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Middle East Geopolitical Disruption at Fujairah
View Risks →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.
bullish
high
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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.
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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.
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.
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Guidance and risk preview
Management reaffirmed FY27 EBITDA target of ₹3,000 crore, implying 15% growth over FY26 base of ₹2,604 crore.
Damage to three storage tanks at the Fujairah terminal due to regional conflict; operations expected to normalize progressively but timing uncertain.
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