JSW Infrastructure Ltd

- 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. - No direct references to new equity issuance or fresh debt have been disclosed in the call. - Overall, JSW Infrastructure appears financially well-positioned without indicating immediate fundraising needs via debt or equity.

- 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. - Plans to create low-cost terminals (GCTs) and pursue both organic and inorganic growth for logistics. - Long-term goal to expand cargo handling capacity to 400 million tonnes per annum by FY '30.

- 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. - Logistics growth will be driven by a mix of organic development (new terminals, services) and inorganic acquisitions (e.g., Navkar, Kudathini). - Specific project completions, e.g., Jatadhar port and slurry pipeline by March '27, will contribute to growth.

- 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) - Navkar logistics aims for Rs. 100 crores EBITDA in FY '26, showing strong H1 performance. (Page 8) - Overall EBITDA margins are expected to oscillate between 45%-50% going forward. (Page 14)

- 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. - Acquisition of Navkar and Kudathini multimodal assets have been completed as part of inorganic growth, with Kudathini acquisition spend expected around Rs. 350 crores. - Future investments involve greenfield ports and brownfield expansions with aim to significantly increase EBITDA and profitability starting FY '27/'28.