In its second quarter for fiscal 2026, JSW Infrastructure grew revenue with consolidated revenue for the quarter of ₹1,372 crore (around $156.0 million at current rates), an increase of 26% year-on-year. This quarter also gives indications of how a modern port-and-logistics operator is able to extract additional value from volumes, new logistics assets, and selective brownfield acquisitions as part of a multibillion-dollar expansion strategy through 2030.
On the topline, earnings power improved in the second quarter as consolidated EBITDA increased by 18% year-on-year to reach ₹716 crore (approximately $81.4 million), and reported profit after tax remained strong at ₹369 crore (approximately $42.0 million). Cargo handling was strong, with the company having handled 28.9 million tonnes of cargo during the quarter, a slight increase of 3% year-on-year while confirming the existing resilience of assets under its South West Port, Jaigarh and Dharamtar assets. Cargo handling improved, and a stronger contribution from the logistics arm Navkar also increased operational revenue, which rose to ₹1,266 crore (approximately $143.9 million) compared to the prior year.
What makes these numbers compelling isn’t just the percentages but what lies behind them: JSW Infra is pairing organic throughput growth and bolt-on logistics with narrow discretion around brownfield acquisitions to elevate margins and own more of the freight chain. Operational EBITDA from the port segment increased to ₹585 crore (≈ $66.5 million); coincidentally, Navkar’s container and domestic volumes also posted double-digit growth, suggesting that the company is ascending the value curve from pure berth operations to integrated logistics.
Inevitably, balance sheets and discipline matter — JSW Infra is demonstrating both. Cash and cash equivalents were ₹3,088 crore (about $351.1 million), and the company reported a net debt to operating EBITDA of 0.75x, suggesting that it could fund expansion without excessive leverage. This discipline underpins a plan that is anything but modest: JSW plans to increase total onshore cargo handling capacity to 400 million tonnes per annum (MTPA) by FY2030, from 177 MTPA today. This roadmap is supported by an expected ₹30,000 crore (≈ $3.41 billion) capex plan for ports and a further ₹9,000 crore (≈ $1.02 billion) earmarked for enhanced logistics growth.
The strategy is driven by tactical moves. The company recently completed the acquisition of an 86-acre brownfield rail siding at Kudathini for ₹57 crore (≈ $6.5 million) and is activating an ongoing multi-modal logistics project that will amount to ₹380 crore (≈ $43.2 million) shortly – both small strategies that leverage the extended modal reach to mitigate the degree of dependence on road movement in supply chains. During the same period, JSW has completed its public hearing process for greenfield ports at Keni (Karnataka) and Murbe (Maharashtra) and secured a long-term concession to mechanise berths at the Netaji Subhas Dock in Kolkata – plans that could flip meaningful capacity and east-west flows on their head.
Wider implication aside from these numbers: India’s infrastructure story is increasingly also a logistics story. Ports that can provide efficient hinterland connectivity, mechanised berths and integrated logistics will capture a higher share of trade – and reach higher margins. JSW Infra’s quarter serves as a case of how piece-private port operators can apply gradual volume increases to meaningful margin/cash-flow outcomes while preparing for an upstream, multi-year scale-up that may serve regional trade corridors.
Advisories and points of interest: DB reported increased EBITDA performance but experienced margin compression at certain terminals (due to mix, as well as some terminal headwinds). It also noted a terminal shortfall of 2.1 MT at Paradip’s iron-ore terminal due to softer export markets – an example of how port fortunes can be impacted by commodity cycles. However, with a strong cash cushion, low leverage, and a committed greenfield and brownfield project pipeline, JSW Infra looks well-positioned to turn the quarter’s momentum into sustainable capacity expansion and market share growth.
Conclusion: Q2 was not only a strong quarter for JSW Infrastructure – it was also a snapshot of the company’s evolution from a collection of ports into one integrated logistics platform with billion-dollar targets. If cargo flows and approvals are influenced positively, investors/customers may soon be observing a significantly larger JSW Infra company.
