quarter saw INR 5 crore unrealized FX loss versus INR 155 crore gain in Q2 FY25, significantly impacting reported PAT. Management highlighted this as a non-cash IND AS 109 adjustment, but the volatility creates earnings uncertainty.
- The INR 8,000 crore revenue target by FY30-31 (from ~INR 163 crore quarterly run-rate currently) relies heavily on inorganic acquisitions and building 30+ terminals. An analyst asked for clarity on group customer mix (35%-40% expected) and domestic/Exim split (60%/40%), but the timeline and deal pipeline remain loosely defined.
- While management expects 90% occupancy within 18 months and interim operations by end of FY26, Kolkata container volumes have been flat for 6-8 years. The Nepal traffic recovery (estimated 30%-40% of lost volume) and efficiency improvements required are optimistic assumptions not yet validated.
Key quotes
- Without these headwinds [Paradip], overall growth would have been closer to 10% on the cargo volumes.
- Iron ore prices are now roughly firming up in the market, and the trends that we are observing in October are far better than what we saw in September. At the same time, we are seeing a robust growth at the group level.
- These investments and efforts we are making today are poised to deliver significant gains in EBITDA and profitability starting FY 2027-2028.
- The company has been assigned an investment grade rating of BBB- from BBB+, with a stable outlook by both S&P Global Ratings and Fitch Ratings. This recognition reflects the strength of our financial fundamentals, discipline, capital management, and resilience of our business models.
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