Cargo Volume (Ports)
31.6M tons
+1.3% YoY
Q4 cargo volumes grew marginally to 31.6 million tons from 31.2 million tons in Q4 FY25.
JSWINFRASTRUCTURE
Infrastructure
30 Apr 2026
JSW Infrastructure Limited — Q4 FY26
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.
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Logistics Capacity Utilization
60%
+16pp YoY
Navkar's capacity utilization improved to 60% in Q4 FY26 from 44% in FY25.
Rake Fleet Size
42 rakes
+25 rakes YoY
Fleet expanded to 42 rakes after acquiring 25 rakes; orders placed for 40 more.
Iron Ore Slurry Pipeline Completion
82% welding
On track for Mar'27
247 km of welding (82%) and 235 km of lowering (78%) completed for the 302 km pipeline.
Management Guidance
FY27 Consolidated EBITDA Guidance of ₹3,000 crore
Management reaffirmed FY27 EBITDA target of ₹3,000 crore, implying 15% growth over FY26 base of ₹2,604 crore.
Management guidance growthFY28 Consolidated EBITDA Target of ₹5,000 crore
EBITDA expected to nearly double from FY26 to ₹5,000 crore by FY28, driven by port capacity additions and logistics ramp-up.
Management guidance growthLogistics EBITDA Guidance of ₹400 crore in FY27 and ₹700 crore in FY28
Logistics segment EBITDA targets maintained at ₹400 crore for FY27 and ₹700 crore for FY28, with Navkar contributing ~₹200 crore.
Management guidance growthCapex Plan of ₹16,500 crore for FY27-28
Company plans to invest ~₹16,500 crore over FY27-28, with ₹13,000 crore for ports and ₹3,500 crore for logistics.
Management guidance capexKey Risks
Middle East Geopolitical Disruption at Fujairah
Damage to three storage tanks at the Fujairah terminal due to regional conflict; operations expected to normalize progressively but timing uncertain.
high · management_commentaryEnvironmental Compliance at Dharamtar Port
Analyst raised concerns about an environmental committee report on dust spillover affecting mangroves; management confirmed compliance but risk of regulatory action remains.
medium · analyst_questionInsurance Claim Uncertainty for Fujairah
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.
medium · management_commentaryVolume Deferment Due to Vessel Availability
Lower vessel availability and higher freight costs led to cargo deferments at Indian operations, impacting Q4 volumes.
low · data_observationNotable 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.
Frequently Asked Questions
What was JSW Infrastructure's revenue in Q4 FY26?
JSW Infrastructure reported revenue of ₹1,522 Cr in Q4 FY26, representing a +19% change compared to the same quarter last year.
What guidance did JSW Infrastructure management give for FY27?
FY27 Consolidated EBITDA Guidance of ₹3,000 crore: Management reaffirmed FY27 EBITDA target of ₹3,000 crore, implying 15% growth over FY26 base of ₹2,604 crore. FY28 Consolidated EBITDA Target of ₹5,000 crore: EBITDA expected to nearly double from FY26 to ₹5,000 crore by FY28, driven by port capacity additions and logistics ramp-up. Logistics EBITDA Guidance of ₹400 crore in FY27 and ₹700 crore in FY28: Logistics segment EBITDA targets maintained at ₹400 crore for FY27 and ₹700 crore for FY28, with Navkar contributing ~₹200 crore. Capex Plan of ₹16,500 crore for FY27-28: Company plans to invest ~₹16,500 crore over FY27-28, with ₹13,000 crore for ports and ₹3,500 crore for logistics.
What are the key risks for JSW Infrastructure in FY27?
Key risks include Middle East Geopolitical Disruption at Fujairah — Damage to three storage tanks at the Fujairah terminal due to regional conflict; operations expected to normalize progressively but timing uncertain.; Environmental Compliance at Dharamtar Port — Analyst raised concerns about an environmental committee report on dust spillover affecting mangroves; management confirmed compliance but risk of regulatory action remains.; Insurance Claim Uncertainty for Fujairah — 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.; Volume Deferment Due to Vessel Availability — Lower vessel availability and higher freight costs led to cargo deferments at Indian operations, impacting Q4 volumes..
Did JSW Infrastructure meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full JSW Infrastructure Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.