Navkar Corporation Ltd

- JSW Infrastructure targets 10% annual volume throughput growth, with H2 volumes typically exceeding H1; confident of meeting this guidance in FY26. - Logistics segment aims for Rs. 8,000 crore revenue by FY30 with a 25% EBITDA margin. - Navkar Corporation expects utilization growth and expansion, targeting incremental terminals and diversified logistics assets. - EBITDA growth driven by increased revenue; Q1 FY26 EBITDA rose 10% YoY to Rs. 671 crores; PAT grew 31% YoY. - The group plans to increase cargo handling capacity from 177 million tonnes to 400 million tonnes per annum by FY30 or earlier. - Expansion projects across ports and logistics assets are expected to contribute to future earnings growth, with aggregate financial commitments of Rs. 3,000 crores in progress. - Strong balance sheet with net debt to operating EBITDA at 0.54x supports growth investments.

- Ongoing growth projects include Keni Port with a public hearing scheduled for August. - Iron ore slurry pipeline project (302 km) progressing well; expected completion by March 2027. - Murbe Port studies completed; EIA report submitted for public hearing. - Jatadhar project progressing with anchor customer signed concession agreement; novation agreement pending. - JNPA Liquid Terminal expected to complete within the current quarter. - Redevelopment and mechanization of Berth 7 and 8 at Netaji Subhash Dock, Kolkata awarded, enhancing container handling capacity. - NCR Rail Infrastructure acquisition approved under insolvency; part of pan-India logistics expansion. - Pursuing capacity expansion at South West port from 11 to 15 million tonnes; awaiting state pollution control board approval. - Development of pan-India logistics network by adding ICDs and terminals, including organic and inorganic expansions like GCT and stress asset buyouts. - Strategic investments aligned with plans for cargo handling capacity growth to 400 million tonnes by FY2030 and logistics revenue target of Rs. 8,000 crores.

- JSW Infrastructure targets a 10% annual growth in cargo throughput volumes, with stronger growth expected in the second half of the fiscal year due to seasonal trends and recovering demand. - The logistics business aims for revenues of Rs. 8,000 crores by FY2030, supported by organic and inorganic expansion, including acquisitions like Navkar and new terminals in the Western circuit. - Navkar's current infrastructure utilization is improving, with potential to reach Rs. 800-850 crores topline at 80%-90% capacity, which could cross Rs. 1,000 crores with fleet rate increases. - The port capacity is planned to grow from 177 million tonnes per annum to 400 million tonnes per annum by FY2030 or earlier. - Revenue for logistics in FY26 is expected around Rs. 700-800 crores with EBITDA near Rs. 100 crores. - The strategy includes building a pan-India logistics network leveraging strategic assets such as NCR Rail to capture emerging cargo opportunities.

- JSW Infrastructure has secured a letter of award from the Shyama Prasad Mukherjee Port Authority for redevelopment and mechanization at Netaji Subhash Dock, Kolkata, enhancing container handling capacity. - The resolution plan for NCR Rail Infrastructure Limited has been approved under insolvency with a letter of intent received. - Several privatization bids are ongoing or expected at major ports including Kolkata (outer terminal and Netaji Subhash Dock inner harbour) and Paradip, which JSW is actively evaluating and participating in. - Growth projects like Keni Port (public hearing scheduled for August) and the 302 km iron ore slurry pipeline (on track for completion by March 2027) are progressing well. - The Jatadhar project’s anchor customer has signed a concession agreement, with novation agreements expected soon. - JNPA Liquid Terminal project is progressing with expected completion within the current quarter. - The company plans to create 25-30 logistics centers nationwide, including acquisitions like NCR Rail near major infrastructure hubs.

- As of June 2025, JSW Infrastructure has a strong balance sheet with Net Debt of Rs. 1,246 crores and a low net debt to operating EBITDA ratio of 0.54x. - The company plans to pursue growth opportunities to enhance cargo handling capacity to 400 million tonnes and expand its logistics business to Rs. 8,000 crores revenue by FY2030. - No specific mention of immediate or planned new fundraising through debt or equity was made during the call. - Management emphasized steady growth cash flows from current assets that position them well for growth without stating any imminent capital raising. - Investment plans will likely be funded through internal accruals and prudent leverage, keeping the balance sheet strong.