Any current/future new fundraising through debt or equity?

No immediate plans for any dividend or payout to shareholders; focus remains on redeploying funds into growth. Fundraising for large projects like Kenny (around INR 4,000 crores capex) and other expansions will follow a 30:70 equity to debt funding model. Capital expenditures and acquisitions will be funded through a mix of internal accruals, existing cash reserves, and debt as per internal debt-equity guidelines. The company continues to maintain strong balance sheet metrics and will not deviate from its internal debt-equity ratio targets. Upcoming capex like Kenny project INR 4,000 crores sp

Any current/future capex/capital investment/strategic investment?

INR 4,100 crores capex for the Keni deepwater greenfield port project in Karnataka, to be spent over 3-4 years post approvals (Page 10). Ongoing capex for two projects: LPG project at Jaigarh port and expansion of Mangalore Container Terminal, expected completion by Jan '26 and Feb '25 respectively (Page 4). Additional environmental clearance obtained for Ennore Coal Terminal, increasing capacity from 8 million to 9.6 million tons (Page 4). Potential capital outlay of nearly INR 7,000 crores anticipated for Keni and assessment of bids for three other terminals (Page 9). Plans to continue expan

Future growth expectations in sales/revenue/volumes?

JSW Infrastructure expects continued volume growth, with Q4 generally being the strongest quarter due to take-or-pay triggers and year-end revenue build-up. Third-party cargo volumes are growing rapidly; aiming to increase third-party share to about 40% near term and potentially 50% long-term. Paradip port shows potential to exceed 10 million tons in a year, with physical capacity up to 18 million tons; 14-15 million tons possible with strong market demand. Group volumes (captive cargo) expected to stay stable, growing mainly when JSW Steel and other group companies expand capacity. Ongoing ca

Future growth expectations in earnings/operating earnings/profits/EPS?

Third-party cargo volumes are growing significantly, with an aim to reach a 40% share in the near term, potentially moving towards a 50-50 captive to third-party ratio in the long term. Q4 is generally the strongest quarter due to take-or-pay agreements, lending to higher revenues and EBITDA. Acquisitions like PNP port and Fujairah liquid terminal will contribute meaningful EBITDA (expected > INR 50 crores) starting Q4. Paradip Port capacity allows volume growth beyond the concession agreement (10 million tons), with a potential utilization up to 14-15 million tons in the medium term. A major

Current/ Expected Orderbook/ Pending Orders?

JSW Infrastructure Limited is actively involved in bids for three privatization projects; awaiting government outcomes which are expected within a month, with potential to win one or two bids (Page 7). The company has a strong pipeline of growth opportunities including the Kenney deepwater greenfield port project with an estimated capex of INR4,119 crores and initial capacity of 30 million tons per annum (Page 3). Additional ongoing projects include expansions at Jaigarh and Dharamtar ports, acquisition and capacity expansion at PNP Port, and development of liquid storage terminal in Fujai

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JSW Infrastructure LtdQ4 FY25Transport Infrastructure

JSW Infrastructure Ltd Q4 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹330P/E: 35.3Market Cap: ₹56.1K CrSector: Transport Infrastructure

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→JSW Infrastructure expects continued volume growth, with Q4 generally being the strongest quarter due to take-or-pay triggers and year-end revenue build-up.
→Third-party cargo volumes are growing rapidly; aiming to increase third-party share to about 40% near term and potentially 50% long-term.
→Paradip port shows potential to exceed 10 million tons in a year, with physical capacity up to 18 million tons; 14-15 million tons possible with strong market demand.
→Group volumes (captive cargo) expected to stay stable, growing mainly when JSW Steel and other group companies expand capacity.
→Ongoing capex of around INR4,100 crores (spread over 3-4 years) to support portfolio expansion including new greenfield port at Kenni, liquid terminals, and capacity expansions.
→Company focused on both organic and inorganic growth, including acquisitions and integrated logistics solutions.
→Overall revenue growth aligned with volume increase plus operational efficiencies.

Margin guidance

Category 3

→Third-party cargo volumes are growing significantly, with an aim to reach a 40% share in the near term, potentially moving towards a 50-50 captive to third-party ratio in the long term.
→Q4 is generally the strongest quarter due to take-or-pay agreements, lending to higher revenues and EBITDA.
→Acquisitions like PNP port and Fujairah liquid terminal will contribute meaningful EBITDA (expected > INR 50 crores) starting Q4.
→Paradip Port capacity allows volume growth beyond the concession agreement (10 million tons), with a potential utilization up to 14-15 million tons in the medium term.
→A major greenfield project at Keni with a capex of ~INR 4,100 crores is in progress, expected to roll out over 3-4 years, supporting long-term growth.
→Overall, revenues and EBITDA are expected to continue growing on increased volumes, operational leverage, and cost controls, supporting steady earnings growth, though exact EPS guidance is not explicitly disclosed.

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Fundraise plans

Yes

→No immediate plans for any dividend or payout to shareholders; focus remains on redeploying funds into growth.
→Fundraising for large projects like Kenny (around INR 4,000 crores capex) and other expansions will follow a 30:70 equity to debt funding model.
→Capital expenditures and acquisitions will be funded through a mix of internal accruals, existing cash reserves, and debt as per internal debt-equity guidelines.
→The company continues to maintain strong balance sheet metrics and will not deviate from its internal debt-equity ratio targets.
→Upcoming capex like Kenny project INR 4,000 crores spread over 3-4 years post approvals.
→The company is actively evaluating inorganic opportunities and pipeline projects, which may require future fundraising aligned with project requirements.

Order book

→JSW Infrastructure Limited is actively involved in bids for three privatization projects; awaiting government outcomes which are expected within a month, with potential to win one or two bids (Page 7).
→The company has a strong pipeline of growth opportunities including the Kenney deepwater greenfield port project with an estimated capex of INR4,119 crores and initial capacity of 30 million tons per annum (Page 3).
→Additional ongoing projects include expansions at Jaigarh and Dharamtar ports, acquisition and capacity expansion at PNP Port, and development of liquid storage terminal in Fujairah (Pages 3, 6).
→Total capex planned is about INR4,100 crores, expected to be deployed over 3-4 years post-approvals (Page 10).
→The company keeps cash reserved for potential acquisitions to capitalize on low-hanging opportunities within the logistics and infrastructure sector (Page 9).

Capex plans

Yes

→INR 4,100 crores capex for the Keni deepwater greenfield port project in Karnataka, to be spent over 3-4 years post approvals (Page 10).
→Ongoing capex for two projects: LPG project at Jaigarh port and expansion of Mangalore Container Terminal, expected completion by Jan '26 and Feb '25 respectively (Page 4).
→Additional environmental clearance obtained for Ennore Coal Terminal, increasing capacity from 8 million to 9.6 million tons (Page 4).
→Potential capital outlay of nearly INR 7,000 crores anticipated for Keni and assessment of bids for three other terminals (Page 9).
→Plans to continue expanding capacities at Jaigarh and Dharamtar ports (Page 9).
→Focus on acquiring value-accretive, scalable infrastructure/logistics assets including railways, pipelines, CFS, ICDs, independent of ports but adding to supply chain (Page 8).
→Utilization of IPO proceeds includes capex and acquisitions like majority stake in PNP Port and liquid storage terminal at Fujairah (Page 4).

How does JSW Infrastructure Ltd rank vs peers in Transport Infrastructure?

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1JSW Infrastructure Ltd

Rev 3Mar 3

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