Navkar Corporation Ltd

- FY '26 CAPEX guidance: Rs. 4,000 crores in port business and Rs. 1,500 crores in logistics business (Pages 6, 8, 12). - Total capital commitments of Rs. 3,300 crores already in place across growth projects (Page 6). - Rs. 902 crores CAPEX spent in H1 FY '26 (Page 6). - Ongoing projects: - Jatadhar port: dredging completed (4.5 million cubic meters), berth/conveyor work started; on track for completion by March '27 (Page 13). - Slurry Pipeline: 218.3 km welded, 194.4 km lowered; ~60-70% work done; completion expected by March '27 (Pages 3, 13). - JNPA liquid terminal near completion; commercial operations soon (Page 3). - Logistics investments involve mix of organic development and inorganic acquisitions (e.g., Navkar and Kudathini) (Pages 8, 12). - Future growth plans include developing three greenfield ports (Keni, Murbe, Jatadhar) targeting 93 million tonnes initial capacity (Page 3). - Total CAPEX target for achieving Rs. 8,000 crores logistics revenue by FY '30 is Rs. 9,000 crores (Page 11).

- JSW Infrastructure aims to expand its cargo handling capacity to 400 million tonnes per annum by 2030 (Page 6). - Logistics business targets a top line of Rs. 8,000 crores by FY '30 (Page 6). - Port business volume growth is expected between 8% to 10% for FY '26, driven by a better second half performance and firming iron ore prices (Page 6). - Group cargo volumes increased 6% Y-o-Y to 15.7 million tonnes, with group volume share rising to 54% (Page 5). - Navkar Corporation logistics volumes showing strong growth: EXIM cargo up 20% Y-o-Y and domestic cargo up 46% Y-o-Y (Page 5). - EBITDA and profitability gains expected from greenfield port developments, brownfield expansions, and scaled-up logistics platforms starting FY '27/'28 (Page 15). - Fujairah and Dibba ports expected to scale up volumes in coming years, with new mines increasing production (Page 13). - Acquisition and organic growth mix planned for logistics to support expansion (Page 13).

- JSW Infrastructure plans significant EBITDA and profitability gains starting FY '27 and FY '28 driven by: - Development of three new greenfield ports - Advancement of value-accretive brownfield expansion projects - Scaling up the logistics platform for long-term growth - They target cargo handling capacity expansion to 400 million tonnes per annum. - Logistics business aimed to reach Rs. 8,000 crores revenue by FY '30 with ~25% EBITDA margin. - EBITDA margins expected to oscillate between 45% and 50%, with port business yielding around 53% margin. - Tonnage tax benefits (~Rs. 17 crores EBITDA saving) will start impacting from FY '26 onwards. - Post Q2 FY '26, the company expects improved volumes and growth (8%-10%) in FY '26 driven by better iron ore market conditions and second-half pick up. - Net debt remains low with strong balance sheet supporting growth and capital commitments of Rs. 3,300 crores underway.

- As of October 2025, JSW Infrastructure Limited has capital commitments of approximately Rs. 3,300 crores across all growth projects, including awarded work orders and procurement of materials. - The company has already spent about Rs. 902 crores in CAPEX in H1 FY '26. - Ongoing projects like Jatadhar port and Slurry Pipeline have all necessary regulatory approvals in place, with significant work completed and on schedule for completion by March 2027. - The company continues to evaluate and participate in upcoming bids for mechanization and privatization of several terminals, including Paradip south key terminal, CQ1, CQ2, IOHP, and balance parts of terminals in Kolkata and Tuticorin, indicating an active order pipeline. - The logistics segment's expansion includes planned investment and acquisitions such as Navkar and Kudathini multimodal projects, contributing to future growth.

- There is no explicit mention of any current or planned fundraising through debt or equity in the transcript. - The company highlights strong financial fundamentals, disciplined capital management, and a strong balance sheet with net debt of Rs. 1,810 crores and net debt to EBITDA ratio of 0.75, indicating capacity to pursue growth without immediate need for new fundraising. - CAPEX commitments stand at Rs. 3,300 crores with ongoing spend of Rs. 902 crores in H1 FY '26, funded from existing resources. - Management discusses a mix of inorganic and organic growth for logistics and port expansions, but does not refer to any raising of fresh funds via debt or equity. - The company focuses on leveraging existing cash flows and strong rating (BBB-minus stable outlook) to finance growth plans. No direct indication of new fundraising activities through debt or equity during this period.