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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,522 Cr
verified against source
Revenue YoY
19%
reported change
EBITDA
₹769 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
JSW Infrastructure delivered a resilient Q4 FY26 with consolidated revenue of ₹1,522 crore (+19% YoY) and EBITDA of ₹769 crore (+20% YoY), despite a ~₹30 crore EBITDA hit from Middle East disruptions at its Fujairah terminal. Port segment revenue grew 12% YoY to ₹1,295 crore, driven by price hikes at Goa/Mangalore and ancillary services. Logistics EBITDA surged 14x to ₹118 crore for the full year, aided by Navkar's capacity utilization rising to 60% and the acquisition of 25 rakes. Management maintained FY27 EBITDA guidance of ₹3,000 crore and FY28 target of ₹5,000 crore, underpinned by brownfield expansions and the SMPA Kolkata terminal commencing interim operations. Key risks include further escalation in Middle East tensions delaying Fujairah recovery and potential environmental compliance costs at Dharamtar.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed FY27 EBITDA target of ₹3,000 crore, implying 15% growth over FY26 base of ₹2,604 crore.
- EBITDA expected to nearly double from FY26 to ₹5,000 crore by FY28, driven by port capacity additions and logistics ramp-up.
- Logistics segment EBITDA targets maintained at ₹400 crore for FY27 and ₹700 crore for FY28, with Navkar contributing ~₹200 crore.
- Company plans to invest ~₹16,500 crore over FY27-28, with ₹13,000 crore for ports and ₹3,500 crore for logistics.
Risks flagged
- Damage to three storage tanks at the Fujairah terminal due to regional conflict; operations expected to normalize progressively but timing uncertain.
- Analyst raised concerns about an environmental committee report on dust spillover affecting mangroves; management confirmed compliance but risk of regulatory action remains.
- Company has filed insurance claim for asset damage and loss of profit, but management noted the region is seeing such events for the first time, leading to a ₹68 crore provision.
- Lower vessel availability and higher freight costs led to cargo deferments at Indian operations, impacting Q4 volumes.
Key quotes
- We have also guided around 150 crores of Aida for FI27 from those 25 rakes.
- Consolidated operating EITA is expected to grow by 15% to 3,000 crores in FY27 and nearly double from the FY26 base to rupees 5,000 crores in FY28.
- We are looking at 25% CR growth that is the target that we have set for ourselves.
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