28-Oct-2026 08:13:05
JSW INFRASTRUCTURE Q2 CONCALL : REVENUE UP 17% YOY, LOGISTICS EBITDA JUMPS 3.3X; MANAGEMENT GUIDES ₹2,950–3,000 CR FY27 EBITDA & TARGETS 300 MTPA PORT CAPACITY BY FY28
• MANAGEMENT MAINTAINS FY27 CONSOLIDATED EBITDA GUIDANCE OF ₹2,950–3,000 CR, INCLUDING APPROXIMATELY ₹2,550–2,560 CR FROM CORE PORTS & ₹400 CR FROM LOGISTICS • MANAGEMENT TARGETS PORT CAPACITY EXPANSION TO 300 MTPA BY FY28 & 400 MTPA BY FY30, COMPARED WITH CURRENT CAPACITY OF 186 MTPA • MANAGEMENT GUIDES FY27 CAPEX OF ₹5,000–6,000 CR, WITH APPROXIMATELY ₹2,100 CR ALREADY SPENT DURING H1 FY27 • MANAGEMENT EXPECTS DOMESTIC PORT CARGO VOLUME GROWTH OF APPROXIMATELY 8–10% YOY DURING H2 FY27, SUPPORTED BY STRONG THIRD-PARTY DEMAND • MANAGEMENT RAISES FY27 LOGISTICS EBITDA MARGIN GUIDANCE TO 28% FROM EARLIER 24%, PARTLY DUE TO REVISED ACCOUNTING TREATMENT OF RAIL HAULAGE CHARGES • Q2 CONSOLIDATED OPERATING REVENUE UP 17% YOY TO ₹1,481 CR, WHILE OPERATING EBITDA INCREASED 11% TO ₹674 CR • Q2 TOTAL CARGO VOLUMES GREW 2% YOY TO 29.4 MMT, WITH INDIA CARGO VOLUMES INCREASING 8% YOY • H1 REVENUE UP 18% YOY TO ₹2,926 CR, EBITDA UP 13% TO ₹1,348 CR & NET PROFIT AT ₹686 CR • PORTS BUSINESS REVENUE GREW 9% YOY TO ₹1,202 CR, WHILE EBITDA REACHED ₹594 CR & MARGIN DECLINED TO 49.4% FROM 53.1% LAST YEAR • LOGISTICS EBITDA SURGED APPROXIMATELY 3.3X YOY TO ₹81 CR FROM ₹25 CR, WHILE REPORTED EBITDA MARGIN IMPROVED TO 29% FROM 15% • MANAGEMENT TARGETS EXPANSION OF RAIL RAKE FLEET TO AT LEAST 110 BY MARCH 2027 FROM 78 IN Q2 FY27, SUPPORTING STRONGER H2 LOGISTICS EARNINGS • MANAGEMENT TARGETS INITIAL CARGO HANDLING AT JATADHAR PORT AROUND MARCH–APRIL 2027, WHILE SLURRY PIPELINE COMMISSIONING IS TARGETED FOR MARCH 2027 • DHARAMTAR EXPANSION IS TARGETED FOR Q4 FY27, JAIGARH MECHANISATION FOR Q1 FY28 & OMAN PROJECT CONSTRUCTION IS EXPECTED TO BEGIN IN Q4 FY27 • FUJAIRAH TERMINAL CONTRIBUTED VIRTUALLY NO EBITDA DURING H1 FY27, WITH INTERNATIONAL OPERATIONS REPORTING APPROXIMATELY ₹16 CR EBITDA LOSS; EIGHT STORAGE TANKS WERE TARGETED TO START OPERATIONS IN EARLY NOVEMBER • MANAGEMENT REMAINS POSITIVE ON PORT CAPACITY EXPANSION & INTEGRATED LOGISTICS GROWTH, BUT FUJAIRAH DISRUPTIONS, LOWER PORT MARGINS, PROJECT DELAYS & LARGE CAPEX REQUIREMENTS REMAIN KEY RISKS
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