JSW Infrastructure Ltd

The transcript does not explicitly mention any current or future fundraising plans through debt or equity. However, some related points include: - The company plans significant capex: INR3,500 crores in FY '26 (INR2,000 crores for ports and INR1,500 crores for logistics) and around INR16,500 crores combined for FY '27-28 (INR13,000 crores for ports and INR3,500 crores for logistics). - There is mention of purchase orders raised with payout deferred via bank guarantees and LCs, indicating management of cash flows without specifying fresh fundraising. - The company anticipates acquisitions and expansions in logistics, involving investments in container rakes, terminals, and others. - No direct mention of raising fresh equity or debt in the near future. Hence, no explicit, confirmed plans for new debt or equity fundraising are disclosed in the provided transcript.

- FY '26 capex guidance: INR 3,500 crores - Ports: INR 2,000 crores - Logistics: INR 1,500 crores (includes INR 1,200 crores for acquisition announced in December) - FY '27-'28 combined capex guidance: - Ports: INR 13,000 crores - Logistics: INR 3,500 crores - Spent INR 1,383 crores capex up to December 2025 with INR 4,000 crores committed on growth projects. - Ongoing acquisitions and construction in logistics including container rakes and LSFTO rakes, ICDs, CFS terminals. - Strategic focus on completing current projects like slurry pipeline, Jatadhar port, and terminals under PPP model. - Management open to bidding for new PPP opportunities beyond current 400 million tonne capacity target. - Capex deferrals from FY '26 to later years due to payout timing optimization but procurement orders on track.

- FY '26 consolidated revenue targeted at INR 5,400 crores with operating EBITDA of INR 2,600 crores. - EBITDA expected to grow ~15% in FY '27 and double from FY '26 levels by FY '28. - FY '28 ports revenue expected to see significant growth driven by 4 key projects including slurry pipeline, Jatadhar port, Jaigarh, and Dharamtar expansions. - Cargo volumes expected to ramp up to 165-175 million tonnes by FY '28 from ~123 million tonnes in FY '26. - Logistics business revenue aimed at INR 750-800 crores EBITDA by FY '28, with INR 450-500 crores targeted in FY '27. - Logistics road map targets INR 8,000 crores under FY '30 revenue from scaling terminals, rakes, and containers. - Further acquisitions and construction of ICDs/CFS terminals planned post FY '28 to fuel growth. - EBITDA margins in logistics expected to improve from ~20% in FY '28 to 25% by FY '30 driven by ICDs and CFS ramp-up.

- JSW Infrastructure aims to double EBITDA by FY '28 compared to FY '26 levels. - EBITDA growth guidance: approximately 15% Y-o-Y growth in FY '27. - Revenue targets: INR 5,400 crores in FY '26, expecting a sharp growth in FY '28. - By FY '30, logistics business revenue target is INR 8,000 crores. - Logistics segment EBITDA expected to rise from INR 450-500 crores in FY '27 to INR 750-800 crores in FY '28. - Port segment EBITDA set to rise from INR 2,485 crores in FY '26 to over INR 4,000 crores in FY '28. - FY '28 marks a landmark year with significant ramp-up in ports and logistics, driven by project completions and asset transitions. - Efficiency improvements and early project completions are key management focus areas for growth. - Margins in logistics expected to improve from ~20% in FY '28 to 25% by FY '30 due to asset ramp-up and CFS/ICD expansions.

- The aggregate financial commitment across all growth projects, including awarded work orders and procurement of materials, is approximately INR 4,000 crores as of December 2025. - For FY '26, a capex spend of INR 3,500 crores is planned, split as INR 2,000 crores for ports and INR 1,500 crores for logistics. - Purchase orders have been raised as per plan, but payouts have been deferred to the next 2 years due to bank guarantees and LCs. - Total capex guidance for FY '27 and FY '28 combined is INR 13,000 crores for ports and INR 3,500 crores for logistics. - The management continues to bid for new PPP projects and is committed to completing ongoing projects on track.