Navkar Corporation Ltd

- JSW Infrastructure targets cargo handling capacity expansion from 174 million tonnes to 400 million tonnes by FY 2030, implying significant volume growth. - Revenue CAGR expected north of 20% to 22% due to increased share of higher-margin private ports and diversified cargo mix including liquids and containers. - EBITDA margins anticipated to rise from current ~52-53% to 58%-59% by FY 2030 driven by greenfield projects with no revenue sharing. - Logistics business aims for INR 8,000 crores revenue by FY 2030 with EBITDA margins around 25%. - Total investment planned: approximately INR 15,000 crores in ports and around INR 4,000 crores in logistics over next 3 years; balancing asset-light and greenfield growth strategies. - Profit after tax growth seen at 32% in the recent quarter, indicating strong earnings momentum. - Management confident of consistent double-digit growth in normalized revenue and EBITDA excluding acquisitions.

The transcript provided from the January 28, 2025 earnings call of JSW Infrastructure Limited does not contain specific information or data regarding the current or expected order book or pending orders for the company. The discussion mainly focuses on capex plans, operational performance, revenue, margins, and business growth outlook across ports and logistics segments. No explicit mention of order book status or pending contracts was made in the pages provided, including page 17 or the rest of the transcript.

- JSW Infrastructure targets cargo handling capacity to increase from 174 million tonnes to 400 million tonnes by FY 2030, implying a ~15% CAGR in volume growth. - Revenue CAGR expected to be north of 20%-22%, driven by higher-margin private and liquid cargo terminals and entry into container business. - Port business revenue expected to grow significantly beyond INR8,000 crores by FY ‘30, exceeding logistics revenue. - Logistics business aims for INR8,000 crores revenue by FY 2030 with 25% EBITDA margin, expanding on Navkar acquisition and pan-India last-mile connectivity. - Port capex of ~INR15,000 crores and logistics capex of ~INR4,000 crores planned over next 3 years (FY '25-'27). - Current volume momentum to continue at ~10% growth until new capacity additions such as Dolvi steel expansion commissioned by mid-‘27. - Shift towards greenfield ports with EBITDA margins increasing from ~52-53% to ~58-59%. - Growth boosted by acquisitions and inorganic opportunities alongside organic expansion.

- There is no explicit mention of any current or planned new fundraising through debt or equity in the transcript. - The company has a strong balance sheet with net debt of INR827 crores and a net debt to EBITDA ratio of 0.4x as of December 2024. - Existing debt includes a $400 million bond and $120 million loan for the UAE terminal, which are largely hedged. - The company plans significant capex (INR15,000 crores in ports by FY '28 and around INR4,000 crores in logistics over three years) but financial strategies for these investments are not detailed. - Management indicates that further investments, including possible acquisitions or ICDs (Inter Corporate Deposits) related to Navkar, would depend on balance sheet support but no concrete plans for equity or debt raises were announced.

- **Ports Business Capex:** - INR 15,000 crores planned by FY '28 for ports expansion. - Target to increase cargo handling capacity from 174 million to 400 million tonnes. - Investments focused on greenfield port projects with higher EBITDA margins (65-70%). - **Logistics Business Capex:** - INR 9,000 crores capex planned till FY '30, with INR 1,000+ crores already spent on Navkar acquisition. - Additional INR 3,000 crores expected for setting up GCT terminals, primarily on leased land. - INR 3,000 crores for leasing or purchasing rakes. - INR 1,500 crores for specialized containers and other facilities. - Target revenue of INR 8,000 crores by FY '30 with ~25% EBITDA margin. - **Strategic Investments:** - Expanding Navkar operations through asset leasing and capacity enhancement. - Focusing on value-accretive inorganic growth opportunities. - Overall, capex spread over FY '25 to FY '30 with flexible annual spend depending on opportunities.