JSW Infrast

Q2 FY26Transport Infrastructure

JSW Infrast Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹336

Market cap₹78.2K Cr

P/E50.5

Updated23 Aug 2026

Read4 min read

The short version

JSW Infrastructure aims to enhance cargo handling capacity to 400 million tonnes per annum by 2030. JSW Infrastructure expects significant EBITDA and profitability gains starting FY '27 and FY '28 driven by development of three new greenfield ports, brownfield expansions, and logistics scaling.

From JSW Infrast's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

JSW Infrastructure aims to enhance cargo handling capacity to 400 million tonnes per annum by 2030.
Logistics business targets a top line of Rs. 8,000 crores by 2030, with an expected EBITDA margin of ~25%.
Port segment volume growth guidance for full fiscal FY '26 is between 8% to 10%, driven by a better H2 and improved iron ore prices.
Navkar Corporation exhibits strong cargo volume growth: 20% increase in EXIM and 46% rise in domestic cargo volumes year-on-year.
Group cargo volumes grew 6% in Q2 FY '26, with significant share (54%) in overall volumes.
New greenfield ports and brownfield expansions are expected to deliver significant EBITDA and profitability gains from FY '27-'28 onward.

2 more points management made on revenue & sales performance

Profitability & Margins

JSW Infrastructure expects significant EBITDA and profitability gains starting FY '27 and FY '28 driven by development of three new greenfield ports, brownfield expansions, and logistics scaling. (Page 15)
Port volume growth guidance is between 8% to 10% for FY '26, improving from H1 supported by better iron ore prices and group cargo growth. (Page 6)
The logistics business targets revenues of around Rs. 8,000 crores by FY '30 with EBITDA margins near 25%. (Page 11)
Consolidated EBITDA grew 18% YoY in Q2 FY '26; operational EBITDA margins for ports improved to 53%. (Page 5)

2 more points management made on profitability & margins

See what JSW Infrast said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Total CAPEX guidance for FY '26: Rs. 5,500 crores (Rs. 4,000 crores for port business, Rs. 1,500 crores for logistics).
Rs. 3,300 crores capital commitments already made across growth projects.
Rs. 902 crores CAPEX spent in first half of FY '26.
Ongoing greenfield projects:
Jatadhar port: Dredging (4.5 million cubic meters) and berth/conveyor works underway; completion targeted by March 2027.
Slurry pipeline: 302 km total; ~70% of welding and pipeline laying completed; on track for March 2027 completion.
Keni and Murbe ports progressing regulatory approvals; construction to start soon.
Acquisition of logistics assets like Navkar and Kudathini multimodal terminals part of growth.

2 more points management made on capital expenditure plans

Top-ranked in Transport Infrastructure

Ranked on what management guided this quarter

5x potential

1Guj Pipavav Port₹7.9K Cr

Rev 2Mar 3

2Anantam Highways₹2.3K Cr

Rev 2Mar 3

3₹338 Cr

Rev 3Mar 1

4₹4.1L Cr

Rev 3Mar 3

5₹21.0K Cr

Rev 3Mar 3

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

The transcript does not explicitly mention any current or planned fundraising through debt or equity.
As of September 2025, JSW Infrastructure has a net debt of Rs. 1,810 crores with a net debt to EBITDA ratio of 0.75, indicating a strong balance sheet.
Capital commitments of Rs. 3,300 crores are already in place for growth projects, suggesting internal funding or planned use of existing resources.
The company has ongoing CAPEX plans with Rs. 4,000 crores targeted for port business and Rs. 1,500 crores for logistics in FY '26.

2 more points management made on fundraising & capital structure

See what JSW Infrast said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

As of September 2025, JSW Infrastructure Limited has capital commitments of around Rs. 3,300 crores across all growth projects, including awarded work orders and material procurement.
Total CAPEX target for FY '26 is Rs. 5,500 crores, split as Rs. 4,000 crores for the port business and Rs. 1,500 crores for the logistics business.
Rs. 902 crores of CAPEX spend occurred in the first half of FY '26.
Major ongoing projects include Jatadhar port (on course for completion by March 2027) and the 302-km Slurry Pipeline (60-70% completed), also targeted for March 2027 completion.

2 more points management made on order book & pipeline

JSW Infrast — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹1.5K Cr, net profit ₹424 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What JSW Infrast's management said in earlier quarters

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Frequently Asked Questions

What were JSW Infrast Q2 FY26 results?

What is JSW Infrast share price analysis?

JSW Infrast currently shows a neutral. The stock trades at a P/E of 50.5 with a market cap of ₹78,218 Cr. Investors should review the full earnings analysis for detailed insights.

Is JSW Infrast planning capital expenditure?

Total CAPEX guidance for FY '26: Rs.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.