JSWINFRA Q4 FY26 earnings call.
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Revenue
₹1,522 Cr
verified against source
Revenue YoY
20%
reported change
EBITDA
₹2,604 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
JSW Infrastructure delivered FY2026 operating EBITDA of INR 2,604 crore, meeting its guidance despite headwinds from Middle East geopolitical tensions impacting Fujairah volumes. Q4 FY2026 consolidated revenue was INR 1,522 crore (+19% YoY), with operating EBITDA of INR 769 crore (+20% YoY) and adjusted PAT of INR 528 crore (+15% YoY). The ports segment reported Q4 revenue of INR 1,295 crore (+12% YoY) with EBITDA margin expanding 10bps to 54.5%. The logistics segment was a standout, with Navkar reporting Q4 operating EBITDA of INR 40 crore (vs loss of INR 19 crore YoY), driven by capacity utilization improvement to 60% and the newly acquired rail rake business contributing INR 25 crore since February 2026. The Fujairah facility (3 of 15 tanks damaged) incurred INR 68 crore provision, with management estimating INR 30-32 crore EBITDA loss from the disruption. Looking ahead, management guided FY2027 EBITDA of INR 3,000 crore (+15%) and FY2028 of INR 5,000 crore (near doubling), underpinned by INR 16,500 crore CapEx over two years. The 302-km iron ore slurry pipeline is 82% complete and on track for March 2027. Key risks include geopolitical uncertainty at Fujairah and delayed volume ramp-up at new terminals.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- 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.
- 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.
- 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.
- 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.
Risks flagged
- Three of 15 tanks damaged at Fujairah oil storage facility following infrastructure damage. Operations remain volatile with geopolitical tensions in Middle East. Management expects ~50% capacity to resume in June 2026 with balance ramping up in phases, but timeline remains uncertain given security situation.
- Environmental committee flagged dust spillover onto mangroves at Dharamtar Port. Management is providing wind screens to comply with conditions. Execution timeline maintained but ongoing regulatory scrutiny could impact future permitting.
- Although assets and loss of profit are covered by insurance, management took INR 68 crore provision as precaution given unprecedented nature of incident in the region. Admissibility of full claims remains uncertain.
- Fuel shortages impacted certain customers at Morbi ICD during Q4, creating headwinds for that facility. Management did not quantify the impact or provide timeline for resolution.
Key quotes
- Despite these headwinds, we delivered a resilient performance across both ports and logistics. We delivered in line with our operating EBITDA guidance for FY 2026 and continue to maintain our EBITDA guidance for FY 2027 and FY 2028.
- INR 30 crore-INR 32 crore is what we would have earned more [without Fujairah disruption]. We did very well in the logistics segment... The addition of new rakes altogether. These have helped to drive up the numbers to INR 2,600.
- We have net debt of INR 3,100 crore with a net debt to operating EBITDA of 1.2x and one of the strongest balance sheet in the sector. This coupled with steadily increasing annual cash flows from the current asset base, we are well-positioned to pursue growth plan.
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