Navkar Corporation Ltd

- The transcript does not explicitly mention any current or future fundraising plans through debt or equity by JSW Infrastructure Limited. - The company highlighted a strong financial position with a net debt of Rs. 1,810 crores and a net debt to operating EBITDA ratio of 0.75 as of September 2025. - JSW Infrastructure has capital commitments of about Rs. 3,300 crores and a planned CAPEX of Rs. 9,000 crores towards growth projects up to FY ’30. - The company seems well-positioned to pursue growth without indicating additional fundraising, emphasizing disciplined capital management and strong balance sheets. - No direct references to plans for raising funds via new debt or equity were disclosed in the Q2 FY ’26 Earnings Call transcript.

- Ongoing projects include Jatadhar port and 302 km Slurry Pipeline, both on track for completion by March 2027. - Capital commitments stand at Rs. 3,300 crores; Rs. 902 crores spent in first half of FY '26. - Full year CAPEX guidance: Rs. 4,000 crores for port business and Rs. 1,500 crores for logistics business. - Total planned CAPEX across growth projects projected at Rs. 9,000 crores. - Investments directed towards greenfield port projects (Keni, Murbe, Jatadhar) totaling initial 93 million tonnes per annum capacity. - Logistics platform expansion involves mix of organic and inorganic growth, including acquisitions like Kudathini multimodal facility. - Focus on developing low-cost terminals, GCTs (Goods Customs Terminals), and acquiring assets opportunistically. - Anticipated returns: Significant EBITDA and profitability growth from FY '27-28 onwards, supporting cargo handling capacity of 400 million tonnes per annum by FY '30.

- JSW Infrastructure targets port cargo handling capacity expansion to 400 million tonnes per annum by 2030. - Logistics business is expected to grow with a top-line revenue target of Rs. 8,000 crores by FY '30. - Volumes in port business expected to grow by 8%-10% in FY '26, driven by firming iron ore prices and strong group-level growth. - Navkar logistics volumes show robust growth: Exim cargo up 20% Y-o-Y, domestic cargo up 46% Y-o-Y. - Group cargo volumes increased 6% Y-o-Y this quarter, with group volumes share rising to 54%. - Upcoming projects like Jatadhar port and Slurry Pipeline to complete by March '27, adding capacity. - Growth expected to be supported by ramping up operations at Fujairah and Dibba ports and new acquisitions in logistics. - Kolkata terminal expected to regain Nepal traffic, potentially increasing volumes by 30%-40% within 18 months.

- JSW Infrastructure expects 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 to support long-term growth. - The company aims to expand cargo handling capacity to 400 million tonnes per annum. - Logistics business targeted to reach Rs. 8,000 crores in revenue by FY '30, with EBITDA margin around 25%. - Consolidated EBITDA growth was 18% year-on-year in Q2 FY '26 despite challenges. - Tonnage tax benefits at Jaigarh port expected to save around Rs. 17 crores in FY '26, improving profitability. - Underlying Profit Before Tax (PBT) growth stood at 17% year-on-year excluding non-cash adjustments. - The company foresees 8-10% growth in port volumes for FY '26, assuming iron ore market stabilizes.

- As of October 2025, JSW Infrastructure has capital commitments of approximately Rs. 3,300 crores across all growth projects, including awarded work orders and procurement. - Total CAPEX guidance 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. - Projects under execution include the Jatadhar port and Slurry Pipeline, both ongoing with all regulatory approvals in place; Jatadhar port expects completion by March 2027, and Slurry Pipeline is about 60%-70% complete, also targeted for March 2027. - Investment-grade ratings and strong balance sheet position the company to pursue aggressive growth plans, including enhancing cargo handling capacity to 400 million tonnes per annum and growing logistics revenue to Rs. 8,000 crores by 2030. - No specific numeric orderbook figure was disclosed, but CAPEX commitments and project updates indicate a significant pipeline of active orders.