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JSW Infra's Q1FY26 results: Profit jumps 31% amid cargo volume growth
The company's profit stood at Rs 384.68 crore, marginally missing the Bloomberg analysts' poll estimate of Rs 387 crore. Meanwhile, the cargo volumes handled by the company stood at 29.4 million tonnes.
The cargo volume increase in the quarter was driven by the robust performance at the company's coal terminals, along with contributions from interim operations at the Tuticorin Terminal and the Jawaharlal Nehru Port Authority (JNPA) liquid terminal, which is estimated to be completed in Q2 FY26.
However, this growth was partially offset by lower cargo volumes at the iron ore terminal in Paradip. In Q1 FY25, the cargo volumes handled by the company had grown by 9 per cent YoY.
Rinkesh Roy, Joint Managing Director and Chief Executive Officer, during the company's earnings call on Tuesday (22 July), said, 'This growth aligns with our historical trends, where cargo volumes in the second half of the year typically exceed those in the first half. We remain on track to achieve the annual guidance of 10 per cent growth over the last year.'
The company's revenue from operations for the quarter also grew by 21.2 per cent YoY on the back of higher volumes, a strong performance by Navkar Corp, and a change in the realisation mix. It stood at Rs 1,223.85 crore, topping the estimate of Rs 1,192.2 crore.
JSW Infra, through its wholly owned subsidiary JSW Port Logistics, had acquired a 70.37 per cent stake in Navkar Corporation for Rs 1,012 crore in June 2024.
The total expenses during the quarter increased by about 18.12 per cent YoY, to Rs 841.14 crore.
On the back of revenue growth, the earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 10 per cent YoY, to Rs 671 crore, with a margin of 51.1 per cent. The EBITDA margin stood at 55.1 per cent in Q1 FY25.
In Q1 FY26, third-party cargo handled by the company grew by 8 per cent YoY to 15.3 million tonnes (mt). Its share in the total cargo handled by the company stood at 52 per cent, against 50 per cent in Q1 FY25.
In FY26, the company has planned a capex of Rs 4,000 crore for ports and Rs 1,500 crore for the logistics business. It is aiming for a 10 per cent growth in port volumes and a 50 per cent growth in logistics revenue.
The company handled a cargo of 117 million tonnes in FY25, up 9 per cent YoY, while its logistics revenue stood at Rs 250 crore. It aims to expand its total capacity to 400 million tonnes per annum by FY30 or earlier with a capex plan of Rs 30,000 crore for ports and Rs 9,000 crore for the logistics business (FY25-FY30). JSW Infra's current cargo handling capacity is around 177 mtpa.
JSW Infra's cash and bank balance is Rs 4,360 crore as of June 2025. Its net debt stands at around Rs 1,246 crore, and its net debt to operating EBITDA ratio is 0.54x.
Sequentially, the company's revenue dipped by 4.62 per cent, while profit declined by 24.5 per cent. Its shares, listed on the Bombay Stock Exchange, closed at Rs 317.25 per equity share on Tuesday (22 July).
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