JSW Infrastructure Ltd(JSWINFRA)

NSE: JSWINFRABSE: 543994

₹ 315.6-1.88%refreshed 23 Oct, 03:54 pm ISTMarket cap: ₹ 73,535 crNext results: 27 Oct 2026Website: www.jsw.inUpdated: 24 Oct 2026

About

JSW Infrastructure Ltd is a JSW Group company that develops and operates ports, terminals and logistics infrastructure. It describes itself as India's second-largest private port operator, with a capacity of 177 MTPA as of FY25. It runs 12 maritime facilities across India and a liquid storage terminal in Fujairah, UAE. Its revenue was Rs 5,361.44 crore in FY26.^[1][2]

Business segments

Port Operation: 86.7% of FY26 revenue (Rs 4,646.91 crore). Covers cargo handling at bulk, container and liquid terminals at major and private ports.^[3]
Logistic Operation: 13.3% of FY26 revenue (Rs 714.53 crore). Covers Navkar's ICD/CFS network, rail rakes and multimodal logistics.^[3]

Operations

Runs 12 maritime facilities across India and a liquid tank storage terminal in Fujairah, UAE (FY25).^[1]
Port capacity utilisation was 63.9% at the end of FY2025.^[1]
In Q1 FY27, South West Port (Goa) capacity rose to 12 MTPA from 11 MTPA, and Mangalore Container Terminal rose to 6.0 MTPA from 4.2 MTPA.^[4]
In FY26, Ennore coal terminal capacity was expanded from 9.6 MTPA to 11 MTPA, and the terminal handled 10.38 MT. It can now take Capesize vessels.^[5]
Fujairah liquid terminal: 5 MTPA capacity and 99.6% average tank occupancy in FY2025. Middle East conflict damaged 3 of its 15 tanks, and operations had partly resumed by Q1 FY27.^[1][5]
Rail fleet was 42 rakes (25 LSFTO + 17 container) as of February 2026, after buying JRIL, JMRL and JSRL from JSW Shipping at an enterprise value of Rs 1,212 crore.^[6]
Navkar ICD/CFS capacity utilisation was 56% in FY26 vs 44% in FY25, and reached 60% in Q4 FY26.^[5]

Key operating numbers

Total cargo handled was 31 MT in Q1 FY27, up 6% YoY, led by Jaigarh, Dharamtar, South West Port and Ennore Bulk Terminal.^[4]
Coking coal, iron ore and thermal coal made up 83% of cargo volume in FY25, vs around 90% in FY24.^[1][7]
In Q1 FY27, the ports segment earned revenue of Rs 1,208 crore (+11.2% YoY) and operating EBITDA of Rs 601 crore.^[4]
Navkar's domestic cargo volumes rose 40% YoY to 385,000 tonnes in Q1 FY27, and EXIM volumes grew 2% YoY.^[4]
Fujairah volumes fell to 0.17 MT in Q1 FY27 from 1.60 MT in Q1 FY26.^[4]
Paradip Iron Ore Terminal handled 7.26 MT in FY26 vs 11.42 MT in FY25.^[5]

Customers

Third-party cargo was 49% of the customer mix in FY2025, up from 40% a year earlier and 6% in FY2019. It grew 34% to 57 million tonnes in FY2025.^[1]
Third-party share was 48% of volume in Q1 FY27. JSW Group cargo grew 13.7% YoY and third-party cargo fell 1.9% YoY.^[4]
JSW Group entities are anchor customers. Related-party cargo was 51% in FY25, and related-party sales were 49.39% of sales in FY24.^[1][7]
The company operates at government major ports under PPP concessions and at its own private ports, including Dharamtar and Jaigarh.^[8]

Expansion and capex

302 km iron ore slurry pipeline in Odisha: estimated capex Rs 4,000 crore. As of Q4 FY26, 82% of welding and 78% of pipe lowering was done. Completion is targeted for March 2027.^[5]
Jaigarh and Dharamtar brownfield expansion: 36 MTPA, estimated capex Rs 2,359 crore, completion targeted March 2027.^[1][4]
Jatadhar Port Phase I (30 MTPA, Odisha): completion targeted March 2027.^[4]
Kolkata Container Terminal (6.3 MTPA, 30-year concession): began interim operations in Q1 FY27, with full completion targeted for Q3 FY28.^[4]
Keni Port (Karnataka, 30 MTPA): estimated capex Rs 4,119 crore. CRZ clearance was still awaited as of Q1 FY27, and the operations target moved to FY2030 from FY2029.^[1][4]
Murbe Port (Maharashtra, 33 MTPA) received environmental clearance and approval for a rail link to the Dedicated Freight Corridor in Q1 FY27.^[4]
Dhofar, Oman greenfield port: 27 MTPA, USD 419 million, 51/49 JV with Minerals Development Oman, operations targeted for H1 CY29.^[6]
FY27 and FY28 combined capex plan: Rs 16,500 crore, made up of Rs 13,000 crore for ports and Rs 3,500 crore for logistics.^[5]

Capacity targets

Port capacity target: 300 MTPA by FY28 and 400 MTPA by FY30 (as of Q1 FY27). The FY25 annual report gave 292 MTPA by FY2028.^[4][1]
Logistics targets for FY30: revenue of Rs 8,000 crore, backed by Rs 9,000 crore of capex over FY25-FY30.^[4]
Rail fleet target: 110 GPWIS/LSFTO rakes and 140 container rakes in the medium term. 40 more rakes were ordered in April 2026.^[5]

Recent developments

Completed a Rs 7,503 crore QIP in Q1 FY27.^[4]
International ratings as of Q1 FY27: Fitch BBB-/Stable, S&P BBB-/Stable, Moody's Baa3/Stable.^[4]
On 23 September 2026, CARE upgraded JSW Dharamtar Port's long-term rating to CARE AA+ (Stable) from CARE AA.^[9]
On 23 September 2026, CARE upgraded South West Port's long-term rating to CARE AA. Its short-term rating stayed at CARE A1+.^[10]
Arakkonam goods container terminal began commercial operations in Q1 FY27.^[4]
Won a second PPP project at Syama Prasad Mookerjee Port (0.9 million TEUs) in Q1 FY27, lifting Kolkata container capacity to 1.4 million TEUs.^[4]
Navkar Corporation became a step-down subsidiary on 11 October 2024, after a 70.37% stake purchase at an enterprise value of Rs 1,711 crore. The deal added 3 CFSs and 1 ICD.^[1]

Market Cap

₹73,535 Cr

High / Low

₹375 / 233

Stock P/E

45.7

Price / Book

6.1

Book Value

₹52

EPS

₹7.3

No. of Shares

210 Cr

ROCE

13.6%

ROE

14.8%

OPM

40.9%

Debt / Equity

0.59

Sales

₹5,361 Cr

Net Profit

₹1,547 Cr

Promoter holding

73.9%

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JSW Infrastructure Ltd(JSWINFRA)

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Capacity targets

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